What Has Been the Progress and Growth of the Life Sciences Information Technology IT Market in Recent Years?
The life sciences information technology it market has seen considerable growth due to a variety of factors.
• The dimension of the life sciences information technology (IT) market has expanded expeditiously in the past years. The growth is projected to increase from $25.46 billion in 2024 to $29.14 billion in 2025, presenting a compound annual growth rate (CAGR) of 14.5%.
The historical period increase is resultant from the growing endorsement of digital solutions, increased need for advanced imaging and diagnostic software, improvement in the precision of disease diagnosis, rising demand for advance analytical tools, and an emerging trend of digitalization.
What Is The Expected Growth In The Life Sciences Information Technology IT Market Size Evolve over the Forecast Period?
The life sciences information technology it market is expected to maintain its strong growth trajectory in upcoming years.
• The life sciences IT market size is forecasted to experience substantial growth in the coming years. Estimates suggest a surge to $49.32 billion by 2029, with a compound annual growth rate (CAGR) of 14.1%.
The growth during the forecast period can be linked to increasing prevalence of chronic diseases, a rise in demand for cloud-based platforms, expansion of telemedicine, a heightened emphasis on individualized medicine, growing regulatory compliance needs, and a rise in research and development activities in the pharmaceutical and biotechnology sectors. Key trends for the forecast period encompass advancements in AI-driven drug development, the use of cloud-based solutions, improved cybersecurity strategies, advancements in telemedicine platforms, incorporation of blockchain for data security, advancements in personalized medicine technologies, and the use of big data analytics for predictive healthcare.
What Main Forces Are Fueling Expansion In The Life Sciences Information Technology IT Market?
The expansion of the life science IT market is anticipated due to the increasing occurrence of chronic diseases. Such long-lasting health issues that usually have a gradual progression include heart disease, diabetes, and chronic respiratory conditions, often stretching for the entirety of an individual's life. This rise in chronic diseases can be attributed to factors like aging populations, inactive lifestyles, poor diet, growing obesity rates, and environmental elements. In managing chronic diseases, life science IT plays a vital role, aiding in detailed data handling, enabling personalized treatment approaches, and enhancing patient supervision and results via sophisticated analytics and merged health information systems. As an example, in January 2023, the US-based National Center for Biotechnology Information (NCBI) predicted that the population of individuals 50 and over suffering from at least one chronic illness is set to rise by 99.5% by 2050, going up from 71.52 million in 2020 to 142.66 million. Consequently, the growing incidence of chronic diseases is steering the growth of the life science information technology (IT) market.
What Are The Primary Segments In The Global Life Sciences Information Technology IT Market?
The life sciences information technology (IT) market covered in this report is segmented –
1) By Type: Software, Service
2) By Solution: Drug Discovery Informatics, Clinical Trial Management, Bioinformatics, Laboratory Information Management, Other Solutions
3) By End User: Pharmaceutical And Biotechnology Companies, Contract Research And Development Organizations, Other End Users
Subsegments:
1) By Software: Laboratory Information Management Systems (LIMS), Electronic Lab Notebooks (ELN), Clinical Trial Management Systems (CTMS), Regulatory Compliance Software, Enterprise Resource Planning (ERP), Bioinformatics Software, Data Analytics And Visualization Tools, Pharmaceutical Manufacturing Software, Clinical Decision Support Systems (CDSS), Healthcare IT Software
2) By Service: Implementation And Integration Services, Consulting Services, Training And Education Services, Managed IT Services, Support And Maintenance Services, Data Management Services, Outsourcing Services, Validation Services, Cloud Computing Services, Business Process Outsourcing (BPO)
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What Emerging Trends Are Influencing The Growth Of The Life Sciences Information Technology IT Market?
Leading corporations in the life sciences information technology (IT) market are primarily geared towards the development of technically superior products, such as cloud-native SaaS systems. These systems are designed to deliver scalable, budget-friendly, and compliant solutions that aid in collaborations, data amalgamation, and expedite innovations. Cloud-native SaaS platforms are software-as-a-service applications developed solely for cloud deployment, capitalizing on cloud architecture for its scalability, adaptability, and trustworthiness. For example, in June 2023, Revvity Inc., a bio-tech firm based in the USA, initiated Signals Research Suite—a cloud-native SaaS platform crafted to boost scientific cooperation in the area of drug discovery and specialty chemical development. This suite maintains a blend of applications like Signals Notebook, VitroVivo, and Inventa, offering in-depth support during the complete drug advancement procedure from preliminary research up till in vitro experiments and safety evaluations. The unique proposition of Signals Research Suite lies in its scientifically smart, intertwined software applications thoroughly supporting the Make-Test-Decide lifecycle. Its key attributes consist of superior analytics and visual representation driven by TIBCO Spotfire, smooth assimilation with the widely used ChemDraw, and a sleek, modern interface that allows complete customization of workflows across a range of techniques, modalities, and data types. With a secured single sign-on gateway, consolidated data resources, guides, and software enhancements, users can devote their attention exclusively to their experiments eliminating the inconvenience of dealing with separate solutions.
Who Are the Key Players In The Life Sciences Information Technology IT Market?
Major companies operating in the life sciences information technology (IT) market are:
• Microsoft Corporation
• F. Hoffmann-La Roche Ltd.
• Accenture plc
• International Business Machines Corporation
• Oracle Corporation
• Fujitsu Limited
• SAP SE
• Siemens Healthineers AG
• Cognizant Technology Solutions Corporation
• Koninklijke Philips N.V.
• GE HealthCare Technologies Inc.
• Agilent Technologies Inc.
• Dassault Systèmes SE
• Illumina Inc.
• Infor Inc.
• Epic Systems Corporation
• SAS Institute Inc.
• Bio-Rad Laboratories Inc.
• Bruker Corporation
• PTC Inc.
• Tableau Software Inc.
• Veeva Systems Inc.
• Allscripts Healthcare Solutions Inc.
• Medidata Solutions Inc.
What Is The Most Dominant Region In The Life Sciences Information Technology IT Market?
North America was the largest region in the life sciences information technology (IT) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the life sciences information technology (IT) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
