2023 Forecast for Artificial Intelligence in Life Sciences Market Analysis by Top Manufacturers, Product Type, Focused Application
Artificial Intelligence in Life Sciences Market report provides emerging opportunities in the market and the future impact of major drivers and challenges and, support decision makers in making cost-effective business decisions. Artificial Intelligence in Life Sciences Market analyse factors that effect demand for Artificial Intelligence in Life Sciences, driving factors, trends, and challenges faced by industry vendors, regional analysis, Segment by Type, Applications of whole Artificial Intelligence in Life Sciences industry.
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Description of Artificial Intelligence in Life Sciences Market: Artificial intelligence in life sciences market is expected to grow at a CAGR of over 30% during the forecast period (2018 – 2023).
Artificial Intelligence (AI) is a highly data-driven technology that is capable of making complex decisions almost in level with human intellectual capabilities. In the life sciences sector, it is often 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. Further, the penetration of AI life sciences solutions into the mobile application sector is expected to be the prime driver of AI solutions in the near future.
While the tremendous demand for Artificial Intelligence in life sciences applications such as drug discovery and patient monitoring are opening up new opportunities, concerns over layoffs and unemployment and high initial costs involved with AI technology could potentially restrain the growth in the market. Owing to high foreign investments in the pharmaceutical sector, Asia Pacific countries are expected to witness the most substantial growth for AI solutions over the forecast period.
Clinical Trials to Provide Immense Opportunities
Clinical Trails are data-intensive tasks that need continuous patient monitoring and generate vast sets of data every day. Subjecting these data sets to intelligent AI algorithms can help the researchers to filter 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.
Further, the increasing number of clinical trials all over the globe is producing colossal amounts of data that is available in the public domain. This is helping encouraging many research institutes to prefer AI over traditional software solutions so that they can obtain specific results from data available in the public domain without having to repast the entire trial procedure. According to the International Clinical Trials Registry Platform database, maintained by World Health Organization (WHO), more than 25556 cases were registered (135 growth when compared to 2016). Over the forecast period, these numbers are expected to increase by at least 11%, creating new opportunities for AI in clinical trials applications.
Asia-Pacific to be the Fastest Growing Artificial Intelligence in Life Sciences Market
The demand for Artificial intelligence in the life sciences sector of Asia Pacific region is majorly found in the drug discovery and clinical trials applications. As countries like India, China, Malaysia, and Indonesia are increasingly becoming global centers for medical tourism foreign investment in the sector is increasing rapidly. In case of India, the government has undertaken several initiatives to encouraging public-private partnerships (PPPs) in pharmaceutical R&D projects and is increasingly investing in medical infrastructure.
Simultaneously, in China, the government has pledged to create an industrial scale of medical services by 2020, which includes inception of a new digital health trail for all citizens in the country. Over the forecast period, in China alone, more than a 100 medical data demonstration centers are expected to be established which enable sharing of health and medical data resources. This scenario is likely to accelerate the use of artificial intelligence applications in the life sciences industry of the region, leading to essential opportunities for AI, especially in clinical research and medical equipment sectors.
Global Artificial Intelligence in Life Sciences Market: Manufacturers Segment Analysis (Company and Product introduction, Artificial Intelligence in Life Sciences Sales Volume, Revenue, Price and Gross Margin):
Artificial Intelligence in Life Sciences Market report passes on a fundamental overview of the Market including its definition, applications and advancement. Furthermore, the Industry report investigates the ecumenical Major Artificial Intelligence in Life Sciences Market players in detail. Artificial Intelligence in Life Sciences Market report gives key bits of Cautiousnessand subsisting status of the Players and is a basic Source obviously and heading for Companies and people energized by the Industry.
Reasons to Purchase Artificial Intelligence in Life Sciences Market Report
The Global demand for Artificial Intelligence in Life Sciences Market is forecast to report strong development driven by consumption in major evolving markets. More growth opportunities to come up between 2018 and 2025 compared to a few years ago, signifying the rapid pace of change.
Artificial Intelligence in Life Sciences Market Historic Data (2012-2018):
- Industry Trends: Status and Outlook.
- Competitive Landscape: By Manufacturers, Development Trends.
- Product Revenue for Top Players: Market Share, Growth Rate, Current Market Situation Analysis.
- Market Segment: By Types, By Applications, By Regions/ Geography.
- Sales Revenue: Market Share, Growth Rate, Current Market Analysis.
Artificial Intelligence in Life Sciences Market Forecast (2018-2025):
- Market Size Forecast: Overall Size, By Type/Product Category, By Applications/End Users, By Regions/Geography.
- Key Data (Revenue): Market Size, Market Share, Growth Rate, Growth, Product Sales Price.
Artificial Intelligence in Life Sciences Market Influencing Factors:
- Market Environment: Government Policies, Technological Changes, Market Risks.
- Market Drivers: Growing Demand, Reduction in Cost, Market Opportunities and Challenges.
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In addition, company-to-company comparison (Company benchmarking) and product-to-product comparison (Product benchmarking) are included in the research work. It presents key competitive factors that are vital for companies to excel in challenging market conditions.