LONDON–(BUSINESS WIRE)–The global life science software market is expected to register an incremental growth of USD 2.55 billion, witnessing a CAGR of over 7% during 2020-2024, according to the latest market research analysis by Technavio. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the life science software market in optimistic, probable, and pessimistic forecast scenarios.
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Amid the COVID-19 Crisis, the Revaluated and Updated Life Science Software Market Report Says:
- The life science software market will witness a Positive and Superior impact during the forecast period owing to the extensive rise of COVID-19 pandemic.
- Due to the extensive spread of the virus across the globe, the Information Technology industry is anticipated to have Mixed and Direct impact
- Furthermore, as per Technavio’s pandemic-focused research highlights, the market demand will show At Par growth due to the increase in infections and reduced economic activity.
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Life Science Software Market Segmentation and Competitive Analysis
Life science software market is segmented by end-user (pharmaceutical, biotechnology, and others.), deployment (cloud and on-premise), and geography (North America, Europe, APAC, South America, and MEA. Growing focus on storing patient information has been an instrumental factor in influencing the growth of life science software market. Other market drivers include increasing the need for improving operational efficiency and increasing technological innovations.
The market is fragmented. The report analyzes the market’s competitive landscape and offers information on several market vendors, including Cegedim SA, Dassault Systemes SE, Medidata Solutions Inc., Model N Inc., Oracle Corp., PTC Therapeutics Inc., SAP SE, SAS Institute Inc., Thermo Fisher Scientific Inc., and Veeva Systems Inc. Moreover, Technavio offers custom research analysis on the crucial pointers to highlight the impact of COVID-19 on the market across the supply chain.
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- Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
- The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers.
- The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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