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Surge In Ai Adoption Catalyzing Growth In Ai In Life Science Analytics Market: An Emerging Driver Transforming The AI In Life Science Analytics Market Landscape
AI In Life Science Analytics
What Is the Projected Growth of the AI In Life Science Analytics Market?
In recent years, the market size of AI in life science analytics has seen a significant growth. The market is predicted to expand from $2.27 billion in 2024 to $2.65 billion in 2025, indicating a compound annual growth rate (CAGR) of 16.7%. Factors propelling this growth during the historic period include an increase in research and development funding, changes in regulations, challenges in drug discovery, the digitization of healthcare, and the focus on patient-centric care.
Predictions indicate a surge in the AI in life science analytics market in the coming years. The market size is projected to rise to $5.34 billion by 2029, with a compound annual growth rate (CAGR) of 19.1%. Factors contributing to this predicted growth during the forecast period include opportunities for drug repurposing, the adoption of real-world evidence, advancements in genomics, the implementation of value-based care models, and the broadening of telemedicine. Notable forecast period trends include the incorporation of augmented reality (AR) into healthcare, the analysis of digital biomarkers, the development of continuous learning algorithms, remote patient monitoring, and the individualization of medicine.
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What Are the Different AI In Life Science Analytics Market 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
Subsegments:
1) By Software: Data Analysis Software, Predictive Analytics Tools, Machine Learning Platforms, Visualization Software, Clinical Trial Management Software
2) By Hardware: Servers, Storage Solutions, Workstations, Networking Equipment
3) By Services: Consulting Services, Integration Services, Support And Maintenance, Data Management Services, Training Services
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What Are the Primary Drivers Shaping the AI In Life Science Analytics Market?
The rise in the use of AI is set to boost the expansion of AI in the life science analytics market in the future. Artificial intelligence (AI) is characterized as a discipline that merges data sets and computer sciences to facilitate problem-solving. It includes machine learning and deep learning techniques, often associated with artificial intelligence. AI is applied in different areas within life science analytics such as drug discovery, clinical trials, diagnosis in medicine, patient observation, and tailored medication. For example, in 2022, International Business Machines Corporation, a technology enterprise based in the US, reported that 35% of organizations worldwide are presently utilizing AI, and 42% are aiming to incorporate AI into their operations and applications. Consequently, the surge in AI utilization is propelling the growth of AI in the life science analytics market.
Which Companies Are Leading in the AI In Life Science Analytics Market?
Major companies operating in the AI in life science analytics market include 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., accenture*, Cognitivescale, CloudMinds, Ayasdi, BioSymetrics, Cloud Pharmaceuticals, Cyrcadia Health, Freenome, GNS Healthcare, Insilico Medicine, MedWhat, PathAI, Recursion Pharmaceuticals, Sophia Genetics, Veracyte Inc.
What Are the Major Trends Shaping the AI In Life Science Analytics Market?
The primary trend making waves in the AI within life science analytics market is the progression of technology. Major industry players are embracing innovative technologies to maintain their market dominance. For example, in October 2023, BioLizard, a biotech company from Belgium, unveiled the AI-powered BioVerse platform to incentivize data-powered research and development within the worldwide life sciences industry. The platform offers bespoke, user-friendly software solutions aimed at producing data-based outcomes, made specifically for scientists in the biotech and pharma sector, irrespective of their IT proficiency. The platform unites three applications: Bio|Reflect, to deliver global overviews of publications for unbiased literature searches, Pro|Biome for implementing data analytics in microbiome analysis, and Bio|Mx, which utilizes AI for assimilating and analyzing multi-omics datasets. The primary objective of BioVerse is to enable data-driven discovery and streamline preclinical, translational, and clinical R&D processes in the life sciences sector through the application of AI-based solutions. The launch emphasizes BioLizard's dedication towards supplying AI-enabled solutions that back data-based discovery and preclinical, translational, and clinical R&D operations in the life sciences domain.
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What Are the Top Revenue-Generating Geographies in the AI In Life Science Analytics Market?
North America was the largest region in the AI in life science analytics market in 2024. 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the AI In Life Science Analytics Market?
2. What is the CAGR expected in the AI In Life Science Analytics Market?
3. What Are the Key Innovations Transforming the AI In Life Science Analytics Industry?
4. Which Region Is Leading the AI In Life Science Analytics Market?
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