The life science is a field of science thatdeals with the study of living organisms such as human being, microorganism and animals. It includes wide range of areas of study for example biology, anatomy, health sciences, medical sciences or medicine. The software used in life science enables users to increase efficacy and reduce the cost of deploying valuable IT infrastructure. For example, SaaS (Software as a Service) model for life science offers a pay per use model that provides more feasibility to store patient data.
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These software’s enable organizations to securely store, record and maintain patient’s data, images, texts and data.The healthcare records and patient data being converted into electronic format with the help of these software’s enables healthcare professionals to easily access patient’s data. Various life sciences software are commercially available in the market for differentpurpose that includes drug target identification and validation Accelrys, laboratory information management system software, clinical trial management Oracle, Argus and others.
This software system enables to effectivelystore and manage patient information data that drives the market of life science software. High cost associated with the implementation of software restrains the market growth. In addition,complex programming, additional cost for data integration and quality pose a challenge to the growth of this market.
Geographically, North America and Europe holds a strong growth following the increasing need of digital system in life sciences. While increasing investment for infrastructure modernizationby domiciled companies in Asia-Pacific regions may potentiate the growth of life sciences software market in this region.
Some of the key players contributing to the global life science software market comprises Accelrys Software, Inc., Cegedim SA, Medidata Solution, Inc., Oracle Corporation, Revitas, Inc., Veeva Systems, Inc., Model N, Inc., SAS Institute, Inc., TIBCO Software, Inc., Perceptive Informatics, Inc. and PTC Therapeutics, Inc.