Life science is a field of science related to study of living organisms. The wide range of areas of study in life science include biology, anatomy, health sciences, medical sciences or medicine. In the today’s evolving health care ecosystem, life science software helps in providing comprehensive, integrated solutions to the life science industry including product quality, regulatory, speed to market, cost efficiency and many more. Life science software incorporates a set of tools for standardization of workflow and documentation management to cater biopharmaceutical, medical technology, generics and clinical care industry. These software’s enable companies to securely record, store and maintain data in form of images, and texts. This data is converted into electronic format by means of this software which helps healthcare professionals to easily access data and gain valuable insights.
Life science software are available for different types of purpose including drug identification and validation, laboratory management, clinical trial management, and medical devices innovation.
Continuous technological advancements, availability of big data in the life science industry, growing adoption of analytics solutions in hospitals and clinics and for sales and marketing in pharmaceutical industry, and growing need for improved patient care delivery are some major factors driving the growth of life science software market. Moreover, factors such as rise in frequent chronic diseases, increasing pressure to curb healthcare spending, and increasing focus on value-based medicine also result in the significant growth of this market.
However, factors such as high cost associated with the implementation of life science software, complex programming, additional infrastructure and cost for data management are restraining the growth of life science software market.
The life science software market can be segmented on the basis of application, end-user, deployment and region wise. On the basis of application it can be further segmented into: Research and Development, Clinical Trials, Drug Safety, Sales and Marketing Support, Regulatory Compliance, Supply Chain Analytics; On the basis of end-user it can be further segmented into: Healthcare Institutes, Biopharmaceutical Industry, Medical Devices Industry, Medical Research centers; On the basis of deployment it can be sub-segmented into: On-Premise, Hosted; On the basis of region it is further segmented into: North America, Latin America, Asia-Pacific, Europe, Middle East and Africa
North America is biggest market in life science software market and holds a strong growth rate in the future followed by Europe due to growing digitization of healthcare related work processes and presence of large healthcare companies adopting this software in in these regions. Asia-Pacific is expected to show a significant growth rate in this market owing to increase in investments for up gradation of healthcare infrastructure. Latin America and Middle East countries are slowly adopting life science software and will show a considerable growth in the future due to efforts in preventing chronic diseases in these regions.
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., and Perceptive Informatics, Inc. are some of the key players in life science software market.