New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "AI In Life Science Analytics Global Market Report 2023" - https://www.reportlinker.com/p06464240/?utm_source=GNW
, Microsoft Corporation, NVIDIA Corporation, Oracle Corporation, NuMedii Inc., Enlitic Inc., Apixio Inc., and AiCure LLC.
The global AI in life science analytics market is expected to grow from $1.67 billion in 2022 to $1.96 billion in 2023 at a compound annual growth rate (CAGR) of 17.3%.TThe Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The AI in life science analytics market is expected to reach $3.70 billion in 2027 at a CAGR of 17.2%.
The AI in the life science analytics market includes revenues earned by entities by providing predictive analytics, prescriptive analytics, and cognitive analytics services.The market value includes the value of related goods sold by the service provider or included within the service offering.
AI in the life science analytics market also includes sales of target identification, target validation, and clinical decision support hardware.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
North America was the largest region in the AI in life science analytics market in 2022.Asia-Pacific is expected to be the fastest-growing region in 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 and Africa.
The main components of AI in the life sciences analytics market software, hardware, and services.Software refers to applications, scripts, data, programs, or sets of instructions that help in operating computers and executing specific tasks on a computer and are used for data management, quality management, sales enablement, drug discovery, and others in the life science sector.
They are deployed on-premises, and cloud in various applications including research and development, sales and marketing support, supply chain analytics, and others. They are used by various end users including medical devices, pharmaceutical, biotechnology, and others
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.
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 September 2020, SciBite Limited, a UK-based data analytics company, announced the launch of "SciBite AI," a state-of-the-art artificial intelligence software platform for life science data.This "SciBite AI platform" offers machine learning models along with semantic technologies that help unlock insights into life sciences data.
It is designed specifically to develop machine-learning models and enables researchers and scientists to use semantics-based deep learning.
In February 2023, Envision Pharma Group (Envision), a US-based technology company acquired OKRA.ai for an undisclosed amount. Through this acquisition, Envision strengthens its technological capabilities that provide clients with access to advanced AI to accelerate decision-making that improves their products’ path and supports the delivery of enhanced patient outcomes. OKRA.ai is a UK-based technology company active in the provision of artificial intelligence (AI) solutions with expertise in commercialization, real-world evidence and data analytics, medical, and pricing for the pharmaceutical and life sciences sector.
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.
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.
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.
Read the full report: https://www.reportlinker.com/p06464240/?utm_source=GNW
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