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Global Life Science Software Market – Industry Trends and Forecast to 2030

Healthcare IT

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Global Life Science Software Market – Industry Trends and Forecast to 2030

  • Healthcare IT
  • Upcoming Report
  • Oct 2023
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Life Science Software Market – Industry Trends and Forecast to 2030

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2022–2030
Diagram Market Size (Base Year) USD 16.32 Billion
Diagram Market Size (Forecast Year) USD 44.72 Billion
Diagram CAGR %

Major Markets Players

  • MEDICAL Information Technology
  • SAP
  • CPSI
  • Meta
  • Elinext

Global Life Science Software Market, By Type (Predictive, Descriptive, Prescriptive), Application (Marketing, Compliance, R&D, Pharmacovigilance, SCM), Component (Software, Service), Solution (Cloud-based and On-Premises) – Industry Trends and Forecast to 2030.

Life Science Software Market

Life Science Software Market Analysis and Size

Life science software includes a collection of standardizing workflow and document management tools to serve the biopharmaceutical, medical technology, generics, and clinical care industries. Companies can use this software to securely record, store, and retain data in the form of photos and texts. This software converts the data into an electronic format, allowing healthcare practitioners to quickly access data and acquire useful insights. Drug identification and validation, laboratory management, clinical trial administration, and medical device invention are some life science software applications.

Data Bridge Market Research analyses that the global life science software market which was valued at USD 16.32 billion in 2022, is expected to reach USD 44.72 billion by 2030, growing at a CAGR of 12.9% during the forecast period of 2023 to 2030. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Life Science Software Market Scope and Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable to 2015 - 2020)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Type (Predictive, Descriptive, Prescriptive), Application (Marketing, Compliance, R&D, Pharmacovigilance, SCM), Component (Software, Service), Solution (Cloud-based and On-Premises)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Peru, Rest of South America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Hungary, Lithuania, Austria, Ireland, Norway, Poland, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Vietnam, rest of Asia-Pacific, Saudi Arabia, U.A.E., Egypt, Israel, Kuwait, South Africa, Rest of Middle East and Africa

Market Players Covered

MEDICAL Information Technology Inc. (U.S.), SAP (Germany), CPSI (U.S.), Meta (U.S.), Elinext (U.S.), EPIC Systems Corporation (U.S.), INFOR (U.S.), Cognizant (U.S.), Oracle (U.S.), Jag products LLC (U.S.), Allscripts Healthcare LLC (U.S.), Optum Inc. (U.S.), Cerner Corporation (U.S.), Change Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), athenahealth (U.S.), eClinicalWorks (U.S.)

Market Opportunities

  • Increasing awareness about the AI technology in the healthcare industry
  • Growing volume of healthcare data, including electronic health records (EHRs), wearable device data, and real-world evidence
  • Advancements in precision medicine

Market Definition

Life science deals with the scientific study of organisms which includes micro-organisms, human beings, and animals. Biology, anatomy, health sciences, medical sciences, and medicine are only a few of the many disciplines of study in life science. Life science software aids in offering comprehensive, integrated solutions to the life science business, including product quality, regulatory, speed to market, cost efficiency, and many others, in today's growing healthcare environment.

Global Life Science Software Market Dynamics

Drivers

  • Increasing Usage of Analytics for Sales and Marketing Applications

Increasing pressure to cut healthcare costs, increased acceptance of analytics solutions in clinical trials, and the growing demand for greater data standardization, are all driving the life science software industry. In the anticipated period of 2023 to 2030, technological advancements and the adoption of acquisitions and mergers tactics among various life sciences will generate further chances for the life science software market

  • Continuous Technological Advancements

The availability of big data in the life science industry, the growing adoption of analytics solutions in hospitals and clinics, and in the pharmaceutical industry for sales and marketing, and the growing need for improved patient care delivery are some of the major factors driving the growth of the life science software market. Furthermore, factors such as the rise in chronic diseases, increasing pressure to cut healthcare spending, and a growing focus on value-based medicine all contribute to the market's strong expansion

  • Adoption of Advanced Analytical Tools for the Novel Drug Discovery

Life sciences sector globally has gained considerably from the developments in analytical solutions. Emerging technologies such as AI have a big potential to improve and speed drug discovery. Also, AI driven life science analytics tools aid in novel medication research and development, drug repurposing, boosting pharmaceutical productivity, and others. Also, AI technology decreases the human workload, eliminates human error and achieves targets in the short time-period. Hence, key companies in the market are coming up with effective strategic alliances to acquire prominent place in the market, which may also positively affect the worldwide market

