Categories: Healthcare

Global Life Science Software Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Life science software refers to specialized software applications and platforms designed to support and streamline various processes within the field of life sciences. It is utilized across various domains within the life sciences industry to enhance research, streamline processes and improve overall efficiency.

Sizing and Forecast

The life science software market size has grown rapidly in recent years. It will grow from $19.45 billion in 2023 to $22.31 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The growth in the historic period can be attributed to regulatory compliance requirements, data integration and management needs, rising demand for personalized medicine, globalization of clinical trials, patient-centric approaches.

The life science software market size is expected to see rapid growth in the next few years. It will grow to $37.83 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The growth in the forecast period can be attributed to increased emphasis on real-world evidence (rwe), enhanced cybersecurity measures, integration of artificial intelligence (AI) and machine learning (ml), growing demand for cloud-based solutions, expanded role in precision medicine. Major trends in the forecast period include continued technological advancements, accelerated digital transformation, collaboration and networking, increasing research and development (r&d) activities, advancements in technology.

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Segmentation & Regional Insights

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

North America was the largest region in the life science software market in 2023. 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.

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Major Driver Impacting Market Growth

Rising demand for personalized medicine is expected to propel the growth of life science software going forward. Personalized medicine is a medical approach that tailors healthcare decisions and treatments to individual characteristics, such as genetics, lifestyle, and environmental factors. Advanced software solutions are required for personalized medicine to standardize and integrate data from several sources, including wearable, genetic testing and electronic health records. Life science software plays a pivotal role in facilitating the analysis and interpretation of complex biological information, enabling researchers and healthcare professionals to tailor treatment plans based on individual patient characteristics. For instance, in October 2022, according to reports published by STAT, a US-based health-oriented news company, there were more than 75,000 genetic testing products and 300 personalized medicines. Therefore, the rising demand for personalized medicine is driving the growth of the life science software market.

Key Industry Players

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

The life science software market report table of contents includes:

1. Executive Summary
2. Life Science Software Market Characteristics
3. Life Science Software Market Trends And Strategies
4. Life Science Software Market – Macro Economic Scenario
5. Global Life Science Software Market Size and Growth
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32. Global Life Science Software Market Competitive Benchmarking
33. Global Life Science Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Life Science Software Market
35. Life Science Software Market Future Outlook and Potential Analysis
36. Appendix