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The global life science software market size was valued at USD 14.70 billion in 2023, and is projected to grow from USD 16.11 billion in 2024 to USD 36.25 billion by 2032, exhibiting a CAGR of 10.7% during the forecast period. North America dominated the global market with a share of 35.31% in 2023.
Life science software refers to a solution that can capture patient data, pharma-related data, and clinical evidence collection tools, and others, aiding life sciences laboratories and enterprises to automate their procedures and manage and store data in their workflows more efficiently. It helps life sciences enterprises enhance the importance of life science tools across the supply chain, simplify partnerships with contract manufacturers, fulfill quality rules and guidelines, and increase inventory management.
With the adoption of this software, life science enterprises find it flexible to structure trials that minimize patient and investigator liability while also creating evidence that showcases value to a range of stakeholders. Hence, the life science industry is experiencing a surge in investments, mergers and acquisitions, and partnerships deals across the globe. For instance,
The COVID-19 pandemic disruptions accelerated digital renovation and the pace of digital transformation in the life sciences sector. It pushed life sciences enterprises to fast-track the implementation of digital manufacturing capabilities, to run manufacturing with fewer employees, and to make use of modernized technologies such as machine learning and AI to monitor, analyze, and actively modify production processes and supply necessities. Thus, the pandemic helped accelerate the life science software market growth.
Advanced Features of Generative AI Technology in Life Science Software to Fuel the Market Growth
Generative AI holds huge potential to transform marketing teams in the life sciences industry. It enables hyper-customized content at scale and accurate evaluation of sales efficiency. These AI models, such as VAEs (variational autoencoders) and GANSs (generative adversarial networks), can be adopted to design drug-like molecules with anticipated properties, such as great binding similarity to low toxicity or a target protein. Moreover, generative AI can be used to develop synthetic gene orders for uses in synthetic biology, such as generating new biosynthetic trails or improving gene appearance for bio-manufacturing determinations. Other implementations of generative AI models in life sciences include the imputation of missing data amplification for model training and many more. Such advanced applications of generative AI are enhancing its usage across life science enterprises. For instance,
Such increasing usage and implementation of generative AI in life science software fuels the market growth.
Usage of Data Analytics in Life Science Software to be the Market Trend
The usage of data analytics in life science software helps accelerate scientific invention to bring theories to the market, facilitate analytical decision-making and partnership in a complex ecosystem, offer transparent and valuable insights in a vastly regulated environment, and provide many other benefits.
Applied AI has updated the life sciences value chain, enabling the formulation of precise business decisions depending on data the enterprise has developed or assimilated. Moreover, cloud and industrialized ML enable life sciences firms to implement new AI methodologies more consistently at a rapid pace and greater scale, fast-tracking tech-driven invention.
Such added benefits of data analytics generate numerous business opportunities and set the trend in the market.
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Implementation of Marketing Automation to Drive the Market Growth
To increase their presence and acquire a new customer base, life sciences enterprises desire to win new potential customers, as it is essential for them to stay on the lead of changing marketing trends in the market. In addition, the pandemic has renovated how businesses market their brands, services, and products, i.e., through emerging marketing tactics such as digital marketing.
By setting up automated email tracking and workflows, enterprises can initiate emails to be sent to potential prospects after they have engaged in a specific action (e.g., downloaded a particular piece of content). Marketing automation solutions also offer vendors several progressive tools, such as a solo platform for analytics and dashboarding, closed-loop recording, and gathering and storing data.
Moreover, precise data-driven methodology can help create higher-quality leads, minimize customer churn rate, enhance customer engagement, and deliver a superior customer experience. For instance,
Other benefits of the implementation of automated marketing include tailored and personalized content at scale to engage prospects in a more effective manner. In addition, it helps to make sure that marketing and overall sales are on the same path. It also nurtures leads more effectively and efficiently, among many others. Hence, various life science software vendors are developing solutions with marketing and commercialization to boost revenues. For instance,
Such marketing automation features enhance software productivity and aid businesses in gaining better sales and revenues.
Increasing Cyberattacks and Data Breach Attacks May Hamper the Market Growth
Although data loss from insiders, or insider risk, is prevalent across all sectors, it is exclusively destructive for enterprises in the life sciences industry. These firms handle a huge amount of sensitive data, such as patient information, formulations, product designs, trial outcomes, and manufacturing particulars. Protecting delicate data from illegal access is essential to maintaining an economic edge and ensuring uninterrupted business functions. Its non-adherence results in expensive lawsuit procedures and reputational harm.
Thus, life sciences enterprises, such as medical device manufacturers, pharmaceutical companies, and biotech companies, are experiencing increased rates of insider-based data loss. For instance,
Such loss of higher costs in the life sciences sector hampers the market growth.
Data Control Offered by Cloud Deployment to Foster the Segment Expansion
Based on deployment, the market is bifurcated into cloud and on-premise.
