Press Release

Global Life Science Software Market to Grow at a CAGR of 15.2% During 2024-2032, Aided by Increasing Investments in Research and Development Activities and Growing Adoption of Digital Solutions

Global Life Science Software Market

According to a new report by EMR titled, ‘Global Life Science Software Market Report and Forecast 2024-2032’, the market attained a value of nearly USD 16.75 billion in 2023. The market is further estimated to grow at a CAGR of 15.2% in the forecast period of 2024-2032 to reach USD 57.78 billion by 2032.

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

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2017-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Component
  • Deployment
  • Application
  • End User
  • Region
Breakup by Component
  • Software
  • Service
Breakup by Deployment
  • Cloud-based
  • On-premises
Breakup by Application
  • Research and Development
  • Clinical Trials 
  • Drug Safety
  • Regulatory Compliance
  • Supply Chain Management
  • Others
Breakup by End User
  • Pharmaceuticals 
  • Biotechnology 
  • Others
Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Dynamics
  • Market Drivers and Constraints
  • SWOT Analysis
  • Porter’s Five Forces Model 
  • Key Demand Indicators
  • Key Price Indicators
  • Industry Events, Initiatives, and Trends 
  • Value Chain Analysis
Supplier Landscape
  • Market Structure
  • Company Profiles
    • Financial Analysis
    • Product Portfolio
    • Demographic Reach and Achievements
    • Mergers and Acquisitions
    • Certifications
Companies Covered
  • CPSI
  • Autodesk Inc.
  • International Business Machines Corp
  • SAP SE
  • Medidata Solutions, Inc
  • Veeva Systems
  • PAREXEL International Corporation
  • QuintilesIMS Incorporated
  • Optum Inc.
  • Cerner Corporation
  • Cognizant

 

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

 

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