Life Science Software Global Market Report 2024

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 expansion observed in the historical period can be attributed to several factors, including regulatory compliance requirements, the necessity for data integration and management, increasing demand for personalized medicine, the globalization of clinical trials, and the adoption of 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 anticipated growth in the forecast period can be ascribed to heightened focus on real-world evidence (RWE), strengthened cybersecurity measures, the incorporation of artificial intelligence (AI) and machine learning (ML), a rising demand for cloud-based solutions, and an expanded role in precision medicine. Significant trends expected in the forecast period encompass sustained technological advancements, an accelerated pace of digital transformation, increased collaboration and networking, a surge in research and development (R&D) activities, and ongoing advancements in technology.

The escalating demand for personalized medicine is anticipated to be a driving force behind the growth of the life science software market. Personalized medicine, a healthcare approach tailored to individual characteristics such as genetics, lifestyle, and environmental factors, necessitates advanced software solutions. These solutions play a crucial role in standardizing and integrating data from diverse sources, including wearable devices, genetic testing, and electronic health records. Life science software is instrumental in analyzing complex biological information, empowering researchers and healthcare professionals to customize treatment plans based on individual patient attributes. In October 2022, STAT, a US-based health-oriented news company, reported the existence of over 75,000 genetic testing products and 300 personalized medicines, underscoring the surge in demand propelling the life science software market.

Prominent companies in the life science software market are incorporating advanced technologies, such as generative AI, machine learning (ML), and computer-aided drug design (CADD), to enhance the drug discovery process, improve efficiency, and expedite breakthroughs. Generative AI is utilized for designing novel molecular structures, while ML algorithms analyze extensive 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 expediting the identification and development of promising compounds. In December 2023, Merck, a Germany-based science and technology company, introduced AIDDISON, a drug discovery software leveraging artificial intelligence (AI) and machine learning (ML) technologies. AIDDISON aims to accelerate the identification of novel medications and enhance the efficiency of the drug development process by evaluating massive volumes of data to identify prospective medication candidates more rapidly and effectively than traditional approaches.

In July 2021, PerkinElmer, a UK-based company focused on improving health and safety, acquired BioLegend for an undisclosed amount. This strategic acquisition is designed to generate rapid revenue synergies and foster creative ideas among scientists, ultimately contributing to the discovery and development of new therapeutics. BioLegend, a US-based biotechnology company, is recognized for providing life science software, aligning with PerkinElmer's commitment to advancing research and innovation in the life sciences domain.

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.

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. The countries covered in the life science software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The life science software market includes revenues earned by entities by providing services such as genomic analysis services, clinical trial management services, laboratory information management system (LIMS) services, bioinformatics and computational biology services, drug discovery and development services, and regulatory compliance services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The Life Science Software market consists of sales of laboratory information management systems, electronic lab notebooks, scientific data analysis and visualization software, and scientific modeling and simulation software. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Life science software encompasses specialized applications and platforms crafted to optimize and facilitate diverse processes within the life sciences sector. Widely employed across various domains in the industry, these software solutions aim to bolster research, streamline operations, and enhance overall efficiency.

Life science software can be categorized into three main types, predictive, descriptive, and prescriptive. Predictive software employs predictive analytics and can be deployed either on-premise or hosted. Its applications span across diverse areas such as marketing, compliance, research and development (R&D), pharmacovigilance, and supply chain management (SCM). This type of software finds utility in various end-user sectors, including healthcare institutes, the biopharmaceutical industry, the medical devices industry, and medical research centers.

The life science software market research report is one of a series of new reports that provides life science software market statistics, including life science software industry global market size, regional shares, competitors with life science software market share, detailed life science software market segments, market trends, and opportunities, and any further data you may need to thrive in the life science software industry. This life science software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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