The ai in life science analytics market size has grown rapidly in recent years. It will grow from $1.97 billion in 2023 to $2.32 billion in 2024 at a compound annual growth rate (CAGR) of 17.8%. The growth observed during the historical period in the field of AI in life sciences analytics can be attributed to several factors. These include increased research and development funding, regulatory changes impacting the life sciences sector, challenges in drug discovery that AI solutions aim to address, the ongoing digitization of healthcare processes, and a shift towards patient-centric care models. These factors collectively contributed to the adoption and advancement of AI technologies in life sciences analytics during that timeframe.
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 anticipated growth in the forecast period for AI in life sciences analytics can be attributed to various key factors. These include the exploration of drug repurposing opportunities facilitated by AI, increased adoption of real-world evidence in life sciences research, advancements in genomics contributing to enhanced analytics capabilities, the implementation of value-based care models, and the expansion of telemedicine. Major trends expected in the forecast period include the utilization of augmented reality (AR) in healthcare applications, the analysis of digital biomarkers, the deployment of continuous learning algorithms for ongoing improvements, the growth of remote patient monitoring solutions, and the increasing focus on personalized medicine.
The anticipated surge in AI adoption is set to propel the expansion of the AI segment within the life science analytics market. AI, combining datasets and computer sciences, facilitates problem-solving through machine learning and deep learning techniques. Its widespread application across drug discovery, clinical trials, diagnosis, patient monitoring, and personalized medicine indicates a growing trend. Notably, International Business Machines Corporation reported that 35% of global companies currently employ AI, with 42% intending to integrate AI into their operations, indicating its pivotal role in driving the future growth of life science analytics.
The projected increase in healthcare spending is expected to drive the advancement of AI within the life science analytics market. Healthcare expenditure covers expenses related to medical services and public health initiatives within a specific period. As healthcare institutions increasingly prioritize data-driven decision-making and advanced analytics, integrating AI becomes crucial. AI, encompassing machine learning and predictive analytics, holds potential to streamline processes, expedite drug discovery, and enhance patient outcomes. A forecast by the CIHI in November 2022 indicated a 0.8% rise in Canada's total health spending, reaching $331 billion in 2022 from $328 billion in 2021, underscoring the driving force behind AI adoption in life science analytics.
Technological advancement emerges as a pivotal trend gaining momentum in the AI segment of the life science analytics market. Key industry players are adopting new technologies to maintain their market standing. For instance, in October 2023, BioLizard unveiled the AI-empowered BioVerse platform, aimed at facilitating data-driven research and development for the global life sciences community. This user-friendly platform, encompassing applications such as Bio|Reflect, Pro|Biome, and Bio|Mx, targets scientists in biotech and pharma fields, offering tailored solutions for data-driven outcomes. BioVerse's goal is to support data-driven discovery, preclinical, translational, and clinical R&D processes through AI-driven solutions, showcasing BioLizard's commitment to innovation in the life sciences industry.
Major players in the Artificial Intelligence (AI) sector for life sciences analytics are innovating new offerings aimed at automating insights, empowering professionals to make smarter, faster, and more informed data-driven decisions. In October 2023, WhizAI, a US-based software company, unveiled ExplAIn, an AI-driven analytics solution tailored for life sciences analysts and power users. This cutting-edge platform leverages generative AI to automate insights, facilitating quicker and more intelligent decision-making processes. Its capability to manage extensive datasets allows real-time responses to intricate queries.
in February 2023, Envision Pharma Group (Envision), a US-based technology company, made a strategic acquisition by procuring OKRA.ai for an undisclosed sum. This acquisition fortifies Envision's technological prowess, granting clients access to advanced AI tools that expedite decision-making processes, thereby enhancing product trajectories and supporting improved patient outcomes. OKRA.ai, a UK-based technology company specializing in AI solutions, excels in commercialization, real-world evidence, data analytics, and pharmaceutical and life sciences-related medical and pricing domains.
