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Medi-Tech Insights

Global Life Sciences Software market is projected to grow at a CAGR of 11% to reach $18 billion by 2025

April 5th, 2022 7:04 AM

The life sciences software market (such as eTMF, LIMS, computer-aided drug discovery, RWE, ERP, CRM, QMS, virtual trials, patient recruitment software, patient & outcomes data management) is driven by the increasing R&D spend and pipeline, growing number and size of biotechs, Covid-accelerated decentralized trials, increasing cost efficiencies and shorter time to market.

Drug Discovery Software Likely to Witness Rapid Growth

The drug discovery software market is niche and growing rapidly, driven by the growing pressure on the pharmaceutical and biotech companies to cut costs in the research and preclinical stage of drug development, reduce timelines and improve transparency through deep learning software tools.

Growing Interest in Novel Software Solutions

With rapidly expanding 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. To leverage growth opportunities, companies are entering/expanding into Biologics software space. 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

Covid-19 has impacted all phases of drug development however, clinical trials phase was hit the most. This paved way for technological solutions to overcome such hurdles. Virtual trials have become more important than ever post-pandemic. 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 increasingly consolidating through M&As to enhance their technology/service offerings for decentralized trials and leverage growth opportunities.

Competitive Landscape Analysis: Life Sciences Software Market

The global life sciences software market is highly competitive and fragmented. The leading players operating in the Life Sciences Software Market include Dassault Systèmes, LabVantage, PerkinElmer, Schrodinger, ICON, Veeva, PhlexGlobal, Saama, IQVIA, Parexel, Signant Health, Abbott, Science37, Medidata, IBM, Koneksa, SAP, Oracle, Optibrium, and Instem.

Explore Detailed Insights on Life Sciences Software Market Report @ https://meditechinsights.com/life-sciences-software-market/

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