TOSYY - Global Life Science Analytics Software Market set to achieve a 12.5% CAGR projected to attain USD 19570 Million by 2030 as per Straits Research | Benzinga
New York, United States, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Software for analysis conducts statistical and quantitative analysis. It generates and exports exploratory and predictive models for decision-making. Different biotechnology corporations, pharmaceutical companies, medical device businesses, and other end customers can utilize this analytics software for research & development, clinical trials, preclinical trials, sales and marketing support, pharmacovigilance, and other applications.
Download Free Sample Report PDF @ https://straitsresearch.com/report/life-science-analytics-software-market/request-sample
Surge in Prevalence of Chronic Diseases to Drive the Global Life Science Analytics Software Market
Global mortality and morbidity are caused by the high prevalence of chronic diseases such as heart disease, diabetes, cardiovascular disease, and chronic respiratory disease. According to the WHO, cardiovascular disease is the leading cause of death among chronic diseases, accounting for nearly 30% of fatalities worldwide. Presently, however, individuals have access to their health information via mobile applications, which enables them to seek professional advice and active care from the healthcare business. These analytics software aid pharmaceutical and biotechnology firms in achieving operational efficiency through the early detection of trends, drug discovery, and clinical trials.
The Emergence of Big Data Analytics to Increase R&D Productivity to Provide Opportunities for the Global Life Science Analytics Software Market
Bringing a single medicine to market can require more than ten years and around $2.6 billion in pharmaceutical research and development. According to the McKinsey report, just 0.1% of medications that begin preclinical testing are eventually authorized for human use. Few drug innovations are eventually commercially licensed and successful. Therefore, data analytics may be a superior approach to enhance and expedite medication development. In addition, big data can improve the design of clinical trials, develop new drugs, and detect adverse drug reactions.
Key Highlights