Software Leads as Fastest Growing IT Spending Category for Life Science Companies, According to Life Science Insights
FRAMINGHAM, MA – APRIL 14, 2005 – According to Life Science Insights (LSI), an IDC Company, worldwide IT spending for the life science sector will reach $38.9 billion in 2008, driven by the need to tackle industry pain points, such as regulatory burdens and costly clinical trials, and by life sciences companies leveraging IT to enable personalized medicine.
Life science companies are pouring significant resources into applications that help them act intelligently on the massive quantities of data generated within their organizations. Additionally, they are optimizing the operation of their hardware investments through infrastructure software investments. Significant improvements in certain industry-specific software categories, such as CTMS, are also encouraging some companies to migrate from internally developed systems to off-the-shelf solutions.
LSI's recently published 1H05 Green Book Update: IT Spending Model 2004-2008(doc # LSI1007) provides market sizing and forecast information on IT spending within the life science industry across 21 technology segments, six regions, and six buyer segments including academia, biotechnology companies, diagnostic and health screening companies, government agencies, pharmaceutical companies, and contract research organizations (CROs).
According to the market model, investments in hardware are also expected to exceed average IT market growth rates, as information infrastructure needs remain a top priority among life science companies. Network equipment is also a strong growth hardware category as life science companies increase the transmission capacities of their networks to accommodate the ever-increasing volumes of data generated and the growing need for real-time collaboration across departments, functional areas, physical sites, and geographies.
The IT Green Book market model is an essential tool to assist executives in business planning and setting strategic priorities in life science IT markets. For additional details on this product or other LSI information services for business executives, please contact Paul Hands at 508.988.6751.
About Life Science Insights, An IDC Company
Life Science Insights, an IDC Company, provides market research, analysis and consulting services to decision makers in life science markets. Clients include pharmaceutical and biotechnology companies, contract research organizations (CROs), government research organizations and technology vendors. Life Science Insights' team of specialist analysts and consultants provide research and advice on technology trends, key market drivers, and end-user intentions. Founded in January 2004, Life Science Insights is headquartered in Framingham, Mass. Visit http://www.lifescience-insights.com/ for more information.