According to Precedence Research, the global AI in life science analytics market size was valued at USD 2 billion in 2023 and is expected to grow to US$ 6.28 billion by 2034, growing at a CAGR of 11% from 2024 to 2034. AI in the life science analytics market is growing because these technologies have the potential to change many aspects of patient and management processes across providers, payers, and pharmaceutical companies.
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AI in the life science analytics market is growing rapidly as AI can perform as well as or better than humans at important tasks like diagnosing diseases. AI is not a single technology, but a combination of several technologies. Many of these technologies are directly related to the medical field, but the specific processes and functions they support vary. Applying AI to big data in the life sciences can help companies reinvent their business models, improve biopharmaceutical manufacturing, and enhance everything from scientific knowledge, and molecular, and clinical data to self-healing devices and smart products. It can also make life sciences companies’ interactions with doctors, patients, and other stakeholders more personal and authentic.
For Instance
- In March 2024, Google Cloud announced a new solution to help healthcare and life sciences organizations collaborate, create better data for their business processes, and use artificial intelligence to improve patient outcomes.
Key Takeaways
- North America has generated highest revenue share of 38% in 2023.
- Based on component, the services segment has accounted highest market share of 47% in 2023.
- By deployment, the cloud segment has generated highest revenue share of 51% in 2023.
- By application, the sales and marketing segment has captured market share of 43% in 2023.
- By end-user, the pharmaceutical segment has accounted market share of around 46% in 2023.
- By end-user, the biotechnology segment is growing at a CAGR of 11.2 from 2024 and 2034.
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What are the Growth Factors of AI in Life Science Analytics Market?
· Precision medicine: Precision medicine approaches can identify rare patient phenotypes that may require specialized treatments or therapies. Artificial Intelligence uses complex computations and reasoning to generate understanding, provides a framework for thinking and learning, and empowers doctors with decision-making capabilities through augmented intelligence, which has led to the growth of AI in life science analytics market.
· AI in genomics: Artificial Intelligence can impact genomics dimensionality genomic data requires larger samples for algorithms to work efficiently, leading to AI in life science analytics market.
· AI in predictive analytics: Artificial Intelligence (AI) predictive analytics in the life sciences industry, particularly in terms of improving patient outcomes in terms of disease, treatment, and recovery rate in healthcare has led to the growth of AI in life science analytics market.
Regional Stance
North America has dominated the market with the largest market share as the largest market accounting for 38% of the total market, and this participation is expected to triple by 2025. Developing strong regional AI ecosystems, AI startups continue to dominate the investment landscape. Mexico’s AI community collaborates with international research organizations and technology companies. Therefore, it has quickly become an important part of AI. North America (including the United States, Canada, and Mexico) is at the forefront of a technological revolution that is driving increased AI in life science analytics market.
· In September 2024, Nevro Corporation Announces U.S. Food and Drug Administration (FDA) Approval and limited market release of HFX iQ with HFX AdaptivAI—a responsive, personalized pain management platform powering the HFX iQ spinal cord stimulation (SCS) system.
The Asia-Pacific region is expected to see the fastest expansion as governments in the region invest heavily in building their local AI capabilities through research, development, and effort. China and Singapore are already looking ahead and are laying a solid foundation to become building strong foundations to become regional and global AI hubs. The Asia Pacific Artificial Intelligence Association (AAIA) aims to bring together researchers and entrepreneurs involved in AI applications to generate business intelligence and promote the development of expertise in AI in life science analytics market.
· In September 2024, HKSTP and MGI Signed a Strategic Partnership Agreement to create a new world-class technology platform. MGI also launched a new intelligence tool, " αLab Studio ", and announced a collaboration with six top research institutes in the field. The new laboratory will reduce test creation time and simplify the research and testing process.
Accelerating Pharmaceutical Innovation Through AI Integration
The integration of artificial intelligence across diverse areas of the pharmaceutical sector, including drug discovery and development, drug repurposing, and clinical trials, is fundamental to economic growth. AI improves processes, reducing human labor and accelerating processing times, making drug development faster and more efficient. AI also improves drug manufacturing by improving the quality of drug formulations and ensuring the consistency of manufactured products. This change facilitates rapid decision-making and improves the combination of drugs into appropriate forms, resulting in better products. The tremendous impact of AI on life sciences makes it a major driver of innovation and efficiency in AI in life science analytics market.
