JERSEY CITY, N.J., May 2, 2024 /PRNewswire/ — InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global AI In Life Science Analytics Market – By Component (Software, Hardware, Services), By Deployment (On-premise, Cloud), By Application (Research and Development, Sales and Marketing support, Supply chain analytics), By End-user (Medical Devices, Pharmaceutical, Biotechnology)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global AI In Life Science Analytics Market is valued at US$ 1.63 Bn in 2023, and it is expected to reach US$ 3.56 Bn by 2031, with a CAGR of 10.39% during the forecast period of 2024-2031.
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AI in the context of life science analytics refers to the use of AI techniques and tools for the analysis of biological as well as environmental data. With the use of artificial intelligence (AI), life science analytics may make better use of complex healthcare, medical, and scientific information by applying high-level computational algorithms.
The goal of life science analytics is to find useful patterns in massive amounts of medical, clinical, and biological data by applying various data analysis tools and techniques. Because of its superior computing and learning capabilities, AI is indispensable in improving life science analytics. The demand for more accurate and tailored techniques in healthcare and the life sciences, together with the rising availability of data, is projected to propel artificial intelligence in the life science analytics market to new heights as the discipline undergoes more development.
Pharmaceutical spending on complex diseases like cancer is on the rise, which is fueling the expansion of artificial intelligence in the life science analytics industry. However, implementing artificial intelligence (AI) solutions can be prohibitive for smaller organizations, making investing in the necessary technology and training difficult.
List of Significant Players in the AI In Life Science Analytics Market:
Indegene
Lexalytics
Databricks
SAS Institute Inc.
Sisense
IQVIA
IBM
Sorcero
Atomwise
NuMedii
AiCure LLC
Nuance Communications
APIXIO, Inc
Insilico Medicine
Other Market Players
AI In Life Science Analytics Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 1.63 Bn |
|
Revenue Forecast In 2031 |
USD 3.56 Bn |
|
Growth Rate CAGR |
CAGR of 10.39 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Component, Application, Deployment, And End-Use |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Market Dynamics:
Drivers-
The growing demand for AI in the life science analytics market is fueled by the exponential growth of data in the life sciences. Conventional methods of data analysis need to be revised in the face of the enormous amounts of biological, clinical, and healthcare data produced by genomics, proteomics, and electronic health records. Artificial intelligence (AI) has arisen as a game-changing solution because of its superior processing capabilities; it can handle and derive valuable insights from these immense and complicated datasets with ease. Incredible possibilities for pattern discovery, disease outcome prediction, and optimization of healthcare and life sciences research await in the mountains of data. Utilizing AI, researchers, healthcare experts, and pharmaceutical businesses can easily integrate and analyze various forms of data, which in turn allows them to uncover useful insights.
Challenges:
The prime challenge is a lack of awareness, a shortage of competent individuals, and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of AI in the life science analytics market. The low level of implementation of AI in several healthcare settings. There is no denying AI’s revolutionary promise in healthcare, yet smaller or less tech-savvy healthcare organizations face challenges when trying to integrate these new technologies. In these contexts, adoption is more gradual because of a lack of resources, including both financial commitment and trained staff. Implementing AI systems is complex, necessitating specialized training and infrastructure changes, which adds to the already existing difficulties. In addition, the health and life science sectors were helped by the COVID-19 epidemic. There was a dramatic uptick in the use of artificial intelligence (AI) for life science analytics as a response to the epidemic, which prompted the industry to speed up innovation in the face of such a dire threat. During the pandemic, markets worldwide grew because of AI-driven discoveries, not the months-long and similarly costly traditional methods of vaccine recognition.
Regional Trends:
The North American AI in life science analytics market is anticipated to record a large market share in terms of revenue. It is projected to grow at a high CAGR in the near future due to the high need for AI solutions in almost every field of life science. Artificial intelligence (AI) solutions for biotech, precision medicine, and drug development are in high demand in this country. Besides, Asia Pacific had a remarkable share in the market due to the fact that numerous research firms have ramped up their investments in artificial intelligence software and technology in an effort to boost operational efficiency.
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Recent Developments:
In Feb 2024, Wipro and IBM extended their partnership in order to provide clients with new AI services and support. the Wipro enterprise ai-ready platform was developed by Wipro and IBM in the course of an extensive collaboration. The expanded collaboration merged the technological prowess and industry knowledge of Wipro with IBM’s pioneering hybrid cloud and AI developments. The objective was to develop collaborative solutions that facilitated the progress of integrating, enterprise-ready, dependable, and comprehensive artificial intelligence solutions.
In Dec 2022, Quantori formed a partnership with Databricks to expedite data-driven advancements in the fields of life sciences and healthcare. Quantori created solutions using the Databricks Lakehouse Platform to offer immediate insights into real-world data to enhance patient outcomes for researchers and physicians.
Segmentation of AI In Life Science Analytics Market-
By Component-
Software
Hardware
Services
By Deployment-
On-premise
Cloud
By Application-
Research and Development
Sales and Marketing support
Supply chain analytics
Others
By End-user-
Medical Devices
Pharmaceutical
Biotechnology
By Region-
North America-
The US
Canada
Mexico
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
South East Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of the Middle East and Africa
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Why should buy this report:
To receive a comprehensive analysis of the prospects for global AI In Life Science Analytics market
To receive industry overview and future trends of global AI In Life Science Analytics market
To analyze the AI In Life Science Analytics market drivers and challenges
To get information on the AI In Life Science Analytics market size value (US$ Mn) forecast till 2031
Major Investments, Mergers & Acquisition in global AI In Life Science Analytics market industry
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