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AI In Life Science Analytics Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends | Indegene Limited, International Business Machines Corporation, IQVIA Holdings Inc
AI In Life Science Analytics Global Market Report 2024
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..
Market Overview -
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.
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Surge In Ai Adoption Catalyzing Growth In Ai In Life Science Analytics Market
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.
Competitive Landscape -
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., Cognitivescale, CloudMinds, Ayasdi, BioSymetrics, Cloud Pharmaceuticals, Cyrcadia Health, Freenome, GNS Healthcare, Insilico Medicine, MedWhat, PathAI, Recursion Pharmaceuticals, Sophia Genetics, Veracyte Inc. .
Technological Advancement In AI In The Life Science Analytics Market
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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