Data Analysis, Storage & Management Market Size is Expected to hit USD 43,895.69 million by 2027 with CAGR 12.0%

Market Highlights

The global data analysis, storage & management market in life sciences is expected to register a CAGR of 12.0% during the forecast period and is expected to hit USD 43,895.69 million by 2027. Data analysis, storage, and management provides operational benefits to an organization by enhancing the efficiency of electronic data storage. The data analysis, storage & management market in life sciences is growing due to the increasing government initiatives to increase the adoption of different data-based solutions and the growing demand for data storage and management solutions due to the extensive amount of data generated in the life science field. Additionally, the increasing growth strategies adopted by major players are also driving the market growth.

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Dell Technologies Inc. (US), IBM Corporation (US), Hewlett Packard Enterprise (US), and Intel Corporation (US)are the key market players.

Segment Analysis

The global data analysis, storage & management market in life sciences has been divided based on product & service, application, and end user. The market, based on product& service, has been segregated into data analysis software and workbenches, storage, management and cloud computing solution, data analysis services.

Based on application, the medical testing market has been divided into next-generation sequencing, microscopy, chromatography, flow cytometry, spectroscopy, and others. On the basis of end user, the market is bifurcated into pharmaceutical and biotechnology companies, research centers, academic & government institutions, and hospitals & clinics. 

Regional Analysis

The global data analysis, storage & management market in life sciences, based on region, has been divided into North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to dominate with the largest market share due to a well-developed healthcare sector, the rising population affected with chronic diseases and other cardiovascular disorders, the growing use of big data in healthcare, and the presence of leading players. Europe held a significant share in the global data analysis, storage & management market in life sciences. This can be attributed to the increasing support from the government, well-developed technology, high healthcare expenditure, the presence of the leading players, and rising adoption of big data analysis and cloud-based solutions.

Asia-Pacific is expected to be the fastest-growing market due to the rapidly changing healthcare sector and huge opportunities for the development of this market. Furthermore, the increase in per-capita healthcare expenditure, rise in diagnostic centers, and rapid urbanization in developing countries such as India are likely to witness an increase in the influx of the emigrant population. The data analysis, storage & management market in life sciences in the rest of the world is growing steadily due to the significant improvement in the healthcare infrastructure in the region, and the increasing need for better management software drive the data analysis, storage & management market growth in the region.

Key Findings of the Study

The global data analysis, storage & management market in life sciences was valued at USD 17,800.00 million in 2019 and is projected to register a CAGR of12.0% during the assessment period.

North America accounted for the largest share of the global market due to the well-developed healthcare sector, the rising population affected with chronic diseases and other cardiovascular disorders, the increasing usage of big data in healthcare, and leading players.

Based on product, the data analysis software and workbenches segment accounted for the largest market share of 67.1% in 2019

On the basis of application, the next-generation sequencing segment is expected to register the fastest growth at a CAGR of 12.9% during the forecast period

In the end user, the pharmaceutical and biotechnology companies segment accounted for the largest market share with a value of USD 10,208.48 million in 2019

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