During the forecast period, the life science analytics market in the APAC region is estimated to be growing at a CAGR of 13.52%. The size of the market was worth USD 7.21 billion in 2023 and is predicted to value USD 13.61 billion by 2028.
The adoption of life science analytics is growing considerably in the Asia-Pacific region owing to the growing population and the rising prevalence of chronic diseases, one of the major factors promoting the life science analytics market in this region. In addition, factors such as the growing adoption of technological advancements to develop effective and innovative analytical methods for patients with the increase in preference for developing and adopting advanced life science analytics methods as these methods and solutions help reduce and minimize errors and consume less time are likely to promote the growth rate of the life science analytics market in the APAC region. In addition, the growing geriatric population is propelling the market growth of life science analytics in the APAC region.
In addition, the rising investments from government and non-government organizations to conduct R&D activities are anticipated to result in the APAC market growth. The rising demand for life science analytics solutions is further driven by the growing need to enhance patient outcomes and decrease medical and healthcare costs. Furthermore, the increase in initiatives to develop medical and healthcare infrastructure in the Asia-Pacific region with growing awareness regarding the growing adoption rate of analytics methods in clinical trials are fuelling the growth rate of the APAC market, as well as the growing competition between the players for introducing new and practical analytical solutions in the market by adopting strategies such as merges, is also contributing to the APAC market growth of life science analytics.
However, an increase in the high costs associated with implementation as well as installation processes is limiting the market growth of life science analytics in this region as these solutions are high cost which is why they are not affordable by small and medium-sized pharma enterprises, CROs, and biotechnology Firms because of the limited budget they must spend; therefore, the high costs limit their growth. In addition, there is an increase in the competition between the players and a lack of skilled and trained individuals for life science analytics.
This research report on the APAC life science analytics market has been segmented and sub-segmented based on the following categories.
By Analytics Type:
During the forecast period, the descriptive analytics segment is expected to lead the APAC life science analytics market based on analytics type.
By Component:
Based on components, the services segment is anticipated to hold the most significant share of the APAC market during the forecast period.
By Delivery Mode:
Based on delivery mode, the on-demand segment is estimated to hold a significant share of the APAC market during the forecast period.
By Application:
Based on application, the sales and marketing segment is forecasted to hold a significant share of the APAC market during the forecast period.
By End-User:
Based on end-users, the pharmaceutical and biotechnology companies segment had the largest APAC life science analytics market share in 2021.
By Country:
Geographically, Asia- Pacific is one of the fastest-growing regions in the global life science analytics market. The regional market growth is fuelled by improving healthcare infrastructure, rising research and development activities, and favorable reimbursement policies. In addition, the growing population in developing countries such as China and India and the rising incidences of chronic disease among people drive the life science analytics market growth during the forecast period.
China dominated the APAC life science analytics market in 2020. Technological advancements for developing efficient analytics solutions that will consume less time to provide accurate and correct solutions contribute to the market's growth. In addition, an increase in the growing competition between the players for introducing new and effective analytical solutions is propelling the market growth of life science analytics.
On the other hand, the Indian life science analytics market is anticipated to account for a promising share during the forecast period. People's growing awareness about life science analytics solutions and methods, an increase in government and non-government organizations in research and development activities, and an increase in the rising geriatric population drive the market growth of life science analytics.
KEY MARKET PLAYERS:
Companies such as SAS Institute Inc., IBM Corporation, Oracle Corporation, Quintiles, Inc., Accenture, Cognizant, Wipro Limited, TAKE Solutions, MaxisIT, Inc., and SCIO Health Analytics are a few of the notable companies operating in the APAC life science analytics market profiled in this report.
Frequently Asked Questions
The life science analytics market in the Asia-Pacific is estimated to grow at a CAGR of 13.52% from 2023 to 2028.
China dominated the APAC life science analytics market in 2022.
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