AI for Future Healthcare Innovations
The integration of artificial intelligence into healthcare represents a significant opportunity for growth in the life sciences analytics market. As machine learning supports the development of precision medicine, it addresses the urgent need for advanced diagnostic and treatment recommendations, overcoming initial challenges in this area. Rapid advances in AI-enabled imaging research suggest that most radiographs and pathology images will soon be analyzed by machines, increasing their accuracy and working well. In addition, the increasing use of voice and text authentication for patient communication and clinical data collection further illustrates the evolution of AI in healthcare. This change promises to not only improve patient outcomes but also make AI essential for innovation and expansion in the AI in life science analytics market.
Data Privacy Challenges
Data privacy poses serious limitations to the growth of AI in life science analytics market. Ensuring that AI systems are reliable and trustworthy is critical in the managed care industry. This need goes beyond initial recognition; it requires ongoing operational monitoring to maintain compliance and minimize risk. These challenges can hinder the integration of AI because organizations must navigate a complex regulatory environment while maintaining data integrity and ethical standards, ultimately impacting the adoption and use of AI technology in the life sciences.
Recent Breakthroughs in AI in Life Science Analytics Market
Acquisition of Deloitte and SFL Scientific in AI in Life Science Analytics Market
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Company Name |
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Headquarter |
United States |
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Recent Development |
In October 2022, Deloitte announced that it had acquired the business of SFL Scientific, a leading, award-winning artificial intelligence (AI) strategy and data science consulting firm. This acquisition underscores Deloitte’s commitment to investing in the capabilities that public and private sector clients need to transform their businesses for future success. |
The partnership of WhizAI and Ascension in Life Science Analytics Market
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Company Name |
WhizAI and Ascension |
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Headquarter |
United States |
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Recent Development |
In January 2024, WhizAI, a leader in generative AI-powered analytics for the life sciences and healthcare industry, announced a strategic partnership with Ascension, a leading provider of AI-first digital engineering services. |
The partnership of Clarivate and MotionHall in the AI in Life Science Analytics Market
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Company Name |
Clarivate and MotionHall |
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Headquarter |
United States |
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Recent Development |
In March 2024, Clarivate Plc announced an agreement to acquire the substantial majority of assets of MotionHall. The asset purchased serves as a key component of the Clarivate Life Sciences & Healthcare strategy to deliver transformative intelligence through the application of generative AI (GenAI) and proprietary industry vertical AI solutions. |
Report Highlights
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Recent News in the AI in Life Science Analytics Market
· In May 2024, Elsevier, a global leader in information and analytics, announced the launch of SciBite Chat, a new AI-powered tool built atop SciBite Search, SciBite’s award-winning platform.
· In February 2024, QIAGEN announced the launch of QIAGEN Biomedical KB-AI, a new generative AI-driven knowledge base designed to propel drug discovery in the pharma and biotech industries. This new offering is designed for data scientists and bioinformaticians who are looking for the most comprehensive knowledge graphs to fuel data-driven drug discovery.
· In June 2024, EPAM Systems, Inc. announced it acquired Odysseus Data Services, Inc., a top health data analytics company. Odysseus will expand EPAM’s ability to transform the life sciences value chain through advanced data analytics, data methods, and artificial intelligence (AI).
· In May 2024, Sanofi, Formation Bio, and OpenAI collaborated to build AI-powered software to accelerate drug development and bring new medicines to patients more efficiently. The three teams were bringing together data, software, and tuning models to develop custom, purpose-built solutions across the drug development lifecycle.
Top Key Players Operating in the AI in Life Science Analytics Market
· Indegene
· Lexalytics
· Databricks
· SAS Institute Inc.
· Sisense
· IQVIA
· IBM
· Sorcero
Market Segmentation
- By Component
- Software
- Hardware
- Services
- By End-user
- Medical Devices
- Pharmaceutical
- Biotechnology
- Others
- By Application
- Research and Development
- Sales and Marketing support
- Supply chain analytics
- Others
- By Deployment
- On-premise
- Cloud
By Geography
· North America
o U.S.
o Canada
· Europe
o Germany
o UK
o France
o Italy
o Spain
o Sweden
o Denmark
o Norway
· Asia Pacific
o China
o Japan
o India
o South Korea
o Thailand
· Latin America
o Brazil
o Mexico
o Argentina
· Middle East and Africa (MEA)
o South Africa
o UAE
o Saudi Arabia
o Kuwait
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