LONDON, Aug. 10, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the life science analytics market, the increasing prevalence of chronic diseases is expected to propel the growth of the life science analytics market going forward. Chronic diseases refer to diseases that will persist for a long time. Life science analytics that include predictive analytics is a critical step toward chronic disease prevention, allowing providers to recognize early signs of illness and intervene. For instance, according to the World Health Organization, a Switzerland-based government agency, chronic obstructive pulmonary disease (COPD) is the world's third-biggest cause of death, accounting for 3.23 million fatalities in 2019, and more than 80% of these deaths took place in low- and middle-income nations (LMIC). Therefore, the increasing prevalence of chronic diseases drives the life science analytics market.
The global life science analytics market size is expected to grow from $21.16 billion in 2021 to $24.09 billion in 2022 at a compound annual growth rate (CAGR) of 13.8%. The global life science analytics market size is expected to grow to $37.86 billion in 2026 at a CAGR of 12%.
Technological advancements are gaining popularity among the life science analytics market trends. Major companies operating in the life science analytics sector are focused on developing new technological solutions to strengthen their position. For instance, in February 2020, IQVIA, a US-based company that provides life science analytics, launched the Avacare Clinical Research Network, a technology-based worldwide site network that allows for additional clinical trials to be conducted at established clinical and research facilities. The new Avacare Clinical Research Network expands research and clinical alternatives for patients. According to IQVIA, the analytical techniques allow Avacare's network sites to swiftly and efficiently connect patients to clinical trials.
Major players in the life science analytics market are Oracle Corporation, Accenture, SAS Institute Inc., IBM Corporation, IQVIA, Wipro, Cognizant, SCIO Health Analytics, Cerner Corporation, Optum, Microsoft Corporation, MaxisIT Inc., Cotiviti, and Allscripts Healthcare Solutions.
The global life science analytics market segmentation is categorized by type into descriptive analytics, predictive analytics, prescriptive analytics; by component into software, services; by deployment into on-demand, on-premises; by application into research and development, preclinical trials, clinical trials, sales and marketing, regulatory compliance, supply chain optimization, pharmacovigilance; by end user into medical device, pharmaceutical, biotechnology, others.
As per the life science analytics industry analysis, North America was the largest region in the market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global life science analytics market during the forecast period. The regions covered in the global life science analytics market outlook are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Life Science Analytics Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide life science analytics market overviews, life science analytics market analyze and forecast market size and growth for the whole market, life science analytics market segments and geographies, life science analytics market trends, life science analytics market drivers, life science analytics market restraints, life science analytics market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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