Life Science Software Market Prophesied to Grow at a Faster Pace by 2027
Life science software are available for different types of purpose including drug identification and validation, laboratory management, clinical trial management, and medical devices innovation.
Life Science Software Market: Drivers and Restraints
Continuous technological advancements, availability of big data in the life science industry, growing adoption of analytics solutions in hospitals and clinics and for sales and marketing in pharmaceutical industry, and growing need for improved patient care delivery are some major factors driving the growth of life science software market. Moreover, factors such as rise in frequent chronic diseases, increasing pressure to curb healthcare spending, and increasing focus on value-based medicine also result in the significant growth of this market.
However, factors such as high cost associated with the implementation of life science software, complex programming, additional infrastructure and cost for data management are restraining the growth of life science software market.
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Life Science Software Market: Segmentation
The life science software market can be segmented on the basis of application, end-user, deployment and region wise
Segmentation on basis of application for Life Science Software Market
On the basis of application it can be further segmented into:
Research and Development
Sales and Marketing Support
Supply Chain Analytics
Segmentation on basis of End-User for Life Science Software Market
On the basis of end-user it can be further segmented into:
Medical Devices Industry
Medical Research centers
Segmentation on basis of Deployment for Life Science Software Market
On the basis of deployment it can be sub-segmented into:
Segmentation on basis of Region for Life Science Software Market
On the basis of region it is further segmented into:
Middle East and Africa
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Life Science Software Market: Regional Overview
North America is biggest market in life science software market and holds a strong growth rate in the future followed by Europe due to growing digitization of healthcare related work processes and presence of large healthcare companies adopting this software in in these regions. Asia-Pacific is expected to show a significant growth rate in this market owing to increase in investments for up gradation of healthcare infrastructure. Latin America and Middle East countries are slowly adopting life science software and will show a considerable growth in the future due to efforts in preventing chronic diseases in these regions.
Life Science Software Market: Key Players
Oracle Corporation, Deloitte, SAP SE, Accelrys Software, Inc., Cegedim SA, Medidata Solution, Inc., Revitas, Inc., Veeva Systems, Inc., Model N, Inc., SAS Institute, Inc., PTC Therapeutics, Inc., TIBCO Software, Inc., and Perceptive Informatics, Inc. are some of the key players in life science software market.
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