According to Persistence Market Research
, the global Life Sciences market was estimated at more than US$ 2,500 million in 2015 and is expected to reach approximately US$ 4,200 million by 2025. The market is expected to grow at a CAGR of 4.3% over the forecast period. The trends
that are shaping the Life Sciences industry include:
Technavio experts expect
- More advanced vaccines. The industry's focus is to create personalized therapeutic cancer vaccinations based on mRNA technology. Also, researchers will develop more effective vaccines to protect against multiple coronavirus strains simultaneously.
- Reduction of racial inequality in diagnostics. Medical professionals will be able to use the "Mind the Gap" manual to see how disease symptoms appear on dark skin.
- Digital twins. This technology allows healthcare professionals initially to use a digital version of a patient that contains medical records, genetic data, and other biomarker information. Digital twins can help avoid side effects and save costs, as doctors can use them to develop and test individual medicines.
- E-Immunotherapy. Can be used in place of invasive methods, for example in the treatment of autoimmune diseases. E-Immunotherapy implies electric stimulation of the brain, helping make neurological connections to boost immune function.
- Individual implants from a 3D printer. 3D printing makes custom implants more accessible and provides new opportunities for working with biocompatible materials.
that the global life sciences software market will grow by USD 2.55 billion during 2020-2024, with a CAGR of over 7% throughout the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
The key market trends, according to the report, are as follows:
- The pharmaceutical industry is the main driver of market growth. Pharmaceutical companies can benefit from the global healthcare standard offered by life science software. It enhances the existing ERP, augments the capabilities of logistics partners, and collaborates with trading partners such as contract packagers. It also increases the visibility of the Life Science company and improves analytics and risk management aspects.
- North America was the largest life science software market in 2019. During the forecast period, this region will provide market suppliers with several growth opportunities. The need for security, easy access to data, and effective patient information management will be the main drivers of market growth in this region.
- The global life sciences software market is fragmented.
As COVID-19 spreads to businesses, the global life sciences software market is expected to see positive and significant growth in 2020-2024.