The life science industry is rapidly evolving and is increasingly looking for automation and digital data management technologies to research and innovate in the most efficient and accurate way possible. 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 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 Fastest Growth
The drug discovery software market is niche and growing rapidly, driven by the rising pressure on the pharma 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.
“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 Drug Discovery Software Provider, US
Mounting Interest in Novel Software Solutions Specifically Designed for Biologics
Advanced therapies, such as cell and gene therapies and personalized vaccines require advanced software infrastructure across the entire development and manufacturing process. With rapidly expanding research on cell and gene therapies and healthy CGT pipeline, 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. For instance, in Oct 2021, Körber, the leading supplier of manufacturing IT solutions for pharma and biotech, and Vineti, the leading digital enterprise platform provider for cell and gene therapy supply chains and data management, entered into a partnership to provide improved manufacturing performance and global visibility for CGT. Some of the key technology providers for CGT include Vineti, TrakCel, Be The Match, SAP, WellSky, Synthace and Cytiva.
Rising Demand for Cloud-based Software
With the growing need for data sharing across and between organizations, traditional on-premise installations face challenge to survive in a data-driven world. On-premise systems lack scalability and easy integration, are often time-consuming and costly to implement and manage. The life science software industry is witnessing surge in the demand of cloud-based model as it can address most of these issues with quick deployment, minimum upfront costs, high flexibility and scalability making it affordable for even small and medium size pharma/biotechs and CROs/CDMOs.
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 in life sciences software market.
Competitive Landscape: Life Sciences Software Market
The global life sciences software market is highly competitive and fragmented. Some of the key players having a strong foothold in the global life science software market include Dassault Systèmes, LabVantage, PerkinElmer, Schrodinger, ICON, Veeva, PhlexGlobal, Saama Technologies, IQVIA, Parexel, Signant Health, Calyx, Salesforce, ConcertAI, Abbott, Science37, Healx, Medidata, IBM Watson Health, Koneksa, SAP, Oracle, Optibrium, Verily, Instem, and Exploristics.
Key Strategic Questions Addressed
- What is the market size & forecast of Life Sciences Software market?
- What are historical, present, and forecasted market shares and growth rates of various segments and sub-segments of Life Sciences Software market?
- How has Covid impacted the Life Sciences Software market?
- What are the major growth drivers, restraints/challenges impacting the market?
- What are the opportunities prevailing in the market?
- Which region has the highest share in the global market? Which region is expected to witness highest growth rate in the next 5 years?
- Who are the major players operating in the market? How is the competitive positioning of key players?
- What are the key strategies adopted by players in Life Sciences Software market?
The study has been compiled based on the extensive primary and secondary research.
Secondary Research (Indicative List)
To validate research findings (market size & forecasts, market segmentation, market dynamics, competitive landscape, key industry trends, etc.), extensive primary interviews were conducted with both supply and demand side stakeholders.
Supply Side Stakeholders:
- Senior Management Level: CEOs, Presidents, Vice-Presidents, Directors, Chief Technology Officers, Chief Commercial Officers
- Mid-Management Level: Product Managers, Sales Managers, Brand Managers, R&D Managers, Business Development Managers, Consultants
Demand Side Stakeholders:
- Stakeholders in Pharma, Biotech, CROs, CDMOs & Other End Users.
Breakdown of Primary Interviews
Market Size Estimation
Both ‘Top-Down and Bottom-Up Approaches’ were used to derive market size estimates and forecasts
Research findings derived through secondary sources & internal analysis was validated with Primary Interviews, Internal Knowledge Repository and Company’s Sales Data