Press release
Global Life Sciences Information Technology (IT) Market to Reach $49.32 Billion by 2029, Growing at 14.1% CAGR
Life Sciences Information Technology IT Market Share
The life science information technology (IT) market is predicted to expand due to the increasing incidence of chronic illnesses. Chronic disorders are enduring diseases that usually progress slowly and can last for a lifetime. Chronic conditions like diabetes, heart problems, and respiratory diseases are often prevalent due to reasons such as ageing population, inactive lifestyle, inadequate nutrition, rising obesity rates, and environmental elements. Life science IT plays a critical role in managing chronic conditions as it allows thorough data management, personalized treatment strategies and enhanced patient monitoring through the deployment of sophisticated analytics and coherent health information systems. For instance, the National Center for Biotechnology Information (NCBI), a US-based medical library, stated in January 2023 that the count of individuals aged 50 and older suffering from one or more chronic illnesses is anticipated to rise by 99.5% by 2050, escalating from 71.52 million in 2020 to 142.66 million. Consequently, the escalating incidence of chronic diseases is fuelling the growth of the life science IT market.
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What growth opportunities are expected to drive the life sciences information technology (it) market's CAGR through 2034?
The market size for information technology (IT) in life sciences has seen a significant surge recently. We estimate an expansion from $25.46 billion in 2024 to $29.14 billion in 2025, marking a compound annual growth rate (CAGR) of 14.5%. This historical growth can be linked to higher adoption rates of digital solutions, a rise in demand for cutting-edge imaging and diagnostic software, enhanced accuracy in disease diagnosis, increasing need for advanced analytical tools, and a growing trend towards digitalisation.
There is an anticipated rapid expansion of the life sciences IT market in the coming years, anticipated to reach $49.32 billion in 2029 with a CAGR of 14.1%. The projected surge during this period can be attributed to the increasing incidence of chronic diseases, growing demand for cloud-based platforms, expansion of telemedicine, a greater emphasis on personalized medicine, stringent regulatory compliance requirements, and enhanced R&D in the biotechnology and pharmaceutical sectors. Significant trends in this period take in advancements in drug discovery backed by AI, adapting to cloud-based solutions, improved measures for cybersecurity, development in telemedicine platforms, application of blockchain for secure data, evolution in personalized medicine technologies, and utilizing big data analytics in predictive healthcare.
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What trends are poised to drive the future success of the life sciences information technology (it) market?
Major enterprise players in the life sciences IT sector are concentrating their efforts on the creation of technologically superior solutions like cloud-based SaaS platforms. Such platforms have the ability to offer scalable, budget-friendly, and compliant solutions to boost collaboration, data amalgamation, and pace of innovation. Cloud-native SaaS platforms refer to SaaS applications developed specifically to function in cloud settings, taking advantage of cloud infrastructure for enhanced scalability, agility, and reliability. For instance, Revvity Inc., a US pharmaceutical company, introduced the Signals Research Suite in June 2023. This is a cloud-native SaaS platform, engineered to facilitate scientific cooperation in the realm of drug discovery and bespoke chemical development. The suite encompasses applications such as Signals Notebook, VitroVivo, and Inventa, offering thorough support throughout the whole drug creation journey, from preliminary research to laboratory testing and safety exams. The distinctiveness of the Signals Research Suite lies in its scientifically intelligent, integrated software apps, providing full support for the Make-Test-Decide lifecycle. Its salient features comprise of top-tier analytics and visualization capabilities supported by TIBCO Spotfire. It integrates smoothly with the industry's widely-used ChemDraw and boasts a modern, optimised interface offering completely customizable workflows across diverse methods, modalities, and data types. Owing to its secure single-sign-on accessibility, centralized data resources, tutorials, and software updates, users can concentrate solely on their experiments without the inconvenience of manoeuvring through multiple solutions.
Which growth-oriented segments of the life sciences information technology (it) market are leading the industry's development?
The life sciences information technology (IT) market covered in this report is segmented -
1) By Type: Software, Service
2) By Solution: Drug Discovery Informatics, Clinical Trial Management, Bioinformatics, Laboratory Information Management, Other Solutions
3) By End User: Pharmaceutical And Biotechnology Companies, Contract Research And Development Organizations, Other End Users
Subsegments:
1) By Software: Laboratory Information Management Systems (LIMS), Electronic Lab Notebooks (ELN), Clinical Trial Management Systems (CTMS), Regulatory Compliance Software, Enterprise Resource Planning (ERP), Bioinformatics Software, Data Analytics And Visualization Tools, Pharmaceutical Manufacturing Software, Clinical Decision Support Systems (CDSS), Healthcare IT Software
2) By Service: Implementation And Integration Services, Consulting Services, Training And Education Services, Managed IT Services, Support And Maintenance Services, Data Management Services, Outsourcing Services, Validation Services, Cloud Computing Services, Business Process Outsourcing (BPO)
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What regions are leading the charge in the life sciences information technology (it) market?
North America was the largest region in the life sciences information technology (IT) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the life sciences information technology (IT) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the life sciences information technology (it) market?
Major companies operating in the life sciences information technology (IT) market are Microsoft Corporation, F. Hoffmann-La Roche Ltd., accenture* plc, International Business Machines Corporation, Oracle Corporation, Fujitsu Limited, SAP SE, Siemens Healthineers AG, Cognizant Technology Solutions Corporation, Koninklijke Philips N.V., GE HealthCare Technologies Inc., Agilent Technologies Inc., Dassault Systèmes SE, Illumina Inc., Infor Inc., Epic Systems Corporation, SAS Institute Inc., Bio-Rad Laboratories Inc., Bruker Corporation, PTC Inc., Tableau Software Inc., Veeva Systems Inc., Allscripts Healthcare Solutions Inc., Medidata Solutions Inc.
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What Is Covered In The Life Sciences Information Technology (IT) Global Market Report?
•Market Size Forecast: Examine the life sciences information technology (it) market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the life sciences information technology (it) market for a structured understanding.
•Key Players Overview: Analyze major players in the life sciences information technology (it) market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the life sciences information technology (it) market.
•Segment Contributions: Evaluate how different segments drive overall growth in the life sciences information technology (it) market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the life sciences information technology (it) market.
•Industry Challenges: Identify potential risks and obstacles affecting the life sciences information technology (it) market.
•Competitive Landscape: Review strategic developments in the life sciences information technology (it) market, including expansions, agreements, and new product launches.
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