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Global Life Sciences Software Market is set to grow at a CAGR of 11% to reach $18 billion by 2025
The Global Life Sciences Software Market is driven by increasing R&D across the globe, stringent regulatory compliance/reporting, increasing use of AI & ML in drug discovery and clinical trial phases and and rising demand for novel software solutions
Emerging Interest in Software Solutions Specifically Designed for Biologics
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. 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. Some of the key 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 Global Life Sciences Software Market @ https://meditechinsights.com/