The global life sciences IT market was valued at $21.3 billion in 2023, and is projected to reach $62.5 billion by 2033, growing at a CAGR of 11% from 2024 to 2033.
Life science IT is the application of information technology in the field of life sciences, including pharmaceuticals, biotechnology, and healthcare. This specialized branch of IT plays a pivotal role in supporting and advancing various aspects of the life sciences industry, from R&D to manufacturing and patient care. Life science IT software and services aid scientists and researchers in managing vast amounts of biological and chemical data, facilitating the analysis of various aspects of life sciences research. This technology is crucial for drug discovery, helping to streamline the identification of potential therapeutic targets and the development of new drugs.
The life science IT market is expected to register significant growth, owing to rise in adoption of life sciences analytical software in life sciences industry, and growing trend towards laboratory automation.
Rise in adoption of the life sciences analytical software has emerged as major driver for the life science IT market. This can be attributed to increasing awareness about the crucial role that advanced analytics plays in enhancing R&D processes, optimizing operational efficiency, and facilitating data-driven decision-making. Analytical software enables life sciences companies to harness the power of big data and complex datasets; thereby empowering researchers and scientists to extract meaningful insights from vast pools of information.
The integration of sophisticated analytics tools has significantly streamlined drug discovery and development processes, allowing for more precise target identification, better understanding of biological pathways, and accelerated clinical trial designs. For instance, according to a 2020 report by National Library of Medicine, big data is gaining recognition in clinical studies and other research areas driven by biological data. Moreover, analytical software plays a crucial role in ensuring regulatory compliance, as it facilitates real-time monitoring and reporting; thereby enhancing the overall quality and integrity of research data.
Furthermore, the growing trend towards the laboratory automation is expected to act as a major driver for the growth of the life science IT market. Life science IT solutions are designed to address the unique challenges faced by life sciences researchers and professionals, offering a comprehensive platform that integrates and optimizes various facets of laboratory workflows. One of the key advantages of laboratory automation software lies in data management, where these software systems facilitate seamless organization, storage, and retrieval of vast volumes of complex scientific data. This not only enhances data accuracy but also accelerates the pace of research by reducing manual errors and the time spent on administrative tasks.
Furthermore, life science IT solutions contribute significantly to the automation of laboratory processes, ranging from sample tracking and experiment execution to data analysis. For instance, Thermo Fisher Scientific Inc., a global life science solution company provides Momentum workflow scheduling software for laboratory automation. It enables users to define, execute, and monitor scientific processes and workflows in a powerful yet easy-to-use visual environment. Its intuitive scheduling interface, intelligent data-driven decision-making capabilities, superior connectivity, and flexible simulation modes help attain superior performance.
Automation not only expedites tasks but also ensures consistency and reproducibility in experiments, which is a crucial factor in maintaining high-quality research standards. Thus, the growing trend towards laboratory automation is expected to contribute significantly in the growth of the market.
However, data security and privacy concerns have emerged as major concerns restraining the growth of the market. The life sciences industry relies heavily on the collection, storage, and analysis of vast amounts of sensitive and confidential data, including patient records, clinical trial information, and genomic data. With increase in digitization of healthcare processes and the adoption of advanced technologies such as cloud computing and big data analytics, the risk of data breaches and unauthorized access has escalated. Thus, data security and privacy concerns are expected to restrain the growth of the market.
The life science IT market is segmented on the basis of solution, type, end user, and region. By solution, it is divided into drug discovery informatics, clinical trial management, bioinformatics, laboratory information management, and others. By type, it is bifurcated into software and services. By end user, it is segmented into pharmaceutical and biotechnology companies, contract R&D organizations, and other. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
The major players profiled in the report are Thermo Fisher Scientific Inc, Illumina, Qiagen N.V., Revvity, Inc, Agilent Technologies Inc, Oracle, Clario Inc, IBM Corp, DNAnexus Inc, and Genedata AG.
Life science IT is the application of information technology in the field of life sciences, including pharmaceuticals, biotechnology, and healthcare. This specialized branch of IT plays a pivotal role in supporting and advancing various aspects of the life sciences industry, from R&D to manufacturing and patient care. Life science IT software and services aid scientists and researchers in managing vast amounts of biological and chemical data, facilitating the analysis of various aspects of life sciences research. This technology is crucial for drug discovery, helping to streamline the identification of potential therapeutic targets and the development of new drugs.
The life science IT market is expected to register significant growth, owing to rise in adoption of life sciences analytical software in life sciences industry, and growing trend towards laboratory automation.
Rise in adoption of the life sciences analytical software has emerged as major driver for the life science IT market. This can be attributed to increasing awareness about the crucial role that advanced analytics plays in enhancing R&D processes, optimizing operational efficiency, and facilitating data-driven decision-making. Analytical software enables life sciences companies to harness the power of big data and complex datasets; thereby empowering researchers and scientists to extract meaningful insights from vast pools of information.
