Transparency Market Research's new market study on the global life sciences software market presents a comprehensive and objective analysis of the said market for the 2015-2023 period. The report, titled "Life Sciences Software Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023," examines how the use of technology has been instrumental in improving life sciences studies.
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Life sciences deal with the study of various aspects of living organisms such as animals, plants, microorganisms, and humans, right from their origin on Earth to their evolution for abilities to operate complex machinery to investigate the possibilities of developing a colony for humans on Mars. These high-level studies, which involve a massive amount of data, require technological support for collating, organizing, and managing data so that it is easily utilizable. On the contrary, the chances of data loss and tampering of information are high if the data is handled by humans completely. The valuable information generated as a consequence of numerous clinical trials is of paramount important to researchers and industry stakeholders as well.
In life science studies, the use of software enables process efficacy and reduces the cost of installing proprietary IT infrastructure. For instance, in SaaS (software as a service) model, life science companies and research organizations operate on a pay per use model for storing and managing clinical data.
Using this model, organizations can store, record, and maintain crucial data pertaining to patient response to treatment, diagnostic images, and line of medicine on a software service provided by a third-party vendor. Converting patient data into electronic format allows easy accessibility of records for healthcare professionals irrespective of location. To cater to these needs, commercial software applications are available for drug target identification and its validation, clinical trial management, and laboratory information management, and other uses.
Thus, due to the benefits of effective storage and management of clinical information and patient data, the life sciences software market is exhibiting a strong growth rate. However, the high cost of software installation, complex programming, and additional cost of data integration are posing challenge to the market's growth.
Currently, North America and Europe are the dominant regions in the life science software market. This is mainly due to the need for digital systems for life science research. On the other hand, Asia Pacific will emerge as a significant market for life sciences software in the coming years. Increasing investments for new developments as well as modernization of existing facilities to accommodate third-party software services are the reason for this.
Some top players in the global life sciences software market are Accelrys Software Inc., Medidata Solution Inc., Revitas Inc., Model N Inc., TIBCO Software Inc., PTC Therapeutics Inc., Cegedim SA, Oracle Corporation, Veeva Systems Inc., SAS Institute Inc., and Perceptive Informatics Inc.
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