Life Science Software Market to Witness Strong 7.5% CAGR, Surpassing US$ 31,151.8 Million by 2033 | Future Market Insights, Inc.

The life science software market is predicted to develop at an impressive 7.5% CAGR from 2023 to 2033, preceding the lower 6.4% CAGR witnessed between 2018 and 2022. This significant rise shows the demand for life science software, increasing the market value from US$ 13,736 million in 2023 to US$ 31,151.8 million by 2033

Life science software includes tools for the study and management of biology, anatomy, health, and pharmaceuticals. These solutions improve product quality, assure regulatory compliance, and increase productivity in biopharmaceuticals, medical technology, clinical trials, and medical device innovation.

Technological advancements, big data availability, analytics acceptance in healthcare, and patient care requirements fuel the growth of the life science software industry. Rising chronic diseases, financial challenges, and value-based medicine also fuel expansion.

Challenges in the life science software market include high implementation costs, intricate programming, added infrastructure, and data management expenses, restraining its growth.

Key Takeaways from the Life Science Software Market Report:

  • India’s life science software market is expected to develop at a CAGR of 10.3% by 2033, owing to increased spending in healthcare research and the adoption of innovative software solutions.

  • The life science software market in the United Kingdom is expected to grow steadily, with a CAGR of 6.1% by 2033, reflecting the country’s focus on integrating technology to improve life sciences research and innovation.

  • China’s life science software market is expected to grow at an 8.3% CAGR, fueled by the country’s attempts to strengthen its biotechnology and pharmaceutical sectors through software-driven advancements.

  • Australia’s life science software market is predicted to increase gradually, with a CAGR of 2.7% by 2033, as the country’s life science businesses use software solutions to improve R&D processes.

  • Japan’s life science software market is expected to grow at a 6.4% CAGR, owing to the country’s technological expertise and emphasis on software applications in life science research, development, and healthcare advancements.

“Our comprehensive study on the life science software market reveals a robust and growing industry landscape, driven by advancements in genomics, bioinformatics, and drug discovery. The market exhibits a high demand for integrated solutions, emphasizing the critical role of software in accelerating research and development processes within the life sciences sector.” -says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.

Scope of Report:

Report Attribute

Details

Growth Rate

CAGR of 7.5% from 2023 to 2032

Expected Market Value (2023)

US$ 13,736 million

Anticipated Forecast Value (2033)

US$ 31,151.8 million

Base Year for Estimation

2023

Historical Data

2018 to 2022

Forecast Period

2023 to 2033

Quantitative Units

Revenue in US$ million and CAGR from 2023 to 2033

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Application

  • End User

  • Deployment

  • Region

Regions Covered

  • North America

  • Latin America

  • Europe

  • South Asia

  • East Asia

  • Oceania

  • Middle East & Africa

Key Countries Profiled

  • United States

  • Canada

  • Mexico

  • Brazil

  • Germany

  • Italy

  • UK

  • Spain

  • France

  • China

  • Japan

  • South Korea

  • India

  • Malaysia

  • Singapore

  • Thailand

  • Australia

  • New Zealand

  • GCC

  • South Africa

  • Israel

Key Companies Profiled

  • 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.

  • Perceptive Informatics Inc.

Customization

Available Upon Request

Competitive Landscape:

A dynamic interaction of global industry players, new startups, and specialized solution suppliers defines the life science software market’s competitive landscape. With their complete software suites catering to numerous life science industries, established vendors such as Thermo Fisher Scientific, PerkinElmer, and IBM dominate. Their extensive industry knowledge, large customer base, and R&D investments all contribute to their market prominence.

The rise of personalized medicine, genomics, and data-intensive research has increased the demand for sophisticated software solutions. Compliance with regulatory requirements like FDA guidelines is critical, opening up opportunities for specialized providers such as Veeva Systems.

Recent Developments:

  • Qlik: Qlik is a software company that specializes in data visualization and analytics. Qlik Life Sciences, a cloud-based platform that helps life science organizations expedite drug discovery and development, will be launched in 2022.

  • Medrio: Medrio is a clinical research platform that assists life science organizations with clinical trial management. Medrio Connect, a new feature that allows life science organizations to connect their clinical research data with other systems, such as electronic health records (EHRs) and laboratory information systems (LISs), was launched in 2022.

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Life Science Software Market Segmentation:

By Application:

  • For Research and Development

  • For Clinical Trials

  • For Drug Safety

  • For Sales and Marketing Support

  • For Regulatory Compliance

  • For Supply Chain Analytics

By End User:

  • For Healthcare Institutes

  • For Biopharmaceutical Industry

  • For Medical Devices Industry

  • For Medical Research Centers

By Deployment:

  • On-Premise

  • Hosted

By Region:

  • North America

  • Latin America

  • Europe

  • South Asia

  • East Asia

  • Oceania

  • Middle East and Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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