Overview and Scope
Artificial Intelligence in life sciences analytics refers to the technology that is used for the analysis of data and for turning unstructured data into actionable insights and information. It is used in conducting clinical trials, enables new drug discoveries, and diagnoses of diseases more precisely and accurately.
Sizing and Forecast
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 in the historic period can be attributed to research and development funding, regulatory changes, drug discovery challenges, healthcare digitization, patient-centric care..
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 growth in the forecast period can be attributed to drug repurposing opportunities, real-world evidence adoption, genomics advancements, value-based care models, telemedicine expansion.. Major trends in the forecast period include augmented reality (ar) in healthcare, digital biomarkers analysis, continuous learning algorithms, remote patient monitoring, personalized medicine..
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Segmentation & Regional Insights
The ai in life science analytics market covered in this report is segmented –
1) By Component: Software, Hardware, Services
2) By Deployment: On-Premise, Cloud
3) By Application: Research And Development, Sales And Marketing Support, Supply Chain Analytics, Other Applications
4) By End-User: Medical Devices, Pharmaceutical, Biotechnology, Other End Users
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
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Major Driver Impacting Market Growth
The increasing adoption of AI is expected to propel the growth of AI in the life science analytics market going forward. Artificial intelligence (AI) is defined as a field that combines datasets and computer sciences to enable problem-solving. It also involves machine learning and deep learning processes, which are frequently mentioned along with artificial intelligence. Artificial intelligence is used for various purposes in life science analytics, such as drug discovery, clinical trials, medical diagnosis, patient monitoring, and personalized medicine. For instance, in 2022, according to International Business Machines Corporation, a US-based technology company, 35% of companies are currently using AI across the world, and 42% of companies are looking forward to embedding AI in their processes and applications. Therefore, increasing AI adoption is driving the growth of AI in the life science analytics market going forward.
Key Industry Players
Major companies operating in the Artificial Intelligence (AI) in life sciences analytics market are developing new products to automate insights so professionals can make data-driven decisions better, faster, and smarter. For instance, in October 2023, WhizAI, a US-based software company introduced ExplAIn. ExplAIn is an AI-powered analytics solution designed exclusively for life sciences analysts and power users. ExplAIn utilizes generative AI to automate insights, enabling professionals to make data-driven decisions faster and smarter. It can handle large volumes of data, providing real-time answers to complex questions.
The ai in life science analytics market report table of contents includes:
1. Executive Summary
2. AI In Life Science Analytics Market Characteristics
3. AI In Life Science Analytics Market Trends And Strategies
4. AI In Life Science Analytics Market – Macro Economic Scenario
5. Global AI In Life Science Analytics Market Size and Growth
…
31. Global AI In Life Science Analytics Market Competitive Benchmarking
32. Global AI In Life Science Analytics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The AI In Life Science Analytics Market
34.AI In Life Science Analytics Market Future Outlook and Potential Analysis
35. Appendix
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