Opportunities

  • Growing Volume of Healthcare Data, Including Electronic Health Records (EHRs), Wearable Device Data, and Real-World Evidence

The growing volume of healthcare data, including electronic health records (EHRs), wearable device data, and real-world evidence, creates opportunities for software solutions that can extract valuable insights for researchers, clinicians, and pharmaceutical companies

  • Advancements in Precision Medicine

The increasing focus on precision medicine, which tailors healthcare and drug treatments to individual patients based on their genetic makeup and health history, presents a significant opportunity for life science software. Advanced software can help in the analysis of vast genomic and clinical data, enabling more personalized treatment strategies

Restraints/Challenges

  • Stringent Regulatory Environment

The life science industry is subject to strict regulatory requirements, which can vary significantly from region to region. Meeting these compliance standards is both time-consuming and costly. Overcoming this restraint requires continuous investment in regulatory expertise and software development to ensure compliance, which can be challenging for smaller software providers

  • Data Privacy and Security Concerns

The handling of sensitive patient data and personal health information requires robust data security measures. Data breaches and privacy concerns can significantly damage trust and reputation. Overcoming these concerns necessitates ongoing investments in cybersecurity and adherence to evolving data protection regulations.

This global life science software market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global life science software market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth

Recent Development

  • In May 2021, IQVIA acquired Myriad Genetics' rival division. This division, dubbed Myriad RBM, is expected to be integrated into IQVIA's Q2 Solutions. Myriad RBM provides contract research services to the pharmaceutical industry, including screening diseased and non-diseased clinical samples against the company's menu of biomarkers
  • In June 2021, Microsoft introduced Kathy VanEnkevort as the new General Manager for the Health and Life Sciences Industry team

Global Life Science Software Market Scope

The global life science software market  is segmented on the basis of type, application, component and solution. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

  • Predictive
  • Descriptive
  • Prescriptive

Application

  • Marketing
  • Compliance
  • R&D
  • Pharmacovigilance
  • SCM

Component

  • Software
  • Service

Solution

  • Cloud-based
  • On-Premises

Global Life Science Software Market Regional Analysis/Insights

The global life science software market is analyzed and market size insights and trends are provided by type, application, component, and solution as referenced above.

The countries covered in the global life science software market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

North America dominates the market due to the improved adoption rate of advanced technologies and a large number of investments.

Asia-Pacific is expected to grow during the forecast period of 2023 to 2030 due to increasing research and development activities, rising investment in the healthcare sector, and growing government support.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and up-stream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure Growth Installed Base and New Technology Penetration

The global life science software market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for life science software Market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the global life science software market. The data is available for historic period 2015 to 2020.

Competitive Landscape and Global Life Science Software Market Share Analysis

The global life science software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the company’s focus related to global life science software market.

Some of the major players operating in the global life science software market are:

  • MEDICAL Information Technology Inc. (U.S.)
  • SAP (Germany)
  • CPSI (U.S.)
  • Meta (U.S.)
  • Elinext (U.S.)
  • EPIC Systems Corporation (U.S.)
  • INFOR (U.S.)
  • Cognizant (U.S.)
  • Oracle (U.S.)
  • Jag products LLC (U.S.)
  • Allscripts Healthcare LLC (U.S.)
  • Optum Inc. (U.S.)
  • Cerner Corporation (U.S.)
  • Change Healthcare (U.S.)
  • Koninklijke Philips N.V. (Netherlands)
  • athenahealth (U.S.)
  • eClinicalWorks (U.S.)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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FREQUENTLY ASK QUESTIONS

The life science software market size will be worth USD 44.72 billion by 2030
The growth rate of the life science software market is 10.10% in the forecast period by 2030.
Increasing usage of analytics for sales and marketing applications & continuous technological advancements are the growth drivers of the life science software market.
Type, application, component and solution are the factors on which the life science software market research is based.
Major companies in the life science software market are MEDICAL Information Technology Inc. (U.S.), SAP (Germany), CPSI (U.S.), Meta (U.S.), Elinext (U.S.), EPIC Systems Corporation (U.S.), INFOR (U.S.), Cognizant (U.S.), Oracle (U.S.), Jag products LLC (U.S.), Allscripts Healthcare LLC (U.S.), Optum Inc. (U.S.), Cerner Corporation (U.S.), Change Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), athenahealth (U.S.), eClinicalWorks (U.S.)
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