PUBLISHER: The Business Research Company | PRODUCT CODE: 1409167
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409167
“AI In Life Science Analytics Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on air in life science analytics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for air in life science analytics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The air in life science analytics market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Artificial Intelligence (AI) in life sciences analytics involves the use of technology to analyze data and transform unstructured information into actionable insights. This technology plays a crucial role in various life sciences applications, including conducting clinical trials, facilitating new drug discoveries, and enhancing the precision and accuracy of disease diagnoses.
The main components of the AI in life sciences analytics market include software, hardware, and services. Software encompasses applications, scripts, data, programs, or sets of instructions that operate computers and execute specific tasks in the life sciences sector. These software applications are utilized for data management, quality management, sales enablement, drug discovery, and other purposes. They can be deployed on-premises or in the cloud and are applied in various applications such as research and development, sales and marketing support, supply chain analytics, and more. The end-users of AI in life sciences analytics include medical devices, pharmaceuticals, biotechnology, and other related industries.
The AI in life science analytics market research report is one of a series of new reports from The Business Research Company that provides AI in life science analytics market statistics, including AI in life science analytics industry global market size, regional shares, competitors with an AI in life science analytics market share, detailed AI in life science analytics market segments, market trends, and opportunities, and any further data you may need to thrive in the AI in life science analytics industry. This AI in life science analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The ai in life science analytics market size has grown rapidly in recent years. It will grow from $1.97 billion in 2023 to $2.32 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth observed during the historical period in the field of AI in life sciences analytics can be attributed to several factors. These include increased research and development funding, regulatory changes impacting the life sciences sector, challenges in drug discovery that AI solutions aim to address, the ongoing digitization of healthcare processes, and a shift towards patient-centric care models. These factors collectively contributed to the adoption and advancement of AI technologies in life sciences analytics during that timeframe.
The ai in life science analytics market size is expected to see rapid growth in the next few years. It will grow to $4.46 billion in 2028 at a compound annual growth rate (CAGR) of 17.7%. The anticipated growth in the forecast period for AI in life sciences analytics can be attributed to various key factors. These include the exploration of drug repurposing opportunities facilitated by AI, increased adoption of real-world evidence in life sciences research, advancements in genomics contributing to enhanced analytics capabilities, the implementation of value-based care models, and the expansion of telemedicine. Major trends expected in the forecast period include the utilization of augmented reality (AR) in healthcare applications, the analysis of digital biomarkers, the deployment of continuous learning algorithms for ongoing improvements, the growth of remote patient monitoring solutions, and the increasing focus on personalized medicine.
The anticipated surge in AI adoption is set to propel the expansion of the AI segment within the life science analytics market. AI, combining datasets and computer sciences, facilitates problem-solving through machine learning and deep learning techniques. Its widespread application across drug discovery, clinical trials, diagnosis, patient monitoring, and personalized medicine indicates a growing trend. Notably, International Business Machines Corporation reported that 35% of global companies currently employ AI, with 42% intending to integrate AI into their operations, indicating its pivotal role in driving the future growth of life science analytics.
The projected increase in healthcare spending is expected to drive the advancement of AI within the life science analytics market. Healthcare expenditure covers expenses related to medical services and public health initiatives within a specific period. As healthcare institutions increasingly prioritize data-driven decision-making and advanced analytics, integrating AI becomes crucial. AI, encompassing machine learning and predictive analytics, holds potential to streamline processes, expedite drug discovery, and enhance patient outcomes. A forecast by the CIHI in November 2022 indicated a 0.8% rise in Canada's total health spending, reaching $331 billion in 2022 from $328 billion in 2021, underscoring the driving force behind AI adoption in life science analytics.
Technological advancement emerges as a pivotal trend gaining momentum in the AI segment of the life science analytics market. Key industry players are adopting new technologies to maintain their market standing. For instance, in October 2023, BioLizard unveiled the AI-empowered BioVerse platform, aimed at facilitating data-driven research and development for the global life sciences community. This user-friendly platform, encompassing applications such as Bio|Reflect, Pro|Biome, and Bio|Mx, targets scientists in biotech and pharma fields, offering tailored solutions for data-driven outcomes. BioVerse's goal is to support data-driven discovery, preclinical, translational, and clinical R&D processes through AI-driven solutions, showcasing BioLizard's commitment to innovation in the life sciences industry.
Major players in the Artificial Intelligence (AI) sector for life sciences analytics are innovating new offerings aimed at automating insights, empowering professionals to make smarter, faster, and more informed data-driven decisions. In October 2023, WhizAI, a US-based software company, unveiled ExplAIn, an AI-driven analytics solution tailored for life sciences analysts and power users. This cutting-edge platform leverages generative AI to automate insights, facilitating quicker and more intelligent decision-making processes. Its capability to manage extensive datasets allows real-time responses to intricate queries.
in February 2023, Envision Pharma Group (Envision), a US-based technology company, made a strategic acquisition by procuring OKRA.ai for an undisclosed sum. This acquisition fortifies Envision's technological prowess, granting clients access to advanced AI tools that expedite decision-making processes, thereby enhancing product trajectories and supporting improved patient outcomes. OKRA.ai, a UK-based technology company specializing in AI solutions, excels in commercialization, real-world evidence, data analytics, and pharmaceutical and life sciences-related medical and pricing domains.
Major companies operating in the ai in life science analytics market report are Indegene Limited, International Business Machines Corporation, IQVIA Holdings Inc., Lexalytics Inc., Databricks Inc., SAS Institute Inc., Sisense Inc., Sorcero Atomwise Inc., Microsoft Corporation, NVIDIA Corporation, Oracle Corporation, NuMedii Inc., Enlitic Inc., Apixio Inc., AiCure LLC, Google LLC, Amazon Web Services Inc., Accenture, Cognitivescale, CloudMinds, Ayasdi, BioSymetrics, Cloud Pharmaceuticals, Cyrcadia Health, Freenome, GNS Healthcare, Insilico Medicine, MedWhat, PathAI, Recursion Pharmaceuticals, Sophia Genetics, Veracyte Inc
North America was the largest region in the AI in life science analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the AI in life science analytics market report during the forecast period. The regions covered in the ai in life science analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the ai in life science analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The AI in the life science analytics market includes revenues earned by entities by providing predictive analytics, prescriptive analytics, and cognitive analytics services. The market value includes the value of related goods sold by the service provider or included within the service offering. AI in the life science analytics market also includes sales of target identification, target validation, and clinical decision support hardware. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.