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., Accenture, Cognitivescale, CloudMinds, Ayasdi, BioSymetrics, Cloud Pharmaceuticals, Cyrcadia Health, Freenome, GNS Healthcare, Insilico Medicine, MedWhat, PathAI, Recursion Pharmaceuticals, Sophia Genetics, Veracyte Inc.
North America was the largest region in the AI in life science analytics market in 2023. 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. The countries covered in the ai in life science analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The main components of the AI in life sciences analytics market include software, hardware, and services. Software encompasses applications, scripts, data, programs, or sets of instructions that operate computers and execute specific tasks in the life sciences sector. These software applications are utilized for data management, quality management, sales enablement, drug discovery, and other purposes. They can be deployed on-premises or in the cloud and are applied in various applications such as research and development, sales and marketing support, supply chain analytics, and more. The end-users of AI in life sciences analytics include medical devices, pharmaceuticals, biotechnology, and other related industries.
The AI in life science analytics market research report is one of a series of new reports that provides AI in life science analytics market statistics, including AI in life science analytics industry global market size, regional shares, competitors with an AI in life science analytics market share, detailed AI in life science analytics market segments, market trends, and opportunities, and any further data you may need to thrive in the AI in life science analytics industry. This AI in life science analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
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 anticipated growth in the forecast period for AI in life sciences analytics can be attributed to various key factors. These include the exploration of drug repurposing opportunities facilitated by AI, increased adoption of real-world evidence in life sciences research, advancements in genomics contributing to enhanced analytics capabilities, the implementation of value-based care models, and the expansion of telemedicine. Major trends expected in the forecast period include the utilization of augmented reality (AR) in healthcare applications, the analysis of digital biomarkers, the deployment of continuous learning algorithms for ongoing improvements, the growth of remote patient monitoring solutions, and the increasing focus on personalized medicine.
The anticipated surge in AI adoption is set to propel the expansion of the AI segment within the life science analytics market. AI, combining datasets and computer sciences, facilitates problem-solving through machine learning and deep learning techniques. Its widespread application across drug discovery, clinical trials, diagnosis, patient monitoring, and personalized medicine indicates a growing trend. Notably, International Business Machines Corporation reported that 35% of global companies currently employ AI, with 42% intending to integrate AI into their operations, indicating its pivotal role in driving the future growth of life science analytics.
The projected increase in healthcare spending is expected to drive the advancement of AI within the life science analytics market. Healthcare expenditure covers expenses related to medical services and public health initiatives within a specific period. As healthcare institutions increasingly prioritize data-driven decision-making and advanced analytics, integrating AI becomes crucial. AI, encompassing machine learning and predictive analytics, holds potential to streamline processes, expedite drug discovery, and enhance patient outcomes. A forecast by the CIHI in November 2022 indicated a 0.8% rise in Canada's total health spending, reaching $331 billion in 2022 from $328 billion in 2021, underscoring the driving force behind AI adoption in life science analytics.
Technological advancement emerges as a pivotal trend gaining momentum in the AI segment of the life science analytics market. Key industry players are adopting new technologies to maintain their market standing. For instance, in October 2023, BioLizard unveiled the AI-empowered BioVerse platform, aimed at facilitating data-driven research and development for the global life sciences community. This user-friendly platform, encompassing applications such as Bio|Reflect, Pro|Biome, and Bio|Mx, targets scientists in biotech and pharma fields, offering tailored solutions for data-driven outcomes. BioVerse's goal is to support data-driven discovery, preclinical, translational, and clinical R&D processes through AI-driven solutions, showcasing BioLizard's commitment to innovation in the life sciences industry.
