Artificial Intelligence (AI) in Life Science Analytics Market
Artificial Intelligence (AI) in Life Science Analytics Market Size, Share & Trends Analysis Report by Deployment (On-Premise, and Cloud), by Application (Pharmaceutical, Biotechnology, Medical Device, and Others), and by End-Users (Pharmaceutical and Biotechnology Companies, Medical Device Companies, and Research Centers), Forecast Period (2023-2030) Update Available - Forecast 2024-2030
AI in life science analytics market is anticipated to grow at a CAGR of 9.7% during the forecast period (2023-2030). The increasing adoption of Al in healthcare industry is expected to propel the growth of Al in the life science analytics market. It involves technologies such as machine learning (ML) and deep learning processes, which are frequently mentioned along with AI. Life science analytics, such as drug discovery, clinical trials, medical diagnosis, patient monitoring, and personalized medicine are the key fields utilizing AI and other technologies extensively. According to International Business Machines Corp., in March 2022, 35% of global companies are using Al across the globe, and 42% of companies are looking forward to embedding Al in their processes and applications. Hence, the market players are also focusing on introducing AI-based solutions which will further bolster the market growth. For instance, in May 2023, Cognizant announced Cognizant Neuro® AI is a new, enterprise-wide platform created to give businesses a holistic method to quicken the adoption of generative AI technology and capitalize on its economic value in a flexible, secure, scalable, and responsible manner.
Segmental Outlook
The global AI in life science analytics market is segmented on the deployment, application, and end-users. Based on the deployment, the market is sub-segmented into on-premise and cloud. Based on the application, the market is sub-segmented into pharmaceutical, biotechnology, medical device and other (personalized medicine and medical diagnosis). Further, on the basis of end-users, the market is sub-segmented into pharmaceutical and biotechnology companies, medical device companies, and research centers. Among the end-users, the medical device company sub-segment is anticipated to hold a considerable share of the market owing to the growth in AI-based medical device development for data management, remote surgery, diagnostic and procedural assistance, clinical trials, and more.
Research Centers Sub-Segment is Anticipated to Hold a Considerable Share of the Global AI in Life Science Analytics Market
Among the end-users, research centers sub-segment is anticipated to hold a considerable share of the market. The factor supporting the market growth includes the rising use of AI in clinical trials. Clinical trials are one of the most data intensive tasks in life science industry, as it generates a huge amount of data regularly. This encourages many pharmaceutical companies and clinical research organizations to invest in technologies like artificial intelligence. In the current market scenario, the rapid adoption of AI is widely seen in the pharmaceutical sector, which is responsible for almost 50% of the clinical trials conducted globally every year. Furthermore, the increasing number of clinical trials worldwide produces colossal amounts of data available in the public domain. Over the forecast period, these numbers are expected to increase by at least 11%, creating new opportunities for AI in clinical trial applications, especially in Europe and North America.
Regional Outlook
The global AI in life science analytics market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market around the globe, owing to the rising acquisitions of start-ups developing AI-based life sciences solutions to enhance the capabilities of product line.
Global AI in Life science Analytics Market Growth by Region 2023-2030
The North America Region is Expected to Grow at a Significant CAGR in the Global AI in Life Science Analytics Market
Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Increased demand for AI technologies, rising levels of digital literacy, and improvements in life science analytics are all suggested as factors contributing to the region's growth. Additionally, there is a considerable increase in the introduction of various government initiatives and partnerships between the private & public sectors. These strategies are being adopted to develop technical solutions, which in turn will drive the market growth. For instance, in March 2022, Databricks launched the industry's first lakehouse platform for organizations across the healthcare and life sciences industries. Databricks’ Lakehouse for Healthcare and Life Sciences offers customers tailored data and AI solutions to address common industry challenges.
Market Players Outlook
The major companies serving the AI in life science analytics market include Accenture plc, Amazon Web Services, Inc., Databricks, Inc., Indegene, IQVIA, SAS Institute Inc. Microsoft Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in May 2022, the Health Management Academy (The Academy) partnered forces with Nuance, a Microsoft subsidiary, to offer innovative cloud and AI technologies to the healthcare industry. The partnership aims to create a novel initiative around market forces and novel developments for AI and ML.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global AI in life science analytics market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Amazon Web Services, Inc.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Databricks, Inc.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Indegene
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global AI in Life Science Analytics Market by Deployment
