Life Science IT Market to Reach $62.4 Billion, by 2032 at 11% CAGR: Allied Market Research
Life science IT solutions include a broad range of technological applications designed to enhance and streamline various aspects of research, development, and healthcare in the life sciences industry. Life science IT solutions leverage information technology to facilitate data management, analysis, and collaboration, ultimately advancing scientific discovery and improving patient outcomes. In research and development, life science IT solutions play a pivotal role in managing massive datasets generated through genomics, proteomics, and other high-throughput technologies.
PORTLAND, Ore., Feb. 26, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Life Science IT Market Size, Share by Solution (Drug Discovery Informatics, Clinical Trial Management, Bioinformatics, Laboratory Information Management, and Others), Type (Software and Services), and End User (Pharmaceutical and Biotechnology Companies, Contract Research and Development Organizations, and Other): Global Opportunity Analysis and Industry Forecast, 2024–2033." According to the report, the The global life sciences IT market was valued at $21.3 billion in 2023, and is projected to reach $62.5 billion by 2033, growing at a CAGR of 11% from 2024 to 2033.
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Prime determinants of growth
The life science IT market has experienced significant growth owing to growing trend towards laboratory automation, rise in demand for advance analytical tool, and high adoption of life science IT solutions in drug discovery process.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size In 2022 | $21.2 Billion |
Market Size In 2032 | $62.4 Billion |
CAGR | 11 % |
No. Of Pages In Report | 268 |
Segments Covered | Solution, Type, End User, and Region |
Drivers | Growing Trend Towards Laboratory Automation |
Rise in Demand for Advance Analytical Tool | |
High Adoption of Life Science IT Solutions in Drug Discovery Process | |
Opportunities | Technological Advancement in Life Science IT Technology |
Restraints | Data Privacy and Security Concerns |
What is the Impact of Recession 2023 on Life Sciences IT Market
The global recession has significant impact on Life Science IT Market.
The high inflation rate and the economic uncertainty has created financial distress for the life science IT developing companies.
The financial uncertainty has led to decreased funding for research and development activities for the life science IT solutions.
However, market for life science IT solutions is expected to recover owing to high adoption of life science IT solutions for drug discovery and development.
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The bioinformatics segment to maintain its leadership status during the forecast period
By solution, the bioinformatics segment held the highest market share in 2022, accounting for nearly half of the market revenue, owing to high adoption of life science IT solutions to analyze large data set generated during the research activities.
The services segment to maintain its leadership status during the forecast period
By type, the services segment held the highest market share in 2022, accounting for more than fifth of the market revenue. This is attributed to high adoption of the life science IT services by small and medium scale companies owing to its cost effectivity.
The pharmaceutical and biotechnology companies' segment to maintain its leadership status during the forecast period
By end user, the retail pharmacies segment held the highest market share in 2022, accounting for half of the market revenue, owing to high demand for the life science IT solution in drug discovery and development work and clinical trial management.
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The North America segment to maintain its leadership status during the forecast period
Based on region, North America held the highest market share in 2022, accounting for nearly half of the market revenue. This is attributed to the strong presence of key players in the region and high adoption of the life science analytics software by pharmaceutical and biotechnology companies.
However, Asia-Pacific is expected to register a noteworthy CAGR during the forecast period, owing to rapidly growing pharmaceutical and biotechnology industry in the Asia-Pacific region and favorable government initiatives to support innovation in the information technology sector.
Leading Market Players: -
Thermo Fisher Scientific Inc.
Qiagen NV.
Agilent Technologies, Inc.
Oracle Corporation
Revvity, Inc.
Clario
Ibm Corporation
Dnanexus, Inc.
Genedata AG
Illumina, Inc
The report provides a detailed analysis of these key players in the Life Science IT Market. These players have adopted different strategies such as collaboration, product launch, agreement, partnership and strategic alliance to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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