Global Artificial Intelligence (AI) in Life Science Analytics Market 2023-2030

Global Artificial Intelligence (AI) in Life Science Analytics Market 2023-2030

Global 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)

The global 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.

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.