PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304620
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1304620
AI in Life Science Analytics Market size was valued at USD 1,606.8 Million in 2022, expanding at a CAGR of 14.8% from 2023 to 2030.
Artificial Intelligence (AI) in life sciences analytics can examine and cross-reference complex and larger datasets, resulting in providing more reliable data in less time. Additionally, in the life science industry, AI involves complex algorithms that make a measurable impact. Moreover, it is also used to enable new drug discoveries, diagnoses of diseases more accurately and precisely, and conducting clinical trials. Further, AI plays an essential role when it comes to manufacturing and developing treatments for cancers and other disease.
The most data-intensive tasks in the life sciences industry are clinical trials. In addition, they generate huge sets of data every day, monitoring various patient variables under observation. As a result, this helps to encourage various clinical research organizations and many pharmaceutical companies to invest in technologies like artificial intelligence. However, patient data privacy concerns and the high cost of AI solutions may restrain the market growth. Further, in the life science business, many market participants are rapidly investing in the adoption of AI-based technologies, which in turn, are projected to drive the demand for AI Analytics in the life sciences market.
The Global AI in Life Science Analytics Market is segmented on the basis of Component, Deployment, End use, and Region.
The market is divided into three categories based on components: software, hardware, and services. The Air-to-Air sector dominates the market. The service segment is expected to hold the largest market share. The major factor boosting the growth is a rise in the trend of outsourcing services.
The market is divided into three categories based on deployment: on-premise, hybrid, and cloud. The cloud sector is likely to possess the market revenue during the forecast period. The high penetration of the internet, adoption of cloud technologies, shift in preference towards cloud-based technologies, and development of cloud-based services are such primary benefits propel the segment growth.
The market is divided into three categories based on application: research & development, sales & marketing support, supply chain analytics, and others. The sales & marketing support segment is likely to possess the market share. The advantages provided by AI such as increased personalization, reduced errors, smart and faster decision-making abilities, and marketing automation offer lucrative opportunities for the segment.
The market is divided into three categories based on end use: medical devices, pharmaceuticals, biotechnology, and others. The pharmaceutical segment is likely to maintain its dominance owing to the rising adoption of AI tools in the process of clinical trials, drug discovery, and manufacturing.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The market is highly competitive and consists of several companies across the globe in Artificial intelligence in the Life Sciences. The market players are focusing on expanding their customer base to gain a foothold across the globe. Moreover, key players are adopting various strategies to enlarge their business includes mergers & acquisitions, R&D spending, partnership, and collaboration. For instance, in September 2021, IQVIA announced new AI-powered technologies to enhance its existing Medical Information (MI) Contact Center services.
For instance, in November 2022, XtalPi introduced that they are looking forward to a strategic collaboration with CK Life Sciences. Additionally, this collaboration aims to realize precision treatment for patients globally.
This proposed research study on AI in Life Science Analytics market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The report provides the client the latest up-to-date and trending insights about the AI in Life Science Analytics market.
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for AI in Life Science Analytics market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the AI in Life Science Analytics market
Impact of COVID-19 on AI in Life Science Analytics market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on AI in Life Science Analytics market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the AI in Life Science Analytics market, we have also included competitive landscape and key innovator analysis for the AI in Life Science Analytics market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offersdetailed company profiling featuring major market participantswhich will help users to understand their financial information and strategic initiatives of players operating in the AI in Life Science Analytics market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global AI in Life Science Analytics market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows: