Frequently Asked Questions
In 2022, the market for life science analytics was estimated to be worth USD 27842.8 million.
The market for life science analytics is anticipated to increase at a CAGR of 8.10% from 2023 to 2030, reaching USD 51918.06 million in 2030.
Descriptive analytics are the most popular category of type of analytics.
Services, by the Component, are the notable segment.
During the projection period, the sales and marketing analytics category is anticipated to exhibit the highest CAGR.
The life science analytics market was ruled by North America.
The top players include Accenture, Cognizant, IBM, Wipro Limited, Take Solutions Limited, IQVIA, Oracle, SAS Institute, Inc., and others.
Growing individualized medicine, healthcare cost containment, and an increase in the discovery and creation of drugs are the factors influencing the expansion of the life science analytics market.
The market for life science analytics is facing challenges such as high implementation costs, data privacy and security concerns, regulatory issues, and data fragmentation.
In emerging economies, a variety of prospects for the expansion of the life science analytics market exist due to reasons such as population health management, AI and machine learning incorporation, and healthcare digitization. Various market companies are concentrating on growing their market presence in developing countries in order to take advantage of the industry’s growth potential.