BRUSSELS, Belgium, March 14, 2022 (GLOBE NEWSWIRE) --
Summary:
Medi-Tech Insights: The global Life Sciences Software market is driven by growing R&D across the globe, stringent regulatory compliance/reporting, growing use of AI & ML in drug discovery and clinical trial phases, and rising demand for novel software solutions specifically designed for biologics/cell & gene therapy.
Description:
The life sciences software market (such as eTMF, LIMS, computer-aided drug discovery, RWE, ERP, CRM, QMS, virtual trials, patient recruitment software, patient & outcomes data management) 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 Software Provider, US
Mounting Interest in Novel Software Solutions Specifically Designed for Biologics
With rapidly expanding research on advanced therapies such as cell and gene therapies and personalized vaccines, 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. The key technology providers for CGT include Vineti, TrakCel, Be The Match, SAP, WellSky, Synthace and Cytiva.
Covid-19 Impact
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.
Competitive Landscape: Life Sciences Software market
The global life sciences software market is highly competitive and fragmented. The key players include Dassault Systèmes, LabVantage, PerkinElmer, Schrodinger, ICON, Veeva, PhlexGlobal, Saama, IQVIA, Parexel, Signant Health, Abbott, Science37, Medidata, IBM, Koneksa, SAP, Oracle, Optibrium, and Instem.
Explore Detailed Insights on Life Sciences Software market @ https://meditechinsights.com/life-sciences-software-market/
About Us:
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Healthcare IT, Medical Technology, Medical Devices & Pharma Services.
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Ruta Halde,
Medi-Tech Insights
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