AI in the life sciences analytics market
The AI in Life Sciences Analytics Market is valued at US$ 1.63 billion in 2023 and is expected to reach US$ 3.56 billion by 2031, growing at a CAGR of 10.39%. during the forecast period 2024-2031.
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on “Global AI in Life Sciences Analytics Market – (by component (software, hardware, services), by deployment (on-premises, cloud) , by application (research and development, sales and marketing support, supply chain analysis, others), by end user (medical devices, pharmaceuticals, biotechnology)), trends, industry competition analysis , revenues and forecasts until 2031. “
According to the latest research from InsightAce Analytic, the global AI in life sciences analytics market is valued at US$1.63 billion in 2023 and is expected to reach US$3.56 billion by 2031, with a CAGR of 10.39% during the forecast period. from 2024-2031.
AI in the context of life sciences analytics refers to the use of AI techniques and tools for the analysis of biological and environmental data. Through the use of artificial intelligence (AI), life sciences analytics can better utilize complex healthcare, medical, and scientific information by applying high-level computer 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. Due to its superior computing and learning capabilities, AI is indispensable for improving life science analytics. The demand for more precise and tailored techniques in healthcare and life sciences, along with the increasing availability of data, is expected to propel the artificial intelligence in life sciences analytics market to new heights. heights as the discipline develops. Pharmaceutical spending on complex diseases like cancer is increasing, fueling the expansion of artificial intelligence in the life sciences analytics sector. However, implementing artificial intelligence (AI) solutions can be prohibitive for smaller organizations, making it difficult to invest in the necessary technology and training.
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List of Important Players in AI in Life Sciences Analytics Market:
*Indogenous
* Lexalytics
*Data bricks
* SAS Institute Inc.
* Sense
*IQVIA
*IBM
* Wizard
*At the atomic level
* NuMédii
*AiCure LLC
* Nuance Communications
*APIXIO, Inc.
* Insilico Medicine
* Other market players
Market dynamics:
Drivers-
The growing demand for AI in the life sciences analytics market is fueled by the exponential growth of data in the life sciences domain. Conventional methods of data analysis need to be revised in the face of the enormous amounts of biological, clinical and health data produced by genomics, proteomics and electronic health records. Artificial intelligence (AI) has emerged as a revolutionary solution due to its superior processing capabilities; it can easily manage and derive valuable insights from these huge and complex data sets. Incredible possibilities for discovering patterns, predicting disease outcomes, and optimizing healthcare and life sciences research await you in the mountains of data. Using AI, researchers, healthcare experts, and pharmaceutical companies can easily integrate and analyze various forms of data, allowing them to discover useful insights.
Challenges:
The main challenge lies in lack of awareness, shortage of skilled individuals and lack of standards and protocols due to lockdown and isolation in emerging countries, which is expected to slow down the growth of AI in the world. life sciences analytics market. The low level of implementation of AI in several healthcare settings. There’s no denying the revolutionary promise of AI in healthcare, but smaller or less tech-savvy healthcare organizations face challenges when trying to integrate these new technologies. In these contexts, adoption is more gradual due to a lack of resources, including financial commitment and qualified personnel. Implementing AI systems is complex, requiring specialized training and infrastructure changes, adding to already existing challenges. Additionally, the healthcare and life sciences sectors have been helped by the COVID-19 outbreak. The use of artificial intelligence (AI) for life sciences analysis has seen a dramatic increase in response to the outbreak, prompting the industry to accelerate innovation in the face of such a serious threat . During the pandemic, markets around the world have grown through AI-driven discoveries, not traditional vaccine recognition methods, which take months and are equally expensive.
Regional trends:
The North American AI in life sciences analytics market is expected to register a significant market share in terms of revenue. It is expected to grow at a high CAGR in the near future due to the high need for AI solutions in almost all areas of life sciences. Artificial intelligence (AI) solutions for biotechnology, precision medicine and drug development are in high demand in this country. Furthermore, Asia Pacific held a remarkable market share due to the fact that many research companies have increased their investments in software and artificial intelligence technology with the aim of improving operational efficiency.
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Recent DEVELOPMENTS:
*In February 2024, Wipro and IBM expanded their partnership to provide customers with new AI services and support. The Wipro Enterprise Ai-Ready platform was developed by Wipro and IBM through extensive collaboration. The expanded collaboration merged Wipro’s technological prowess and industry knowledge with IBM’s pioneering hybrid cloud and AI developments. The goal was to develop collaborative solutions that facilitate the advancement of integrated, enterprise-ready, reliable and comprehensive AI solutions.
*In December 2022, Quantori formed a partnership with Databricks to accelerate data-driven advancements in life sciences and healthcare. Quantori has built solutions using the Databricks Lakehouse platform to deliver immediate insights into real-world data to improve patient outcomes for researchers and physicians.
AI Life Sciences Analytics Market Segmentation –
By component-
* Software
* Material
* Services
By deployment-
* On the site
* Cloud
By application-
* Research and development
* Sales and marketing support
* Supply chain analysis
* Others
By end user-
* Medical equipement
* Pharmaceutical
* Biotechnology
By region-
North America-
* United States
* Canada
*Mexico
Europe-
* Germany
* Great Britain
* France
* Italy
*Spain
* The 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 and Africa-
*GCC countries
* South Africa
*Rest of Middle East and Africa
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Media contact
Company Name: InsightAce Analytic Pvt. Ltd.
Contact person: Diana D’Souza
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Country: United States
Website: https://www.insightaceanalytic.com/
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