life science software market overview, life science software market size, life science software market insights, life science software market outlook, life science software market growth, life science software market share
How much is the life science software market worth, and how is it expected to expand?
The life science software market size has grown rapidly in recent years. It will grow from $22.31 billion in 2024 to $25.46 billion in 2025 at a compound annual growth rate (CAGR) of 14.1%. 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 $43.28 billion in 2029 at a compound annual growth rate (CAGR) of 14.2%. 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 activities, advancements in technology.
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Which Market drivers have played a significant role in driving the life science software market?
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 February 2023, according to a report by the Personalized Medicine Coalition (PMC), a US-based nonprofit organization, personalized medicines accounted for 35% of newly approved NMEs in 2021, and with 12 new approvals in 2022, they have maintained a consistent share of at least a quarter of new drug approvals over the past eight years, reflecting a significant increase from under 10% a decade ago. Therefore, the rising demand for personalized medicine is driving the growth of the life science software market.
What are the key segments within the 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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Which key players are shaping 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
Which transformative trends will shape the life science software market landscape?
Major companies operating in the life science software market are integrating advanced technologies, such as generative AI, machine learning (ML) and computer-aided drug-design (CADD), for improving drug discovery process, enhancing efficiency and accelerating breakthroughs. Generative AI is employed to design novel molecular structures, while ML algorithms analyze vast datasets to identify potential drug candidates and predict their efficacy. Integrated with CADD tools, these technologies enable researchers to computationally simulate and optimize drug interactions, significantly streamlining the identification and development of promising compounds. For instance, in December 2023, Merck, a Germany-based science and technology company, launched AIDDISON, a drug discovery software. AIDDISON is intended to speed the identification of novel medications and increase the efficiency of the drug development process. The platform is based on artificial intelligence (AI) and machine learning (ML) technologies, allowing it to evaluate massive volumes of data and find prospective medication candidates faster and more effectively than traditional approaches.
How do regional factors impact the life science software market, and which region is the largest contributor?
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.
What Does The Life Science Software Market Report 2025 Offer?
The life science software market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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