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Global Artificial Intelligence in Life Sciences Market 2021 Share, Growth by Top Company, Region, Application, Driver, Trends & Forecast

Artificial Intelligence in Life Sciences

The report focuses on the favorable Global “Artificial Intelligence in Life Sciences market” and its expanding nature. The Artificial Intelligence in Life Sciences market report provides a comprehensive study of the market segmentation, service providers, stockholders, sponsors, and important market players, size, and share, market dynamics such as the growth drivers, restraints, challenges, and opportunities.

Market Overview:

  • Artificial Intelligence in Life Sciences Market was valued at USD 902.1 million is expected to grow at a CAGR of over 21.1% during the forecast period (2019-2024). Although artificial intelligence has been in the market in the late 1950s, the technology has become commercially accessible in the past few years. The primary reason for this accelerated growth in recent years is the massive availability of data in the life sciences sector.
  • As AI operates on large sets of data, the availability of such data becomes a key factor for establishing a suitable environment for the growth of AI-based solutions. With innovations in mobile technology and sensors, even the present day’s wearables like smartwatches and fitness trackers, have enough computing power to generate and process vast amounts of data.
  • In fact, according to the recent estimates of Consumer Technology Association, a prominent standard and trade organization for the consumer electronics industry based in the United States, health and fitness trackers accounted for more than 47% of the wearables devices sold in 2017. This scenario coupled with several medical devices used in healthcare sector generates huge sets of data that could make use of AI to derive useful results.
  • AI is increasingly becoming popular in drug discovery, personalized medicine, biotechnology, and clinical trials. With increasing healthcare spending in almost all parts of the world, the pharmaceutical industry has been involved in extreme R&D activities in the past few years.<

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    Key Manufacturers

  • IBM Corporation
  • AiCure LLC
  • NuMedii Inc.
  • twoXAR Inc.
  • Atomwise Inc.
  • Lifegraph
  • Cyrcadia Health Inc.
  • Zebra Medical Vision
  • APIXIO Inc.
  • Enlitic Inc.
  • Insilico Medicine Inc.
  • Numerate Inc.
  • Sophia Genetics SA
  • Sensely Inc.

    Market Dynamics: –

    • Drivers: (Developing regions and growing markets)
    • Limitations: (Regional, Key Player facing Issues, Future Barriers for growth)
    • Opportunities: (Regional, Growth Rate, Competitive, Consumption)

    Artificial Intelligence in Life Sciences market report focuses on the latest trends in the global and regional spaces on all the significant components, including the capacity, cost, price, technology, supplies, production, profit, and competition. Moreover, the old data and present development of the Artificial Intelligence in Life Sciences market have been given in the scope of the report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the Artificial Intelligence in Life Sciences market have also been involved in the study.

    Scope of the Report:

  • Artificial Intelligence (AI) is a highly data-driven technology. In the life sciences sector, it is generally employed to make meaningful relations from loosely coupled data. With the advent of the third wave of AI, it is estimated that advanced AI solutions in the current market scenario can learn and evolve as they are being used.<

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    TOC of Artificial Intelligence in Life Sciences Market Report Covered:

    Introduction, Research Methodology, Executive Summary, Key Inferences, Market Overview, Artificial Intelligence in Life Sciences market Dynamics, Market Segmentation, Competitive Landscape, Key Players, Future of the Market, and continued…

    Reasons to Purchase Artificial Intelligence in Life Sciences Market Report Covered:

    • The report analyses how Artificial Intelligence in Life Sciences market will grow in the future.
    • Analyzing various perspectives of the Artificial Intelligence in Life Sciences market with the help of Porter’s five forces analysis.
    • Study on the product type that is expected to dominate the market and regions that are expected to witness the fastest growth during the forecast period
    • Recognize the new developments, Artificial Intelligence in Life Sciences market shares and policies employed by the major market players.
    • Competitive landscape including the Artificial Intelligence in Life Sciences market share of major players along with the key policies accepted for development in the past five years
    • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major Artificial Intelligence in Life Sciences market players

    Key Market Trends:

    Clinical Trails to Hold Significant Share

    Clinical trials are one of the most data-intensive tasks in the life sciences industry. They generate vast sets of data every day monitoring several variables of a patient under observation. Subjecting these data sets to intelligent AI algorithms can help the researchers to screen meaningful correlation even between loosely coupled data.

    This is encouraging many pharmaceutical companies and clinical research organizations to invest in technologies, like artificial intelligence. In the current market scenario, rapid adoption of AI is widely seen in the pharmaceutical sector, who are responsible for almost 50% of the clinical trials conducted globally every year.

