Global Life Sciences Software Market Growth is set to be driven by the Increasing use of AI & ML during the Drug Discovery
The market for life sciences software (such as eTMF, LIMS, computer-aided drug discovery, RWE, ERP, CRM, QMS, virtual trials, patient recruitment software, patient & outcomes data management, etc.) is driven by rising R&D spend and pipeline, expanding number and size of biotechs, Covid-accelerated decentralized trials, increasing cost efficiencies and shorter time to market. The global Life Sciences Software market is valued at ~$11 billion in 2020 and is expected to grow at a CAGR of ~11% to reach $18 billion by 2025. The Life Sciences Software market growth is being fueled by increased R&D efforts around the globe, stringent regulatory compliance/reporting, increasing use of AI & ML during the drug discovery and clinical trial phases, and growing demand for novel software solutions especially designed for biologics/cell, and gene therapy. Drug Discovery Software Likely to Witness Fastest Growth The rising pressure on pharma and biotech companies to lower costs during the research and preclinical stages of drug development, reduce timelines, and increase transparency through the use of deep learning software tools has resulted in a niche market for drug discovery software that is expanding quickly. “Large players present in this segment are trying to consolidate the market by becoming a one stop shop. Moreover, companies are also considering to combine their solutions with bioinformatics and LIMS tools to have a competitive edge.” - Executive, Leading Software Provider, US
Explore Premium Report on Life Sciences Software Market @ https://meditechinsights.com/lifesciences-software-market/ Mounting Interest in Novel Software Solutions Specifically Designed for Biologics With quickly growing research on advanced therapies such as cell and gene therapies and personalized vaccines, there is robust demand for software solutions to maximize process and workflow efficiencies across services. The FDA predicts that by 2025, 10 to 20 cell and gene therapy products will be approved a year. Companies are entering or growing into the biologics software space to take advantage of growth opportunities. Some of the key technology providers for CGT include Vineti, TrakCel, Be The Match, SAP, WellSky, Synthace and Cytiva. Covid-19 Impact on Life Sciences Software Market All stages of drug development have been impacted by Covid-19, but the clinical trials stage has been the most affected. This paved way for technological solutions to overcome such hurdles. After the pandemic, virtual trials have gained more importance than ever. There were hardly any M&As related to virtual trials taking place before the pandemic, but the market observed ~10 M&A deals in 2020. The companies are rapidly consolidating through M&As to improve their technology/service offerings for decentralized trials and leverage growth opportunities.
Competitive Landscape Analysis of Life Sciences Software Market The global life sciences software market is highly competitive and fragmented. Some of the key players include Dassault Systèmes, LabVantage, PerkinElmer, Schrodinger, ICON, Veeva, PhlexGlobal, Saama, IQVIA, Parexel, Signant Health, Abbott, Science37, Medidata, IBM, Koneksa, SAP, Oracle, Optibrium, and Instem. For More Detailed Insights, Contact Us @ https://meditechinsights.com/contact-us/ About Medi-Tech Insights Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services. Contact: Ruta Halde Associate, Medi-Tech Insights +32 498 86 80 79
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