Press release
Life Science Software Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers
Life Science Software Market Size
The surge in the need for bespoke medical treatment is anticipated to boost the expansion of life science software in the future. Personalized medicine refers to a healthcare strategy that customizes treatment and health decisions based on specific attributes such as genetics, lifestyle, and environmental conditions. Sophisticated software systems are necessary for personalized medicine to normalize and consolidate data from different sources like wearables, genetic evaluation, and electronic medical records. Life science software is instrumental in aiding the examination and understanding of complex biological data, permitting scientists and medical experts to customize therapy strategies taking into account individual patient traits. For instance, as per a study by the Personalized Medicine Coalition (PMC), a non-profit organization in the US, in February 2023, personalized medicines were responsible for 35% of newly sanctioned NMEs in 2021 and 12 new authorizations in 2022 maintained at least a quarter of all new medicine approvals over the previous eight years. This indicates a substantial rise from less than 10% ten years prior. Hence, the escalating need for personalized medicine is spurring the growth of the life science software market.
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What is the projected compound annual growth rate (CAGR) of the life science software market from 2025 to 2034, and what factors influence it?
The market size of life science software has seen substantial growth in the recent past. The market is predicted to expand from a size of $22.31 billion in 2024 to reach a value of $25.46 billion in 2025, recording a compound annual growth rate (CAGR) of 14.1%. The surge in growth during the historical period is due to factors such as the need to meet regulatory compliance obligations, the essential necessity for data integration and management, increasing demand for customized medication, global expansion of clinical trials, and a patient-centric approach.
Expectations are high for a swift expansion of the life science software market in the upcoming years. The market is projected to swell up to $43.28 billion by 2029, achieving a compound annual growth rate of 14.2%. Factors propelling this growth within the forecast period include the heightened focus on real-world evidence (rwe), improved cybersecurity efforts, the integration of artificial intelligence (AI) and machine learning (ml), the rising demand for cloud-based solutions, and an enlarged role in precision medicine. In the forecast era, the market is also expected to be influenced by evolving technology, rapid digital transformations, cooperation and networking, heightened research and development endeavors, and technological advancements.
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How are the latest trends influencing the growth of the life science software market?
Leading firms in the life science software market are leveraging advanced technologies such as generative AI, machine learning (ML), and computer-aided drug design (CADD) to enhance the drug discovery process, increase efficiency, and speed up breakthroughs. The use of generative AI allows the creation of novel molecular structures, while ML algorithms sift through enormous datasets to pinpoint potential drug candidates and gauge their effectiveness. When merged with CADD tools, such technologies allow scientists to theoretically simulate and optimize drug interactions, significantly expediting the recognition and development of potential compounds. For example, in December 2023, Germany's science and technology giant, Merck, unveiled a drug discovery software called AIDDISON. The software is designed to hasten the discovery of new drugs and boost the efficacy of drug development processes. Utilizing AI and ML technologies, the platform can process and assess large amounts of data, finding potential drug candidates quicker and more efficiently than conventional methods.
What are the major segments of the life science software market and their role in driving growth?
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
Subsegments:
1) By Predictive: Predictive Analytics Tools, Risk Assessment Software, Patient Outcome Prediction
2) By Descriptive: Data Visualization Tools, Reporting Software, Statistical Analysis Software
3) By Prescriptive: Decision Support Systems, Optimization Tools, Treatment Recommendation Software
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Which regions are key players in the growth of the life science software market?
North America was the largest region in the life science software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the life science software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the life science software market?
Major companies operating in the life science software market report are Meta Platforms Inc., Optum Inc., International Business Machines Corp., Deloitte, Thermo Fisher Scientific Inc., Oracle, SAP, Fujitsu Ltd., Cognizant, DXC Technology Co, HCL Technologies Ltd., Dassault Systèmes, EPIC Systems Corporation, SAS Institute Inc., INFOR, PAREXEL International Corporation, MEDICAL Information Technology Inc., Veeva Systems Inc., TIBCO Software Inc., PTC Therapeutics Inc., Cegedim SA, CPSI, Model N Inc., Medidata Solution Inc., ArisGlobal LLC, Perceptive Informatics Inc., Elinext, Signiant Inc., Allscripts Healthcare LLC, Jag products LLC
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What Is Covered In The Life Science Software Global Market Report?
•Market Size Forecast: Examine the life science software market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the life science software market for a structured understanding.
•Key Players Overview: Analyze major players in the life science software market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the life science software market.
•Segment Contributions: Evaluate how different segments drive overall growth in the life science software market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the life science software market.
•Industry Challenges: Identify potential risks and obstacles affecting the life science software market.
•Competitive Landscape: Review strategic developments in the life science software market, including expansions, agreements, and new product launches.
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