LIFE SCIENCES ANALYTICS MARKET ANALYSIS

Life Sciences Analytics MarketSize and Trends

The global life sciences analytics market was valued at US$ 8,740.0 Mn in 2021 and is forecast to reach a value of US$ 14,789.7 Mn by 2028 at a CAGR of 7.9% between 2022 and 2028. The global life sciences analytics market is experiencing strong growth due to the rising adoption of analytics solutions in pharmaceuticals & clinical trials and emergence of advanced analytics method in life science companies. Moreover, growing pressure to reduce healthcare spending and the need for improved patient outcomes is expected to boost the market growth. However, factors such as lack of skilled personnel and high implementation costs are expected to hamper the growth of the global life sciences analytics market.

Global Life Sciences Analytics Market Trends:

Rising adoption of web-hosted and cloud-deployed analytical solutions is expected to propel growth of the global life sciences analytics market. For instance, in March 2022, Snowflake announced the launch of the Healthcare & Life Sciences Data Cloud to enable organizations to securely centralize, integrate, and exchange critical/sensitive data at scale. Snowflake ensures high levels of data security and governance, and its built-in capabilities and extended partner network allow companies to meet compliance requirements and satisfy industry regulations.

Need for improved data standardization is expected to drive growth of the global life sciences analytics market. For instance, in June 2020, Oracle Health Sciences introduced Clinical One Data Collection Cloud Service. This software can integrate data from multiple sources into a single platform, which in turn helps improve the speed and efficiency of clinical trial studies.