IMARC Group, a leading market research company, has recently releases a report titled “Artificial Intelligence In Life Sciences Market Size, Industry Trends, Growth and Report 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.
Report Highlights
How Big is Artificial Intelligence In the Life Sciences Market?
The global artificial intelligence in life sciences market 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 involves the utilization of intelligent algorithms and computational techniques to address intricate challenges in biological and medical research. This application empowers scientists and researchers to analyze extensive datasets, recognize patterns, and make predictions that were once unfeasible. AI is capable of analyzing vast datasets, encompassing genomic sequences, protein structures, and clinical records, to unveil hidden correlations, pinpoint disease biomarkers, and create innovative therapeutic strategies.
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What are the growth prospects and trends in artificial intelligence in the life sciences industry?
The global market for AI in life sciences is thriving due to the widespread integration of AI technologies. These technologies generate vast datasets in fields like genomics, proteomics, and clinical data, enabling efficient analysis and extraction of valuable insights. This trend is a key driver of market growth worldwide.
Furthermore, the adoption of AI in life sciences is particularly impactful in designing targeted drug combinations for patients and addressing severe medical conditions like cancer. The market benefits from this surge in demand, driven by the growing prevalence of such ailments. Additionally, the positive influence of numerous clinical trials conducted by pharmaceutical companies further propels market expansion.
Moreover, the increasing automation of routine tasks such as data entry, processing, and report generation is freeing up valuable time for scientists and healthcare professionals. This enhanced efficiency is contributing significantly to market growth by allowing professionals to concentrate on more complex and critical activities within the life sciences domain.
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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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