The cloud deployment is anticipated to grow with the highest CAGR during the forecast period. Cloud-based deployments allow users to operate on huge datasets, such as genome sequence datasets, in actual time with the surge in the level of automation. It also enables the utilization of the power of modern computing. Thus, enterprises are increasing the number of cloud deals and investments in the life science sector. For instance,
Enhancement of Clinical Functions by Using the Solution to Impel the Preclinical and Clinical Trials Segment Growth
By application, the market is categorized into preclinical and clinical trials, supply chain management, research and development, commercial engagement and branding, pharmacovigilance, and regulatory compliance.
The preclinical and clinical trials segment accounted for the largest market share in 2023. Implementation of life science software in clinical trials helps users enhance clinical functions, save time and unify data, fast-track study with incorporated workflows, simplify trial supply and randomization management, and much more. Such benefits contribute to the growth of the preclinical and clinical trials segment.
The research and development segment is anticipated to grow with the highest CAGR during the period. Increasing investments in research and development in pharmaceuticals and biotechnology companies cater to the segment’s growth. For instance,
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Higher Strategic Investments in Biotechnology and Pharmaceutical Companies to Drive the Segment Growth
Various end-users of life science software include biotechnology and pharmaceutical companies, medical research centers, medical device companies, and others (genomics and others).
The biotechnology and pharmaceutical companies segment accounts for the largest revenue share in the market and is projected to grow with the highest CAGR during the forecast period, owing to a rise in strategic investments in these companies. The increasing investments help these companies in various aspects, such as the development of new drugs, commercialization of new products, new innovations, and many more. For instance,
Life science software offers various benefits to medical device companies, medical research centers, and others, such as maximizing revenue growth, enhancing proficiency, and exploring better solutions for medical device companies, actual-time results, improving customer experience, and reducing compliance costs. The software helps these medical device companies enhance their productivity, enforce procedure standards over manufacturing, and fast-track time to market their products and solutions, thereby contributing to the progress of software across companies.
The market has been analyzed by regions: North America, Europe, the Asia Pacific, the Middle East & Africa, and South America.
North America Life Science Software Market Size, 2023 (USD Billion)
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North America held the largest market share in 2023, owing to the huge presence of life sciences companies headquartered in the U.S. The country is the topmost investment target of the globe’s biggest life sciences enterprises, with several targeting their national markets. Moreover, life science companies are increasingly embracing cloud technologies to accelerate tech-driven business transformations in the U.S.
The region also accounts for the largest number of partnerships, mergers, and acquisition deals in the life science sector, thereby contributing to the market growth. For instance,
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According to Fortune Business Insights, the Asia Pacific is projected to grow with the highest CAGR during the study period. China and Japan are among the top countries with the most life sciences companies. In addition, various big life science companies are investing and making partnership deals in developing nations such as India, Japan, and Singapore to bring new technologies into the pharma sector of these regions and expand their business portfolio. For instance,
Europe is predicted to grow with a noteworthy life science software market share during the study period. The European landscape offers an environment to an extensive range of opportunities for foreign life science companies. In addition, European countries’ governments, such as Germany, the U.K., Belgium, and France, among others, are greatly initiating and investing in life science software, as these countries are among the top attractions for biopharmaceutical innovations. For instance,
The Middle East & Africa and South America are estimated to grow with considerable growth rates during the forecast period. Rising developments and innovations in countries such as the UAE and Brazil are augmenting the growth of these regions. These regions also have a greater number of foreign investments in the life science sector. In addition, the UAE is among the top countries with a higher number of investors.
Key Players Implement Mergers, Acquisitions, and Partnerships to Expand Their Businesses
Prominent market players, such as SAP SE, Microsoft, IQVIA, Veeva Systems, Salesforce, Inc., Oracle, and Optum, Inc., among others, are focusing on offering advanced innovative technology-driven life science software. These players are expanding their product portfolio owing to the growing demand for generative AI, data analytics, machine learning, and others. Moreover, market players are implementing several business strategies, such as mergers, acquisitions, and partnerships, to extend their businesses around the world.
The market research report highlights leading regions across the world to offer a better understanding to the user. Furthermore, the report provides insights into the latest industry growth trends and analyzes technologies deployed rapidly globally. It further highlights some drivers and restraints, helping the reader gain in-depth knowledge about the market analysis.
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ATTRIBUTE | DETAILS |
Study Period | 2019-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2019-2022 |
Growth Rate | CAGR of 10.7% from 2024 to 2032 |
Unit | Value (USD billion) |
Segmentation | By Deployment
By Application
By End-user
By Region
|
Fortune Business Insights Inc. says that the global market is predicted to reach USD 36.25 billion by 2032.
In 2023, the market value stood at USD 14.70 billion.
The market is projected to grow at a CAGR of 10.7% during the forecast period.
By end-user, the biotechnology and pharmaceutical companies registers the largest revenue share.
The implementation of marketing automation is set to drive the market growth.
Some of the top players in the market are IBM, Oracle, Microsoft, SAP SE, IQVIA Inc., Veeva Systems, CEGEDIM GROUP, Dassault Systèmes (Medidata), and Salesforce, Inc., among others.
North America held the largest share of the market in 2023.
By application, the research and development is expected to grow with the highest CAGR during the forecast period.
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