The Life Science Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s 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 2024 to $22.31 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The growth in the historic period can be attributed to regulatory compliance requirements, data integration and management needs, rising demand for personalized medicine, globalization of clinical trials, 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 growth in the forecast period can be attributed to increased emphasis on real-world evidence (rwe), enhanced cybersecurity measures, integration of artificial intelligence (AI) and machine learning (ml), growing demand for cloud-based solutions, expanded role in precision medicine. Major trends in the forecast period include continued technological advancements, accelerated digital transformation, collaboration and networking, increasing research and development (r&d) activities, advancements in technology.
Rising demand for personalized medicine is expected to propel the growth of life science software going forward. Personalized medicine is a medical approach that tailors healthcare decisions and treatments to individual characteristics, such as genetics, lifestyle, and environmental factors. Advanced software solutions are required for personalized medicine to standardize and integrate data from several sources, including wearable, genetic testing and electronic health records. Life science software plays a pivotal role in facilitating the analysis and interpretation of complex biological information, enabling researchers and healthcare professionals to tailor treatment plans based on individual patient characteristics. For instance, in October 2022, according to reports published by STAT, a US-based health-oriented news company, there were more than 75,000 genetic testing products and 300 personalized medicines. Therefore, the rising demand for personalized medicine is driving the growth of the life science software market.
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The life science software market covered in this report is segmented –
1) By Type: Predictive, Descriptive, Prescriptive
2) By Deployment: On-Premise, Hosted
3) By Application : Marketing, Compliance, R&D, Pharmacovigilance, SCM
4) By End User: Healthcare Institutes, Biopharmaceutical Industry, Medical Devices Industry, Medical Research Centers
Top 5 Major Players:
- Meta Platforms Inc
- Optum Inc
- International Business Machines Corp
- Deloitte
- Thermo Fisher Scientific Inc
Major companies operating in the life science software market are integrating advanced technologies,, such as generative AI, machine learning (ML) and computer-aided drug-design (CADD), for improving drug discovery process, enhancing efficiency and accelerating breakthroughs. Generative AI is employed to design novel molecular structures, while ML algorithms analyze vast 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 streamlining the identification and development of promising compounds. For instance, in December 2024, Merck, a Germany-based science and technology company, launched AIDDISON, a drug discovery software. AIDDISON is intended to speed the identification of novel medications and increase the efficiency of the drug development process. The platform is based on artificial intelligence (AI) and machine learning (ML) technologies, allowing it to evaluate massive volumes of data and find prospective medication candidates faster and more effectively than traditional approaches.
The life science software market report table of contents includes:
1. Executive Summary
2. Life Science Software Market Characteristics
3. Life Science Software Market Trends And Strategies
4. Life Science Software Market – Macro Economic Scenario
5. Global Life Science Software Market Size and Growth
……
32. Global Life Science Software Market Competitive Benchmarking
33. Global Life Science Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Life Science Software Market
35. Life Science Software Market Future Outlook and Potential Analysis
36. Appendix
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