Global Life Science Software Market to Grow at a CAGR of 10.9% During 2024-2032, Aided by Increasing Investments in Research and Development Activities and Growing Adoption of Digital Solutions

The global life science software market is driven by the increasing competition in manufacturing efficient drugs and devices. Life science software helps address key challenges in life sciences projects. Some of the main solutions provided by life science software are data management and storage solutions, collaboration and data sharing solutions and data security and privacy solutions. In addition, ongoing technological breakthroughs are facilitating the development of more sophisticated life science products. The incorporation of artificial intelligence, machine learning, IoT, and big data analytics in quality management systems helps make complex processes simpler and streamline the workflow, improving process efficiency.

Moreover, an increase in demand for improved productivity in the pharmaceutical and medical sectors is fueling the market expansion. The demand for life science software is high in regions like North America and Europe due to increasing investments in the pharmaceutical sector. The growing pharmaceutical sector in emerging countries is anticipated to support the market for life science software. The regions like BRICS (Brazil, Russia, India, China, and South Africa) and MIST (Mexico, Indonesia, South Korea, and Turkey) are the key emerging countries for pharmaceutical companies.

Further, with growing digitalisation and shift towards automation, companies are adopting advanced software to automate manual processes and speed up drug and device development. In October 2023, Salesforce launched Life Sciences Cloud for Pharma and MedTech companies to streamline patient engagement and help improve clinical operations using automation and AI. Further, in October 2023, BioLizard launched an all new AI-powered platform BioVerse, to accelerate life sciences research and development processes and facilitate data-driven R&D.

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Market Breakup by Component, Deployment, Application, End User, and Region:

• The market is bifurcated based on component into software and service.

• Based on deployment, the market can be divided into cloud-based and on-premises, among others.

• Based on application, the market is segmented into research and development, clinical trials, drug safety, regulatory compliance, supply chain management, and others.

• The market is segmented, based on end user, into pharmaceuticals, biotechnology, and others.

• Region-wise, the global market for life science software can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The increasing need to maintain data security and privacy, manage drug samples, streamline dosage inquiries, learn from research insights, and support hybrid HCP (healthcare professional) experiences, among others is driving the demand for such platforms and solutions.

• The global market for life science software is being driven by emerging technologies like artificial intelligence, machine learning, IoT, and big data analytics.

• Increasing investments in research and development are giving rise to more competitive platforms to speed up drug development, aiding the market for life science software.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for life science software for the periods (2017-2023) and (2024-2032).

• The report also offers historical (2017-2023) and forecast (2024-2032) market information for the component, deployment, application, end user, and major regions of life science software market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global life science software market are CPSI, Autodesk Inc., International Business Machines Corp, SAP SE, Medidata Solutions, Inc, Veeva Systems, PAREXEL International Corporation, QuintilesIMS Incorporated, Optum Inc., Cerner Corporation, and Cognizant, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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