PUBLISHER: The Business Research Company | PRODUCT CODE: 1619697
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619697
Life science information technology (IT) involves the use of IT systems and solutions tailored to support and improve various aspects of life sciences research, development, and operations. This field includes a variety of technologies and tools that aid in data management, analysis, and communication within life sciences sectors such as pharmaceuticals, biotechnology, and medical research.
The primary components of life sciences IT are software and services. Life sciences IT software consists of specialized applications designed to enhance research, development, and management processes in biotechnology, pharmaceuticals, and healthcare. This includes solutions such as drug discovery informatics, clinical trial management, bioinformatics, and laboratory information management. These tools are utilized by various end users, including pharmaceutical and biotechnology companies, as well as contract research and development organizations.
The life sciences information technology (IT) market research report is one of a series of new reports from The Business Research Company that provides life sciences information technology (IT) market statistics, including life sciences information technology (IT) industry global market size, regional shares, competitors with a life sciences information technology (IT) market share, detailed life sciences information technology (IT) market segments, market trends and opportunities, and any further data you may need to thrive in the life sciences information technology (IT) industry. This life sciences information technology (IT) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The life sciences information technology (IT) market size has grown rapidly in recent years. It will grow from $22.37 billion in 2023 to $25.46 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to the rising adoption of digital solutions, increased demand for advanced imaging and diagnostic software, improved accuracy in disease diagnosis, a growing need for advanced analytical tools, and a general trend toward digitalization.
The life sciences information technology (IT) market size is expected to see rapid growth in the next few years. It will grow to $43.28 billion in 2028 at a compound annual growth rate (CAGR) of 14.2%. The growth in the forecast period can be attributed to the increasing prevalence of chronic diseases, rising demand for cloud-based platforms, expansion of telemedicine, greater emphasis on personalized medicine, growing regulatory compliance requirements, and increased R&D activities in the biotechnology and pharmaceutical sectors. Major trends during this period include advancements in AI-driven drug discovery, the adoption of cloud-based solutions, enhanced cybersecurity measures, progress in telemedicine platforms, integration of blockchain for data security, advancements in personalized medicine technologies, and the use of big data analytics for predictive healthcare.
The growing prevalence of chronic diseases is projected to drive the expansion of the life science information technology (IT) market. Chronic diseases, which include conditions such as diabetes, heart disease, and chronic respiratory disorders, are long-term health issues that progress slowly and may persist for a lifetime. Factors contributing to the rise in chronic diseases include aging populations, sedentary lifestyles, poor dietary habits, increased obesity rates, and environmental influences. Life science IT is crucial for managing these conditions as it enables comprehensive data management, facilitates personalized treatment plans, and enhances patient monitoring and outcomes through advanced analytics and integrated health information systems. For example, in January 2023, the National Center for Biotechnology Information (NCBI), a US-based medical library, reported that the number of individuals aged 50 and older suffering from chronic illnesses is expected to increase by 99.5% by 2050, rising from 71.52 million in 2020 to 142.66 million. Thus, the growing prevalence of chronic diseases is driving growth in the life science IT market.
Leading companies in the life sciences IT market are focusing on developing advanced solutions, such as cloud-native SaaS platforms, to offer scalable, cost-effective, and compliant solutions that enhance collaboration, data integration, and innovation. Cloud-native SaaS platforms are software-as-a-service applications specifically designed to operate within cloud environments, utilizing cloud infrastructure for improved scalability, flexibility, and reliability. For instance, in June 2023, Revvity Inc., a US-based biotechnology firm, launched the Signals Research Suite, a cloud-native SaaS platform aimed at advancing scientific collaboration in drug discovery and specialty chemicals development. The suite includes applications such as Signals Notebook, VitroVivo, and Inventa, providing comprehensive support throughout the drug development process, from initial research to in vitro testing and safety assessments. The Signals Research Suite is noted for its scientifically intelligent, integrated software applications that support the Make-Test-Decide lifecycle. Features include advanced analytics and visualizations powered by TIBCO Spotfire, seamless integration with ChemDraw, and a modern, streamlined interface that customizes workflows across various techniques, modalities, and data types. With secure single-sign-on access, centralized data resources, tutorials, and software updates, users can efficiently focus on their experiments without navigating disparate solutions.
In January 2024, DNAnexus Inc., a US-based provider of precision health data cloud services, partnered with Intelliseq to integrate clinical reporting and automated genomic variance interpretation into its precision health data cloud. This partnership aims to enhance next-generation sequencing data analysis, provide insights into somatic cancers and hereditary diseases, and enable DNAnexus customers to access Intelliseq's tertiary analysis tools directly within the Precision Health Data Cloud. Intelliseq is a Poland-based provider of life science IT solutions.
Major companies operating in the life sciences information technology (IT) market are Microsoft Corporation, F. Hoffmann-La Roche Ltd., Accenture plc, International Business Machines Corporation, Oracle Corporation, Fujitsu Limited, SAP SE, Siemens Healthineers AG, Cognizant Technology Solutions Corporation, Koninklijke Philips N.V., GE HealthCare Technologies Inc., Agilent Technologies Inc., Dassault Systemes SE, Illumina Inc., Infor Inc., Epic Systems Corporation, SAS Institute Inc., Bio-Rad Laboratories Inc., Bruker Corporation, PTC Inc., Tableau Software Inc., Veeva Systems Inc., Allscripts Healthcare Solutions Inc., Medidata Solutions Inc.
North America was the largest region in the life sciences information technology (IT) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the life sciences information technology (IT) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the life sciences information technology (IT) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The life science information technology (IT) market consists of revenues earned by entities by providing services such as electronic lab notebooks (ELN) integration, regulatory compliance consulting, health information management and clinical data integration. The market value includes the value of related goods sold by the service provider or included within the service offering. The life science information technology (IT) market also includes sales of data analytics platforms, custom research software, cloud-based data solutions and related products. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Life Sciences Information Technology (IT) Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on life sciences information technology (IT) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for life sciences information technology (IT) ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The life sciences information technology (IT) market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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