Global AI In Life Science Analytics Market Analysis 2024 – Estimated Market Size And Key Drivers

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The AI In Life Science Analytics by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s AI In Life Science Analytics, 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..

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.

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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

Technological advancement is the key trend gaining attraction in AI in the life science analytics market. Major Companies operating in the AI in life science analytics market are adopting new technologies to sustain their position in the market. For instance, in October 2023, BioLizard, a Belgium-based biotechnology company launched a new AI-empowered BioVerse platform to facilitate data-driven R&D for the global life sciences community. The platform is designed to provide tailored, user-friendly software solutions for data-driven results, targeted towards scientists in biotech and pharma, with or without IT backgrounds. The platform includes three applications such as Bio|Reflect, which provides global overviews of publications to support unbiased literature searches, Pro|Biome, which applies data analytics to microbiome analysis, and Bio|Mx, which leverages AI to integrate and analyze multi-omics datasets. The goal of BioVerse is to facilitate data-driven discovery, and preclinical, translational, and clinical R&D processes in the life sciences industry by implementing AI-driven solutions. This launch demonstrates BioLizard’s commitment to providing AI-driven solutions to support data-driven discovery, and preclinical, translational, and clinical R&D processes in the life sciences industry.

The ai in life science analytics market report table of contents includes: