Artificial Intelligence in Life Sciences Market Share, Report Analysis 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Artificial Intelligence in Life Sciences Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global artificial intelligence in life sciences market share, growth, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Artificial Intelligence in Life Sciences
Artificial intelligence (AI) represents a highly data-driven technology that is used in life sciences to analyze, collect, and manage information about patients. It is utilized for formulating drugs, diagnosing diseases, producing personalized treatments, and introducing therapies and robotic surgeries. AI in life sciences reshapes business models, enhances cognitive molecule research and workflow, and streamlines biopharmaceutical manufacturing. It also improves efficiency, reduces overall costs, saves valuable time, and eliminates human error. As a result, AI in life sciences finds widespread applications in clinical trials, drug discovery, biotechnology, medical diagnosis, patient monitoring, precision, and personalized medicine.
How Big Is the Artificial Intelligence in Life Sciences Market?
The global artificial intelligence in life sciences market size reached US$ 1.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.2 Billion by 2028, exhibiting a growth rate (CAGR) of 25.7% during 2023-2028.
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What are the growth prospects and trends in the artificial intelligence in life sciences industry?
The escalating prevalence of complex diseases like cancer is among the primary factors driving the artificial intelligence in life sciences market. Besides this, the rising number of clinical trials across countries is resulting in the upsurge of colossal amounts of data in the public domain, which is further augmenting the market growth.
Moreover, the introduction of reliable and effective cloud computing infrastructure that can conveniently manage, share, and store information and improve organizational operations as per the requirements is also catalyzing the global market. Apart from this, the elevating need to evaluate and interpret enormous quantities of structured and unstructured clinical data is acting as another significant growth-inducing factor.
Furthermore, the launch of several policies by the government bodies to advance the medical sector and the increasing utilization of robotics surgeries are anticipated to propel the artificial intelligence in life sciences market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Offering:
- Software
- Hardware
- Services
Breakup by Deployment:
- On-premises
- Cloud-based
Breakup by Application:
- Drug Discovery
- Medical Diagnosis
- Biotechnology
- Clinical Trials
- Precision and Personalized Medicine
- Patient Monitoring
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- AiCure LLC
- Apixio Inc. (Centene Corporation)
- Atomwise Inc
- Enlitic Inc.
- International Business Machines Corporation
- Insilico Medicine Inc.
- Nuance Communications Inc.
- NuMedii Inc.
- Sensely Inc.
- Sophia Genetics SA
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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