The integration of sophisticated analytics tools has significantly streamlined drug discovery and development processes, allowing for more precise target identification, better understanding of biological pathways, and accelerated clinical trial designs. For instance, according to a 2020 report by National Library of Medicine, big data is gaining recognition in clinical studies and other research areas driven by biological data. Moreover, analytical software plays a crucial role in ensuring regulatory compliance, as it facilitates real-time monitoring and reporting; thereby enhancing the overall quality and integrity of research data.
Furthermore, the growing trend towards the laboratory automation is expected to act as a major driver for the growth of the life science IT market. Life science IT solutions are designed to address the unique challenges faced by life sciences researchers and professionals, offering a comprehensive platform that integrates and optimizes various facets of laboratory workflows. One of the key advantages of laboratory automation software lies in data management, where these software systems facilitate seamless organization, storage, and retrieval of vast volumes of complex scientific data. This not only enhances data accuracy but also accelerates the pace of research by reducing manual errors and the time spent on administrative tasks.
Furthermore, life science IT solutions contribute significantly to the automation of laboratory processes, ranging from sample tracking and experiment execution to data analysis. For instance, Thermo Fisher Scientific Inc., a global life science solution company provides Momentum workflow scheduling software for laboratory automation. It enables users to define, execute, and monitor scientific processes and workflows in a powerful yet easy-to-use visual environment. Its intuitive scheduling interface, intelligent data-driven decision-making capabilities, superior connectivity, and flexible simulation modes help attain superior performance.
Automation not only expedites tasks but also ensures consistency and reproducibility in experiments, which is a crucial factor in maintaining high-quality research standards. Thus, the growing trend towards laboratory automation is expected to contribute significantly in the growth of the market.
However, data security and privacy concerns have emerged as major concerns restraining the growth of the market. The life sciences industry relies heavily on the collection, storage, and analysis of vast amounts of sensitive and confidential data, including patient records, clinical trial information, and genomic data. With increase in digitization of healthcare processes and the adoption of advanced technologies such as cloud computing and big data analytics, the risk of data breaches and unauthorized access has escalated. Thus, data security and privacy concerns are expected to restrain the growth of the market.
The life science IT market is segmented on the basis of solution, type, end user, and region. By solution, it is divided into drug discovery informatics, clinical trial management, bioinformatics, laboratory information management, and others. By type, it is bifurcated into software and services. By end user, it is segmented into pharmaceutical and biotechnology companies, contract R&D organizations, and other. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
The major players profiled in the report are Thermo Fisher Scientific Inc, Illumina, Qiagen N.V., Revvity, Inc, Agilent Technologies Inc, Oracle, Clario Inc, IBM Corp, DNAnexus Inc, and Genedata AG.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the life sciences it market analysis from 2023 to 2033 to identify the prevailing life sciences it market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the life sciences it market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global life sciences it market trends, key players, market segments, application areas, and market growth strategies.
Additional benefits you will get with this purchase are:
- Quarterly Update and* (only available with a corporate license, on listed price)
- 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
- Free Upcoming Version on the Purchase of Five and Enterprise User License.
- 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
- Free data Pack on the Five and Enterprise User License. (Excel version of the report)
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- Regulatory Guidelines
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- Additional country or region analysis- market size and forecast
- Expanded list for Company Profiles
- Historic market data
- Key player details (including location, contact details, supplier/vendor network etc. in excel format)
Key Market Segments
By Solution
- Drug Discovery Informatics
- Clinical Trial Management
- Bioinformatics
- Laboratory Information Management
- Others
By Type
- Software
- Service
By End User
- Others
- Pharmaceutical and Biotechnology Companies
- Contract Research and Development Organizations
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Thermo Fisher Scientific Inc.
- Qiagen NV.
- Agilent Technologies, Inc.
- Oracle Corporation
- Clario
- IBM Corporation
- Genedata AG
- Illumina, Inc.
- Revvity, Inc.
- DNAnexus, Inc.
Please note:
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: LIFE SCIENCES IT MARKET, BY SOLUTION
CHAPTER 5: LIFE SCIENCES IT MARKET, BY TYPE
CHAPTER 6: LIFE SCIENCES IT MARKET, BY END USER
CHAPTER 7: LIFE SCIENCES IT MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Thermo Fisher Scientific Inc.
- Qiagen NV.
- Agilent Technologies, Inc.
- Oracle Corporation
- Clario
- IBM Corporation
- Genedata AG
- Illumina, Inc.
- Revvity, Inc.
- DNAnexus, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 268 |
| Published | January 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 21.3 billion |
| Forecasted Market Value ( USD | $ 62.5 billion |
| Compound Annual Growth Rate | 11.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
