According to FutureWise analysis the market for life science analytics in 2023 is US$ 30.36 billion, and is expected to reach US$ 75.27 billion by 2031 at a CAGR of 12.02%.
There has been a rise in the variety and volume of medical information about the profile of patients, scientific research and regulatory and compliance requirements. Growing usage of mobile sensors and devices in life science and pharmaceutical organizations has increased the volume of data along with the data variety and velocity, driving the necessity for an innovative data analytics and data management approach. Conventional processing and collection of such data result in increased costs and there are no improvements in outcomes. Data analytics play a vital role in managing and segregating data efficiently. Companies like Google Inc., IBM Corporation, and Oracle Corporation, are focussing on the development of new tools for data analytics tools that can be used for various applications in the life science sector.
Moreover, biomedical and pharmaceutical firms have realized the real advantages of this evolutionary data ecosystem by using distributed computing power platforms and cloud-based storage. With the use of these tools, stakeholders and drug manufacturers in the life science sector are achieving better overall outcomes, delivering higher quality care at affordable costs and developing informative treatments and diagnoses. Additionally, these tools have made genomic and clinical data integration quite easier, which can assist drug manufacturers in developing advanced and high quality medicines. Increasingly complex and rapidly changing regulatory necessities have become a major risk to the life science industry. Analytics is aiding firms in reporting accurate regulations. The rising volume of generated data in the life science sector and the necessity to extract value from the data are steering the life science analytics market growth.