Life science is a branch of biology concerned with the study of living beings. Biology, anatomy, health sciences, medical sciences, and medicine are only a few of the many disciplines of study in life science. Life science software aids in offering comprehensive, integrated solutions to the life science business, including product quality, regulatory, speed to market, cost efficiency, and many others, in today’s growing health care environment.
To serve the biopharmaceutical, medical technology, generics, and clinical care industries, life science software includes a collection of tools for standardizing workflow and document management. Companies can use this software to securely record, store, and retain data in the form of photos and texts. This software converts the data into an electronic format, allowing healthcare practitioners to quickly access data and acquire useful insights.
Market Drivers and Restraints for Life Science Software
Continuous technological advancements, the availability of big data in the life science industry, the growing adoption of analytics solutions in hospitals and clinics, as well as in the pharmaceutical industry for sales and marketing, and the growing need for improved patient care delivery are some of the major factors driving the growth of the life science software market.
Furthermore, factors such as the rise in chronic diseases, increasing pressure to cut healthcare spending, and a growing focus on value-based medicine all contribute to the market’s strong expansion.
However, obstacles such as the high cost of implementing life science software, difficult programming, additional infrastructure, and data management costs are limiting the growth of the life science software market.
Key Players in the Life Science Software Market
Some of the major players in the life science software market include Oracle Corporation, Deloitte, SAP SE, Accelrys Software, Inc., Cegedim SA, Medidata Solution, Inc., Revitas, Inc., Veeva Systems, Inc., Model N, Inc., SAS Institute, Inc., PTC Therapeutics, Inc., TIBCO Software, Inc., and Perceptive Informatics, Inc.