Life Sciences Digital Services 2024 Market Insights™

February, 2024


Report Summary

This report identifies key demand-side trends in the life sciences industry that can help enterprises fine-tune their digital strategies. It also provides an overview of enterprise challenges in this space based on Avasant’s assessment.

Why read this Market Insights?

In the face of challenges such as cost reduction, the pursuit of flexibility, and the establishment of technological leadership, the life sciences industry is aggressively pouring digital investments and adopting cutting-edge technologies, including generative AI, advanced analytics, automation, and cybersecurity, to address these challenges. Life sciences companies are leveraging digital technologies to revolutionize manufacturing and supply chain processes. By integrating advanced analytics, automation, and IoT, they enhance production efficiency, ensure quality control, and optimize inventory management, ultimately driving innovation and responsiveness in the dynamic life sciences landscape. As this requires strong technological expertise and delivery capabilities, life sciences enterprises collaborate with service providers for digital transformation.

The Life Sciences Digital Services 2024 Market Insights™ aids enterprises in this sector in identifying important market trends and challenges for any digital project they participate in.


The industry insights presented in this report are based on our ongoing interactions with enterprise CXOs and other key executives; targeted discussions with service providers, subject matter experts, and Avasant Fellows; analyst insights from primary and secondary research; and lessons learned from consulting engagements.

Table of contents

About the report (Page 3)

Executive summary (Pages 4–7)

    • Scope of coverage
    • Key market drivers and enterprise response
    • Avasant recognizes 22 top-tier service providers supporting the life sciences industry in digital transformation

Demand-side trends (Pages 813)

    • The ongoing patent cliff has sparked a renewed wave of M&A activity to strengthen a robust and sustainable pipeline.
    • There is an increasing need to focus on core capabilities and maximize value for investors.
    • The focus on value-based care is poised to propel the adoption of digital technology.
    • It is crucial to balance patient safety and innovation amid a regulatory push to make healthcare both cost-effective and easily accessible.
    • Life sciences organizations are actively pursuing eco-friendly materials and sustainable practices to reduce their environmental impact.

Key contacts (Page 15)

Read the Research Byte based on this report.

Please refer to Avasant’s Life Sciences Digital Services 2024 RadarView™ for detailed insights on the service providers and supply-side trends.