Life Science Software Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Life Science Software Market
The life science software market size was valued at USD 14.70 billion in 2023, and the market is now 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 of 2024-2032.
A vast number of industries took a drastic forceful hit during the Covid period. But the life science software market certainly did not take any damage and proliferated with its sales soaring above the skies. Defense against COVID-19 has involved the modernised technology, AI, machine learning and many such other technological developments. These factors affceted the life science software market growth.
Life sciences companies want to attract new potential clients since it's crucial for them to keep up with the ever-evolving marketing trends in the industry. This helps them expand their reach and draw in new business. These particular growth driving factors have been recorded to attribute the life science software market share.
Life science software that uses data analytics speeds up scientific innovation to commercialize theories, makes analytical decision-making and collaboration easier in a complex ecosystem, provides transparent and insightful information in a highly regulated setting, and offers many other advantages.
Comprehensive Analysis of Life Science Software Market
Market segmentation is based on deployment type: on-premises and cloud. The market is divided into six application segments: supply chain management, pharmacovigilance, research and development, preclinical and clinical trials, commercial engagement and branding, and regulatory compliance.Medical research facilities, biotechnology and pharmaceutical businesses, medical device manufacturers, and other end users (genomics and others) are among the many end users of life science software.
North America is expected to be the leading region of this particular product market and is anticipated to to grow over the forecasted period and also will continue to hold the largest market share. Due to the significant number of life sciences businesses with their headquarters in the United States, North America accounted for the greatest proportion of the market. With many aiming for their home markets, the nation is the top investment destination for the largest life sciences companies worldwide.
To grow their companies globally, market participants are employing a variety of business tactics, including partnerships, mergers, and acquisitions. IQVIA Inc., Microsoft, Veeva Systems, Salesforce, Inc., SAP SE (Germany), and IQVIA Inc. (U.S.) are a few of these market participants.
In Febrauary 2024, A new alliance was revealed by Nextrove and ArisGlobal. In order to enable pharmaceutical companies to adopt updated LifeSphere technologies, the cooperation expands the pool of excellent resources available to them. With successful attempts to launch studies in the Asia Pacific region, Oracle Life Sciences and ObvioHealth extended their collaboration globally.
Segmentation Table
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
Cloud
On-premise
By Application
Preclinical and Clinical Trials
Supply chain management
Research and Development
Commercial Engagement and Branding
Pharmacovigilance
Regulatory Compliance
By End-user
Biotechnology and Pharmaceutical Companies
Medical Research Centers
Medical Device Companies
Others (Genomics and others)
By Region
North America (By Deployment, By Application, By End-user, and By Country)
- U.S. (By End-user)
- Canada (By End-user)
- Mexico (By End-user)
Europe (By Deployment, By Application, By End-user, and By Country)
- Germany (By End-user)
- U.K. (By End-user)
- France (By End-user)
- Italy (By End-user)
- Spain (By End-user)
- Russia (By End-user)
- Benelux (By End-user)
- Nordics (By End-user)
- Rest of Europe
Asia Pacific (By Deployment, By Application, By End-user, and By Country)
- China (By End-user)
- India (By End-user)
- Japan (By End-user)
- South Korea (By End-user)
- ASEAN (By End-user)
- Oceania (By End-user)
- Rest of the Asia Pacific
Middle East & Africa (By Deployment, By Application, By End-user, and By Country)
- Turkey (By End-user)
- Israel (By End-user)
- GCC (By End-user)
- North Africa (By End-user)
- South Africa (By End-user)
- Rest of the Middle East & Africa
South America (By Deployment, By Application, By End-user, and By Country)
- Brazil (By End-user)
- Argentina (By End-user)
- Rest of South America
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