The global life science analytics market 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 life science analytics market is expected to grow to $37.86 billion in 2026 at a CAGR of 12%.
North America was the largest region in the life science analytics market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the life science analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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 includes 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.
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Technological advancements have emerged as a key trend gaining popularity in the life science analytics market. 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.
In February 2019, IQVIA, a US-based pharmaceutical company, acquired Linguamatics for an undisclosed amount. This acquisition helps IQVIA Global meet the increasing demand for new life science analytics and also helps the company drive real value from potential artificial intelligence. Linguamatics is a UK-based company that provides life science analytics.
Source: Prnewswire
