LONDON–(BUSINESS WIRE)–#GlobalLifeScienceSoftwareMarket–The global life science software market size is poised to grow by USD 2.55 billion during 2020-2024, progressing at a CAGR of over 7% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The rising need for the improvement of operational efficiency in various end-user industries is one of the key drivers that will drive the growth of the market until 2024. Life science software enhances the performance of the organization by collecting and managing the data efficiently. Many healthcare units entirely depend on life science software to obtain patient data and prepare reports based on them. This statistical analysis software efficiently analyzes the patient data and provides accurate results. As a result, doctors and health care personnel can gather patient health information from these healthcare information systems and can provide long-term treatment plans. The software also carries out the centralized management of the organization’s data by aiding in decision-making and increasing their operational efficiency. This, in turn, will enable enterprises to remain competitive in the market.
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Report Highlights:
- The major life science software market growth came from pharmaceutical companies. Pharmaceutical companies can benefit from the global healthcare standard offered by the life science software. (Read more…) It enhances the existing ERP, augments the capabilities of logistic partners, and collaborates with trading partners such as contract packagers. It also increases the visibility of the company, helps analytics, and offers risk management. The life science software market share growth by the pharmaceutical segment will be faster than the growth of the market by the other segment.
- North America was the largest life science software market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The demand for security, easy access to data, and the need for effective management of patient information will significantly drive the life science software market growth in this region over the forecast period. The US and Canada are the key markets for life science software in North America. Market growth in this region will be slower than the growth of the market in APAC and Europe.
- The global life science software market is fragmented. Cegedim SA, Dassault Systemes SE, Medidata Solutions Inc., Model N Inc., Oracle Corp., PTC Therapeutics Inc., SAP SE, SAS Institute Inc., Thermo Fisher Scientific Inc., and Veeva Systems Inc. are some of the major market participants. To help clients improve their market position, this life science software market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the Global life science software market 2020-2024 is expected to have Positive and Superior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Demand for SaaS-based Life Sciences Solutions will be a Key Market Trend
Life sciences software market vendors offer solutions through the SaaS-based model to expand the services and enter new markets. Signiant offers a hybrid SaaS solution, namely, Media Shuttle, which allows quick transfer of files (any size) across the globe. Media Shuttle and Flight offer a pay-as-you-go pricing model appropriate for fast-paced life science projects. SaaS-based life sciences solutions improve the efficiency and reduce the cost of deploying valuable IT infrastructure. Organizations focus on the feasibility and relevance of cloud computing solutions. SaaS-based solutions are modeled along with the pay-per-use feature and require a one-time setup fee for the software, updates, maintenance, and lifetime support.
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Life Science Software Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist life science software market growth during the next five years
- Estimation of the life science software market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the life science software market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of life science software market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Market characteristics
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- Pharmaceutical – Market size and forecast 2019-2024
- Biotechnology – Market size and forecast 2019-2024
- Others – Market size and forecast 2019-2024
- Market opportunity by End-user
Market Segmentation by Deployment
- Market segments
- Comparison by Deployment
- Cloud – Market size and forecast 2019-2024
- On-premise – Market size and forecast 2019-2024
- Market opportunity by Deployment
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- APAC – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Volume driver – Demand led growth
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Cegedim SA
- Dassault Systemes SE
- Medidata Solutions Inc.
- Model N Inc.
- Oracle Corp.
- PTC Therapeutics Inc.
- SAP SE
- SAS Institute Inc.
- Thermo Fisher Scientific Inc.
- Veeva Systems Inc.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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