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-
By Application-
- Research and Development
- Sales and Marketing support
- Supply chain analytics
- Others
By End-user-
- Medical Devices
- Pharmaceutical
- Biotechnology
By Region-
North America-
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
Other Related Reports Published by InsightAce
Analytic:
Life Science Tools Market
Big Data in Healthcare Market
Digital Twins in Healthcare Market
eConsent In Healthcare Market
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