The Life Sciences Aggregate-Spending market refers to the total amount of money spent on products, services, and technologies related to the life sciences industry. This includes spending by both the public and private sectors on research and development, products, services, and technologies in the life sciences industry.
The global life sciences aggregate-spending market was pegged at US$ 974.2 Mn in 2021, with a projected CAGR of 10% for the forecast period (2022-2032), which implies encouraging market growth. Detailed industry analysis reveals that revenue from life sciences aggregate-spend reporting will surge to a market valuation of US$ 2.75 Bn by the end of 2032.
The Life Sciences Aggregate-Spending market is segmented based on product type, application, end-user, and region. The product type segment is divided into consumables, instruments, and software & services. The application segment is divided into research and development, diagnostics, and others. The end-user segment is divided into academic research institutions, pharmaceutical companies, and others.
The increasing demand for personalized medicine, the increasing investment in research and development of new drugs and therapies, the increasing prevalence of chronic diseases, and the increasing demand for high-quality healthcare services are driving the growth of the Life Sciences Aggregate-Spending market. The increasing demand for biologics, the increasing use of omics technologies, the increasing demand for gene editing and gene therapy, and the increasing demand for regenerative medicine are also contributing to the growth of the Life Sciences Aggregate-Spending market.
In conclusion, the Life Sciences Aggregate-Spending market is expected to grow at a significant rate due to the increasing demand for personalized medicine, the increasing investment in research and development of new drugs and therapies, the increasing prevalence of chronic diseases, and the increasing demand for high-quality healthcare services. The increasing demand for biologics, the increasing use of omics technologies, the increasing demand for gene editing and gene therapy, and the increasing demand for regenerative medicine are some of the factors that are driving the growth of the Life Sciences Aggregate-Spending market.
Competitive Landscape
Global providers of life sciences aggregate-spending solutions are undertaking various efforts to expand their market presence and goodwill through strategic partnerships, acquiring smaller companies, and launching innovative products.
- In Dec 2021, CapGemini announced the completion of the acquisition of VariQ. Software development, Cybersecurity, and Cloud services provider for federal government departments and agencies across the United States. This acquisition also ensured the integration of VariQ and Cap Gemini government solutions LLC, an independent operating division for U.S. governmental agencies.
- In April 2021, MedPro Systems launched MedPro Compliance Advisory Services (MCA), an in-house team focused on providing customized and practical compliance services for biotech, pharmaceutical, and medical device organizations.
- In November 2020, MDBriefcase Group Inc. (MDBC), Canada’s leading provider of online continuing medical education and professional development for healthcare providers, announced a strategic alliance with IQVIA in the Middle East, Africa, and South Asia.
- In April 2021, Porzio Life Sciences launched a market-leading solution that allows all life science companies to cater to their spend transparency reporting obligations.
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