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, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the artificial intelligence in life sciences market?
The global artificial intelligence in life sciencesmarket 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.
What is artificial intelligence in life sciences?
Artificial Intelligence (AI) in life sciences refers to the application of intelligent algorithms and computational methods to solve complex problems in various areas of biological and medical research. It enables scientists and researchers to analyze vast amounts of data, identify patterns, and make previously impractical or impossible predictions. It can analyze massive datasets, including genomic sequences, protein structures, and clinical records, to uncover hidden correlations, identify disease biomarkers, and develop new therapeutic approaches.
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What are the growth prospects and trends in the artificial intelligence in life sciences industry?
The increasing deployment of AI in life sciences to generate vast amounts of data, including genomics, proteomics, and clinical data, to analyze and extract insights from this data efficiently represents one of the primary factors strengthening the market growth around the world.
Moreover, the rising adoption of AI in life sciences to design effective drug combinations with specific molecular targets for patients due to the surging prevalence of severe medical conditions like cancer is favoring the growth of the market. In addition, the growing number of clinical trials by various pharmaceutical enterprises is influencing the market positively.
Apart from this, the increasing automation of various routine tasks, such as data entry, data processing, and report generation, which frees up time for scientists and healthcare professionals to focus on more complex activities, is bolstering the market growth.
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
Market 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. and 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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