Major players in the Artificial Intelligence (AI) sector for life sciences analytics are innovating new offerings aimed at automating insights, empowering professionals to make smarter, faster, and more informed data-driven decisions. In October 2023, WhizAI, a US-based software company, unveiled ExplAIn, an AI-driven analytics solution tailored for life sciences analysts and power users. This cutting-edge platform leverages generative AI to automate insights, facilitating quicker and more intelligent decision-making processes. Its capability to manage extensive datasets allows real-time responses to intricate queries.
in February 2023, Envision Pharma Group (Envision), a US-based technology company, made a strategic acquisition by procuring OKRA.ai for an undisclosed sum. This acquisition fortifies Envision's technological prowess, granting clients access to advanced AI tools that expedite decision-making processes, thereby enhancing product trajectories and supporting improved patient outcomes. OKRA.ai, a UK-based technology company specializing in AI solutions, excels in commercialization, real-world evidence, data analytics, and pharmaceutical and life sciences-related medical and pricing domains.
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., Accenture, Cognitivescale, CloudMinds, Ayasdi, BioSymetrics, Cloud Pharmaceuticals, Cyrcadia Health, Freenome, GNS Healthcare, Insilico Medicine, MedWhat, PathAI, Recursion Pharmaceuticals, Sophia Genetics, Veracyte Inc.
North America was the largest region in the AI in life science analytics market in 2023. 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. The countries covered in the ai in life science analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The main components of the AI in life sciences analytics market include software, hardware, and services. Software encompasses applications, scripts, data, programs, or sets of instructions that operate computers and execute specific tasks in the life sciences sector. These software applications are utilized for data management, quality management, sales enablement, drug discovery, and other purposes. They can be deployed on-premises or in the cloud and are applied in various applications such as research and development, sales and marketing support, supply chain analytics, and more. The end-users of AI in life sciences analytics include medical devices, pharmaceuticals, biotechnology, and other related industries.
The AI in life science analytics market research report is one of a series of new reports that provides AI in life science analytics market statistics, including AI in life science analytics industry global market size, regional shares, competitors with an AI in life science analytics market share, detailed AI in life science analytics market segments, market trends, and opportunities, and any further data you may need to thrive in the AI in life science analytics industry. This AI in life science analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. AI in Life Science Analytics Market Characteristics3. AI in Life Science Analytics Market Trends and Strategies31. Global AI in Life Science Analytics Market Competitive Benchmarking32. Global AI in Life Science Analytics Market Competitive Dashboard33. Key Mergers and Acquisitions in the AI in Life Science Analytics Market
4. AI in Life Science Analytics Market - Macro Economic Scenario
5. Global AI in Life Science Analytics Market Size and Growth
6. AI in Life Science Analytics Market Segmentation
7. AI in Life Science Analytics Market Regional and Country Analysis
8. Asia-Pacific AI in Life Science Analytics Market
9. China AI in Life Science Analytics Market
10. India AI in Life Science Analytics Market
11. Japan AI in Life Science Analytics Market
12. Australia AI in Life Science Analytics Market
13. Indonesia AI in Life Science Analytics Market
14. South Korea AI in Life Science Analytics Market
15. Western Europe AI in Life Science Analytics Market
16. UK AI in Life Science Analytics Market
17. Germany AI in Life Science Analytics Market
18. France AI in Life Science Analytics Market
19. Italy AI in Life Science Analytics Market
20. Spain AI in Life Science Analytics Market
21. Eastern Europe AI in Life Science Analytics Market
22. Russia AI in Life Science Analytics Market
23. North America AI in Life Science Analytics Market
24. USA AI in Life Science Analytics Market
25. Canada AI in Life Science Analytics Market
26. South America AI in Life Science Analytics Market
27. Brazil AI in Life Science Analytics Market
28. Middle East AI in Life Science Analytics Market
29. Africa AI in Life Science Analytics Market
30. AI in Life Science Analytics Market Competitive Landscape and Company Profiles
34. AI in Life Science Analytics Market Future Outlook and Potential Analysis
35. Appendix
Executive Summary
AI In Life Science Analytics Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on air in life science analytics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
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- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for air in life science analytics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered: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
Companies Mentioned: Indegene Limited; International Business Machines Corporation; IQVIA Holdings Inc.; Lexalytics Inc.; Databricks Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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.
Methodology
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