The Artificial Intelligence in Life Sciences Market is expected to grow from USD 1,255.3 million in 2020 to USD 5,402.1 million by 2026 at a CAGR of 29.13% from 2020 to 2026.
Artificial Intelligence (AI) is majorly a data-driven technology which is capable of making difficult decisions almost in the range of human intellectual capabilities. In the life sciences sector, it is generally employed to make valuable relations from loosely combined data. With the emergence of the third wave of AI, it is projected that advanced AI solutions in the present market scenario can learn and develop as they are being used. Moreover, the incorporation of AI life sciences solutions into the mobile application sector is projected to be the major driver of AI solutions in the near future. While the enormous demand for artificial intelligence in life sciences applications such as drug discovery and patient monitoring are creating new opportunities. Moreover, due to the high foreign investments in the pharmaceutical sector, Asia Pacific countries are anticipated to witness the most substantial growth for AI solutions over the forecast period. In addition to this, the clinical trials are data-intensive tasks which require continuous patient monitoring and produce huge sets of data every day. Subjecting these data sets to intelligent AI algorithms can assists the researchers to filter valuable correlation even between loosely coupled data. This is promoting various pharmaceutical companies and clinical research organizations to invest in these technologies such as Artificial Intelligence. In present scenario, swift adoption of AI is widely observed in the pharmaceutical sector which is responsible for almost 50% of the clinical trials conducted across the world every year. However, the lack of skilled workforce and heavy initial costs involved with AI technology is likely to restrain the growth in the market.
In addition, the rising number of clinical trials all over the world is generating colossal amounts of data which is available in the public domain. This is helping promoting several research institutes to prefer AI over conventional software solutions so that they can attain specific results from data available in the public domain without having to repast the entire trial procedure.
The global Artificial Intelligence in Life Sciences Market is segregated on the basis of Type as Machine Learning, Deep Learning and Neural Networks. Based on End Use Industry the global Artificial Intelligence in Life Sciences Market is segmented in Drug Discovery, Pre–Clinical, Clinical, Drug Approval, Patient Monitoring and Others.
The global Artificial Intelligence in Life Sciences Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Artificial Intelligence in Life Sciences Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
IBM Corporation, NuMedii Inc., Atomwise Inc, Lifegraph, Cyrcadia Health Inc. and others are among the major players in the global Artificial Intelligence in Life Sciences Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global Artificial Intelligence in Life Sciences Market has been segmented as below:
Artificial Intelligence in Life Sciences Market, By Type
Artificial Intelligence in Life Sciences Market, By End Use Industry
Artificial Intelligence in Life Sciences Market, By Region
Artificial Intelligence in Life Sciences Market, By Company
The years considered for the study are as follows:
Report Scope:
The global Artificial Intelligence in Life Sciences Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Artificial Intelligence in Life Sciences Market share. Major industry players with significant revenue share include IBM Corporation, NuMedii Inc., Atomwise Inc, Lifegraph, Cyrcadia Health Inc. and others.
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1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. Artificial Intelligence in Life Sciences Market, By Type
5.1. Key Points
5.2. Machine Learning
5.3. Deep Learning
5.4. Neural Networks
6. Artificial Intelligence in Life Sciences Market, By End Use Industry
6.1. Key Points
6.2. Drug Discovery
6.3. Pre–Clinical
6.4. Clinical
6.5. Drug Approval
6.6. Patient Monitoring
6.7. Others
7. Competitive Landscape
7.1. Introduction
7.2. Start-up companies- Artificial Intelligence in Life Sciences Market
7.3. Recent Developments
7.3.1. Mergers & Acquisitions
7.3.2. New Product Developments
7.3.3. Portfolio/Production Capacity Expansions
7.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
7.3.5. Others
8. Company Profile
8.1. IBM Corporation
8.2. NuMedii Inc.
8.3. Atomwise Inc
8.4. Lifegraph
8.5. Cyrcadia Health Inc.
8.6. Numerate Inc.
8.7. Sensely Inc.
8.8. Sophia Genetics SA
8.9. Insilico Medicine Inc.
8.10. Enlitic Inc.
8.11. APIXIO Inc.
8.12. Zebra Medical Vision
8.13. Lifegraph Limited
8.14. twoXAR Inc.
8.15. AiCure LLC
Artificial Intelligence in Life Sciences Market, By Type
Artificial Intelligence in Life Sciences Market, By End Use Industry