The life sciences information technology (it) global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Life Sciences Information Technology (IT) Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The life sciences information technology (IT) market size has grown rapidly in recent years. It will grow from $22.37 billion in 2023 to $25.46 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to increasing adoption of digital solutions, increase in demand for the advance imaging and diagnosis software, increase in accuracy of disease diagnosis, increase demand for advance analytical tool, and the growth in trend towards digitalization.
The life sciences information technology (IT) market size is expected to see rapid growth in the next few years. It will grow to $43.28 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to rise in prevalence of chronic diseases, rising demand for cloud-based platforms, expansion of telemedicine, heightened focus on personalized medicine, growing regulatory compliance requirements, and increasing R&D activities in biotechnology and pharmaceutical sectors. Major trends in the forecast period include advancements in AI-driven drug discovery, adoption of cloud-based solutions, enhanced cybersecurity measures, advancements in telemedicine platforms, integration of blockchain for data security, advancements in personalized medicine technologies, and adoption of big data analytics for predictive healthcare.
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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The rise in the prevalence of chronic diseases is expected to propel the growth of the life science information technology (IT) market going forward. Chronic diseases are long-term health conditions that persist for extended periods, often for the rest of a person’s life, and typically progress slowly, such as diabetes, heart disease, and chronic respiratory conditions. The prevalence of chronic diseases is due to factors such as aging populations, sedentary lifestyles, poor diet, increased prevalence of obesity, and environmental factors. Life science IT is essential for chronic diseases to enable comprehensive data management, facilitate personalized treatment plans, and improve patient monitoring and outcomes through advanced analytics and integrated health information systems. For instance, in January 2023, according to the National Center for Biotechnology Information (NCBI), a US-based medicine library, the number of people aged 50 and above who suffer from one or more chronic illnesses is expected to increase by 99.5% by 2050, from 71.52 million in 2020 to 142.66 million. Therefore, the rise in the prevalence of chronic diseases is driving the growth of the life science information technology (IT) market.
Market Trends –
Major companies operating in the life sciences information technology (IT) market are focused on developing technologically advanced solutions, such as cloud-native SaaS platforms, to offer scalable, cost-efficient, and compliant solutions that enhance collaboration, data integration, and innovation speed. A cloud-native SaaS platform refers to software-as-a-service applications explicitly designed to run in cloud environments, leveraging cloud infrastructure for scalability, flexibility, and reliability. For instance, in June 2023, Revvity Inc., a US-based biotechnology company, launched the Signals Research Suite, a cloud-native SaaS platform designed to improve scientific collaboration in drug discovery and specialty chemicals development. The suite integrates applications such as Signals Notebook, VitroVivo, and Inventa, providing comprehensive support throughout the entire drug development process, from early research to in vitro testing and safety assessments. The Signals Research Suite is distinguished by its scientifically intelligent, integrated software applications that fully support the Make-Test-Decide lifecycle. Key features include advanced analytics and visualizations powered by TIBCO Spotfire, seamless integration with the industry-standard ChemDraw, and a modern, streamlined interface that fully customizes workflows across various techniques, modalities, and datatypes. With secure single-sign-on access, centralized data resources, tutorials, and software updates, users can efficiently focus on their experiments without the hassle of navigating between disparate solutions.
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
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Regional Insights –
North America was the largest region in the life sciences information technology (IT) market in 2023. 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.
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Life Sciences Information Technology (IT) Market Report Structure
3. Life Sciences Information Technology (IT) Market Trends And Strategies
4. Life Sciences Information Technology (IT) Market – Macro Economic Scenario
5. Life Sciences Information Technology (IT) Market Size And Growth
…..
27. Life Sciences Information Technology (IT) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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