4.1.1. On-Premise
4.1.2. Cloud
4.2. Global AI in Life Science Analytics Market by Application
4.2.1. Pharmaceutical
4.2.2. Biotechnology
4.2.3. Medical Device
4.2.4. Other (Personalized Medicine and Medical Diagnosis)
4.3. Global AI in Life Science Analytics Market by End-Users
4.3.1. Pharmaceutical and Biotechnology Companies
4.3.2. Medical Device Companies
4.3.3. Research Centers
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Accenture plc
6.2. Allscripts Healthcare
6.3. Alteryx, Inc.
6.4. Axtria
6.5. CitiusTech Inc.
6.6. Clarivate
6.7. Cognizant
6.8. IBM
6.9. Inovalon
6.10. Lexalytics, Inc.
6.11. MaxisIT
6.12. Microsoft Corp.
6.13. Optum, Inc.
6.14. Oracle
6.15. Saama Technologies, LLC
6.16. Sisense
6.17. Sorcero
6.18. ThoughtSpot Inc.
6.19. Veeva Systems Inc.
1. GLOBAL AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2022-2030 ($ MILLION)
2. GLOBAL ON-PREMISE BASED AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
3. GLOBAL CLOUD-BASED AI IN LIFE SCIENCE ANALYTICS SOLUTION MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
4. GLOBAL AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
5. GLOBAL AI IN LIFE SCIENCE ANALYTICS FOR PHARMACEUTICAL MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
6. GLOBAL AI IN LIFE SCIENCE ANALYTICS FOR BIOTECHNOLOGY MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
7. GLOBAL AI IN LIFE SCIENCE ANALYTICS FOR MEDICAL DEVICE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
8. GLOBAL AI IN LIFE SCIENCE ANALYTICS FOR OTHER APPLICATIONS MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
9. GLOBAL AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY END-USERS, 2022-2030 ($ MILLION)
10. GLOBAL AI IN LIFE SCIENCE ANALYTICS IN PHARMACEUTICAL AND BIOTECHNOLOGY COMPANIES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
11. GLOBAL AI IN LIFE SCIENCE ANALYTICS IN MEDICAL DEVICE COMPANIES MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
12. GLOBAL AI IN LIFE SCIENCE ANALYTICS IN RESEARCH CENTERS MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
13. GLOBAL AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
14. NORTH AMERICAN AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
15. NORTH AMERICAN AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2022-2030 ($ MILLION)
16. NORTH AMERICAN AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
17. NORTH AMERICAN AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY END-USERS, 2022-2030 ($ MILLION)
18. EUROPEAN AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
19. EUROPEAN AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2022-2030 ($ MILLION)
20. EUROPEAN AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
21. EUROPEAN AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY END-USERS, 2022-2030 ($ MILLION)
22. ASIA- PACIFIC AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
23. ASIA- PACIFIC AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2022-2030 ($ MILLION)
24. ASIA- PACIFIC AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
25. ASIA- PACIFIC AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY END-USERS, 2022-2030 ($ MILLION)
26. REST OF THE WORLD AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
27. REST OF THE WORLD AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2022-2030 ($ MILLION)
28. REST OF THE WORLD AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
29. REST OF THE WORLD AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY END-USERS, 2022-2030 ($ MILLION)
1. GLOBAL AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2022 VS 2030 (%)
2. GLOBAL ON-PREMISE BASED AI AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS 2030 (%)
3. GLOBAL CLOUD-BASED AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS 2030 (%)
4. GLOBAL AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022 VS 2030 (%)
5. GLOBAL AI IN LIFE SCIENCE ANALYTICS FOR PHARMACEUTICAL MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS 2030 (%)
6. GLOBAL AI IN LIFE SCIENCE ANALYTICS FOR BIOTECHNOLOGY MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS 2030 (%)
7. GLOBAL AI IN LIFE SCIENCE ANALYTICS FOR MEDICAL DEVICE MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS 2030 (%)
8. GLOBAL AI IN LIFE SCIENCE ANALYTICS FOR OTHER APPLICATIONS MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS 2030 (%)
9. GLOBAL AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY END-USERS, 2022 VS 2030 (%)
10. GLOBAL AI IN LIFE SCIENCE ANALYTICS IN PHARMACEUTICAL AND BIOTECHNOLOGY COMPANIES MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS 2030 (%)
11. GLOBAL AI IN LIFE SCIENCE ANALYTICS IN MEDICAL DEVICE COMPANIES MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS 2030 (%)
12. GLOBAL AI IN LIFE SCIENCE ANALYTICS IN RESEARCH CENTERS MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS 2030 (%)
13. GLOBAL AI IN LIFE SCIENCE ANALYTICS MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS 2030 (%)
14. GLOBAL AI IN LIFE SCIENCE ANALYTICS MARKET SHARE BY REGION, 2022 VS 2030 (%)
15. US AI IN LIFE SCIENCE ANALYTICS MARKET SIZE, 2022-2030 ($ MILLION)
16. CANADA AI IN LIFE SCIENCE ANALYTICS MARKET SIZE, 2022-2030 ($ MILLION)
17. UK AI IN LIFE SCIENCE ANALYTICS MARKET SIZE, 2022-2030 ($ MILLION)
18. FRANCE AI IN LIFE SCIENCE ANALYTICS MARKET SIZE, 2022-2030 ($ MILLION)
19. GERMANY AI IN LIFE SCIENCE ANALYTICS MARKET SIZE, 2022-2030 ($ MILLION)
20. ITALY AI IN LIFE SCIENCE ANALYTICS MARKET SIZE, 2022-2030 ($ MILLION)
21. SPAIN AI IN LIFE SCIENCE ANALYTICS MARKET SIZE, 2022-2030 ($ MILLION)
22. REST OF EUROPE AI IN LIFE SCIENCE ANALYTICS MARKET SIZE, 2022-2030 ($ MILLION)
23. INDIA AI IN LIFE SCIENCE ANALYTICS MARKET SIZE, 2022-2030 ($ MILLION)
24. CHINA AI IN LIFE SCIENCE ANALYTICS MARKET SIZE, 2022-2030 ($ MILLION)
25. JAPAN AI IN LIFE SCIENCE ANALYTICS MARKET SIZE, 2022-2030 ($ MILLION)
26. SOUTH KOREA AI IN LIFE SCIENCE ANALYTICS MARKET SIZE, 2022-2030 ($ MILLION)
27. REST OF ASIA-PACIFIC AI IN LIFE SCIENCE ANALYTICS MARKET SIZE, 2022-2030 ($ MILLION)
28. REST OF THE WORLD AI IN LIFE SCIENCE ANALYTICS MARKET SIZE, 2022-2030 ($ MILLION)
