What Fueled The Previous Growth In The Life Science Software Market?
The life science software market has seen considerable growth due to a variety of factors.
• The market size of life science software has seen a fast-paced expansion in the recent past. Anticipated to surge from $22.31 billion in 2024 to $25.46 billion in 2025, it will witness a compound annual growth rate (CAGR) of 14.1%.
The rapid growth during the historical period is mainly due to regulatory compliance demands, the necessity for data integration and management, the increasing popularity of personalized medicine, the worldwide spread of clinical trials, and approaches focusing on the patient.
What Is The Expected Growth In The Life Science Software Market Size Evolve over the Forecast Period?
The life science software market is expected to maintain its strong growth trajectory in upcoming years.
• Expectation suggests a rapid expansion of the life science software market size in the following years, with an estimated valuation of $43.28 billion in 2029 at a compound annual growth rate (CAGR) of 14.2%.
The predicted growth during the forecast period is attributed to factors such as the accentuated focus on real-world evidence (rwe), amped-up cybersecurity measures, the integration of artificial intelligence (AI), and machine learning (ml), coupled with a rising demand for cloud-based solutions and its broadened role in precision medicine. The subsequent trends in the forecast period encompass sustained technological advances, hastened digital transformations, increased collaboration and networking, a surge in research and development activities, and improvements in technology.
What Main Forces Are Fueling Expansion In The Life Science Software Market?
The growth of life science software is anticipated to accelerate due to the increasing demand for personalized medicine. This unique medical strategy customizes healthcare decisions and treatments based on aspects like genetics, lifestyle and environmental factors unique to an individual. To regulize and merge data from a variety of sources such as wearables, genetic testing, and electronic medical records, intricate software solutions are needed. Life science software emerges as a critical tool, enabling the break down and comprehension of complicated biological information, thus allowing research scientists and healthcare providers to tailor treatment protocols to patient-specific traits. For instance, a report published by the Personalized Medicine Coalition (PMC), a nonprofit US-based entity, in February 2023 demonstrated that 35% of newly approved NMEs in 2021 were personalized medicines. In 2022, 12 new approvals marked a steady share of at least a quarter of all new drug approvals over the preceding eight years. This was a major increase from under 10% a decade earlier. As such, the surge in demand for personalized medicine fuels the growth of the life science software market.
What Are The Primary Segments In The Global Life Science Software Market?
The life science software market covered in this report is segmented –
1) By Type: Predictive, Descriptive, Prescriptive
2) By Deployment: On-Premise, Hosted
3) By Application: marketing, Compliance, R&D, Pharmacovigilance, SCM
4) By End User: Healthcare Institutes, Biopharmaceutical Industry, Medical Devices Industry, Medical Research Centers
Subsegments:
1) By Predictive: Predictive Analytics Tools, Risk Assessment Software, Patient Outcome Prediction
2) By Descriptive: Data Visualization Tools, Reporting Software, Statistical Analysis Software
3) By Prescriptive: Decision Support Systems, Optimization Tools, Treatment Recommendation Software
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What Emerging Trends Are Influencing The Growth Of The Life Science Software Market?
Key players in the life science software industry are leveraging modern technology, including generative AI, machine learning, and computer-aided drug-design tools, to boost drug discovery, increase its efficiency, and fast-track novel innovations. Generative AI is being used to design new molecular structures, and machine learning is interpreting large data sets to pinpoint potential drug candidates and their projected efficacy. Moreover, when combined with computer-aided drug-design tools, these technologies provide researchers with the ability to virtually simulate and fine-tune drug interactions, greatly expediting the discovery and production of promising compounds. For example, Merck, a science and technology enterprise based in Germany, introduced AIDDISON, a software for drug discovery, in December 2023. AIDDISON aims to enhance the speed of identifying unique medications and make the drug development procedure more efficient. The platform leverages artificial intelligence and machine learning to process huge amounts of data and identify potential drug candidates in a much faster, more effective manner compared to conventional methods.
Who Are the Key Players In The Life Science Software Market?
Major companies operating in the life science software market report are:
• Meta Platforms Inc.
• Optum Inc.
• International Business Machines Corp.
• Deloitte
• Thermo Fisher Scientific Inc.
• Oracle
• SAP
• Fujitsu Ltd.
• Cognizant
• DXC Technology Co
• HCL Technologies Ltd.
• Dassault Systèmes
• EPIC Systems Corporation
• SAS Institute Inc.
• INFOR
• PAREXEL International Corporation
• MEDICAL Information Technology Inc.
• Veeva Systems Inc.
• TIBCO Software Inc.
• PTC Therapeutics Inc.
• Cegedim SA
• CPSI
• Model N Inc.
• Medidata Solution Inc.
• ArisGlobal LLC
• Perceptive Informatics Inc.
• Elinext
• Signiant Inc.
• Allscripts Healthcare LLC
• Jag products LLC
What Is The Most Dominant Region In The Life Science Software Market?
North America was the largest region in the life science software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the life science software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