    Novartis claims that the deployment of QuantamBlack’s solutions has reduced patient enrolment times by 10-15%. Additionally, as of March 2018, the company has entered a partnership with IBM to make use of IBMs AI platform, IBM-Watson, to improve clinical trial recruitment, and make use of intelligent AI algorithms to predict medication efficacy.

    Such initiatives are encouraging many companies to invest in AI solutions tailor-made for clinical trials. Many prominent companies, such as GlaxoSmithKline, Sanofi, Pfizer Mitsubishi Tanabe Pharma, and Genentech among others, are investing in AI-based clinical trails startups and solutions to make clinical trials more affordable.

    to Exhibit Highest Growth

    India, the third-largest pharmaceutical market in Asia, is increasingly gaining much-needed government focus on expanding affordable health care. As part of the Union Budget FY19, the government announced the world’s largest National Health Protection Scheme, for which the government set aside an investment worth USD 307.6 million, to provide coverage of up to USD 7,690 per year, to 500 million people belonging to financially vulnerable households, for the treatment of serious ailments. Simultaneously, AI and machine learning have already started penetrating various industries across India, with healthcare being one of the biggest beneficiaries of the AI revolution. According to a report by CIS published in 2018, AI could help add USD 957 billion to the Indian economy by 2035. In the July-September 2017 quarter, around 16 Indian healthcare IT companies received funding. The adoption of AI in life sciences in is being driven by the likes of Microsoft, and a slew of health-tech startups.

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    Study objectives of Artificial Intelligence in Life Sciences Market Report:

    • To provide a detailed analysis of the market structure along with the Artificial Intelligence in Life Sciences market forecast of various segments and sub-segments of the Artificial Intelligence in Life Sciences market
    • To provide insights into factors influencing and affecting market growth
    • To provide historical, current, and forecast revenue of market segments based on material, type, design, and end user
    • To provide historical, current, and forecast revenue of market segments and sub-segments with respect to regional markets and key countries
    • To provide strategic profiling of key players in the market, comprehensively analyzing their market shares, core competencies, and drawing a competitive landscape for the market
    • To provide economic factors, technology and Artificial Intelligence in Life Sciences market trends that influence the global Artificial Intelligence in Life Sciences market

    Detailed TOC of Artificial Intelligence in Life Sciences Market Report 2019-2024:

    1 INTRODUCTION
    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Introduction to Market Drivers and Restraints
    4.3 Market Drivers
    4.3.1 Rising Adoption Of Ai In The Field Of R&D
    4.3.2 High Emphasis On The Development Of Precision Medicine And Personalized Drugs
    4.3.3 Increasing Demand For AI In Drug Discovery
    4.4 Market Restraints
    4.4.1 High Initial Costs And Concerns Over The Replacement Of Human Workforce
    4.5 Technology Snapshot
    4.6 Industry Attractiveness Porters Five Force Analysis
    4.6.1 Threat of New Entrants
    4.6.2 Bargaining Power of Buyers/Consumers
    4.6.3 Bargaining Power of Suppliers
    4.6.4 Threat of Substitute Products
    4.6.5 Intensity of Competitive Rivalry

    5 MARKET SEGMENTATION
    5.1 By Application
    5.1.1 Drug Discovery
    5.1.2 Medical Diagnosis
    5.1.3 Biotechnology
    5.1.4 Clinical Trails
    5.1.5 Precision and Personalized Medicine
    5.1.6 Patient Monitoring
    5.2 Geography
    5.2.1 North America
    5.2.1.1 US
    5.2.1.2 Canada
    5.2.2 Europe
    5.2.2.1 Germany
    5.2.2.2 UK
    5.2.2.3 France
    5.2.2.4 Rest of Europe
    5.2.3 Asia Pacific
    5.2.3.1 China
    5.2.3.2 Japan
    5.2.3.3 India
    5.2.3.4 South Korea
    5.2.3.5 Rest of Asia-Pacific
    5.2.4 Rest of the World

    6 COMPETITIVE LANDSCAPE
    6.1 Company Profiles
    6.1.1 IBM Corporation
    6.1.2 NuMedii Inc.
    6.1.3 Atomwise Inc
    6.1.4 Lifegraph
    6.1.5 Cyrcadia Health Inc.
    6.1.6 Numerate Inc.
    6.1.7 Sensely Inc.
    6.1.8 Sophia Genetics SA
    6.1.9 Insilico Medicine Inc.
    6.1.10 Enlitic Inc.
    6.1.11 APIXIO Inc.
    6.1.12 Zebra Medical Vision
    6.1.13 Lifegraph Limited
    6.1.14 twoXAR Inc.
    6.1.15 AiCure LLC

    7 MARKET OPPORTUNITIES AND FUTURE TRENDS
    7.1 Investment Scenario

     

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