AI In Life Science Analytics Market Size is valued at USD 1.63 Bn in 2023 and is predicted to reach USD 3.56 Bn by the year 2031 at a 10.39% CAGR during the forecast period for 2024-2031.
Artificial Intelligence (AI) in life science analytics harnesses machine learning (ML), deep learning, as well as data analytics to revolutionize research and development in biotechnology, pharmaceuticals, and healthcare. Artificial intelligence (AI) applied to life science analytics has enormous potential to revolutionize research, improve healthcare outcomes, and streamline operations in the healthcare and life sciences industries. The use of AI is anticipated to transform data analysis and utilization in these crucial fields further as technology keeps progressing. Healthcare results and operational efficiency are both improved with the use of artificial intelligence (AI) in life science analytics. Furthermore, the field of drug research and development is ripe with potential for the growing market for artificial intelligence in life science analytics.
However, the market growth is hampered by the high investment criteria for the safety and health of this market and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high AI in life science analytics because launching effective AI products requires massive investments of capital. The industry is neither easily nor immediately monetizable. Research and development teams and engineers specializing in machine learning are often necessary for these goods, and they can be rather costly.
In addition to the upfront software and cloud support expenses, life science businesses must also cover the continuing costs of training the AI system in response to changes in business processes. The difficulty in estimating return on investment (ROI), particularly at the outset of a project, is another major hurdle. However, The COVID-19 pandemic had a beneficial impact on businesses in the health and life sciences sector. The industry was forced to accelerate innovation in response to the pandemic, manage the interruption to clinical trials and supply chains, and deal with the crisis by using artificial intelligence (AI) for life science analytics at a significant upswing.
Competitive Landscape
Some Major Key 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
Market Segmentation:
The Global AI in life science analytics market is segmented based on component, application, deployment, and end-use. As per the components, the market is categorized into hardware, software, and services. According to deployment, the market comprises on-premise and cloud. By application, the market is segmented into research and development, sales and marketing support, supply chain analytics, and others. By end use, the market is segmented into medical devices, pharmaceuticals, and biotechnology.
Based On The Application, The Research And Development Segment Is Accounted As A Major Contributor To The AI In Life Science Analytics Market.
The research and development of AI in the life science analytics market is expected to hold a major global market share in 2023. Research and development rely on AI to help accelerate the discovery of potential new medications, analyze genomic data, and support different steps in the drug development pipeline. It makes research decision-making, data analysis, and experimentation more efficient.
Hardware Segment To Witness Growth At A Rapid Rate.
The hardware dominates because specialist hardware components like AI memory and processors are in high demand. AI algorithms are used for more complicated operations,
In The Region, The North American AI In Life Science Analytics Market Holds A Significant Revenue Share.
The North American AI in life science analytics market is estimated to register the maximum market revenue share in the near future. This can be attributed to the fact that sophisticated network of roads, hospitals, and other medical facilities, as well as a booming biotech industry. The area is known for its innovative spirit, high concentration on research and development, and partnerships between IT firms and healthcare organizations. In addition, Asia Pacific is predicted to grow rapidly in the AI in life science analytics market because of the growing funding for cutting-edge research and development in this area. The expansion of healthcare facilities in the area is another factor that will boost the market's growth.
Competitive Landscape
The key players in the AI in life science analytics market have shifted their focus toward technological advancement and higher demand for them. They are initiating significant strategies such as mergers and joint ventures of major and domestic players to expand their selection of products and raise their global market footprint. Some of the major key players in the AI in life science analytics market are Indegene, Lexalytics, Databricks, SAS Institute Inc., Sisense, IQVIA, IBM, Sorcero, Atomwise, NuMedii, AiCure LLC, Nuance Communications, APIXIO, Inc, Insilico Medicine, and Other Market Players.
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.
AI In Life Science Analytics Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 1.63 Bn |
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Revenue Forecast In 2031 |
USD 3.56 Bn |
|
Growth Rate CAGR |
CAGR of 10.39 % from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Component, Application, Deployment, And End-Use |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Indegene, Lexalytics, Databricks, SAS Institute Inc., Sisense, IQVIA, IBM, Sorcero, Atomwise, NuMedii, AiCure LLC, Nuance Communications, APIXIO, Inc, Insilico Medicine, and Other Market Players |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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