The global AI in life science analytics market is anticipated to grow at a CAGR of 9.7% during the forecast period. The development of diseases and patient outcomes can be predicted by a variety of conditions using Artificial Intelligence (AI). It is used in conducting clinical trials, enables new drug discoveries, and diagnoses of diseases more precisely and accurately across the globe. According to National Institute of Health (NIH), in March 2022, in computer science, various disciplines are covered under the term AI. A recent advancement in computer vision (image analysis) or natural language processing (NLP) is attributed to deep learning, a branch of machine learning (ML), that utilizes deep neural networks (DNN). An AI tool for life science researchers is helping researchers to better understand the role of amino acids, estimate the structure of proteins, and use the Multiomics Suite to find and understand genetic data and create customized genomic therapies.
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For instance, in May 2023, Google Cloud announced to release two new AI-powered life science solutions ramp up drug discovery and precision medicine for pharmaceutical companies, biotech businesses, and other stakeholders. Various companies providing deep domain knowledge, AI-enabled solutions, and data services to support life sciences commercialization is another factor supporting the market growth. For instance, in May 2023, TrinityLife Sciences, a provider of evidence-based solutions for the life sciences, and WhizAI, a provider of AI-powered analytics for the life sciences and healthcare, have announced a partnership that will enable the rapid development and sharing of AI-driven insights by life science companies. Through collaboration, Trinity’s top-notch data management solutions and consulting services may be combined with WhizAI’s distinctive conversational AI and visualization platform. Drug launches are particularly difficult in the current market environment, that is characterized by an impending patent cliff, growing regulatory complexity, and the difficulty of explaining the specific advantages of increasingly specialized therapies to the appropriate audiences. For instance, in June 2023, Contextual Intelligence 360 (CI 360), the superior platform and engine from Aktana, an intelligent customer interaction for the global health sciences sector, has announced the addition of additional features to assist product launches. New drug product sales are increased and time to market is shortened thanks to CI 360 for Product Launch.
Global AI in Life Science Analytics Market Report Segment
By Deployment
- On-Premise
- Cloud
By Application
- Pharmaceutical
- Biotechnology
- Medical Device
- Other (Personalized Medicine and Medical Diagnosis)
By End-Users
- Pharmaceutical and Biotechnology Companies
- Medical Device Companies
- Research Centers
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AI in Life Science Analytics Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Accenture plc
- Allscripts Healthcare
- Alteryx, Inc.
- Axtria
- CitiusTech Inc.
- Clarivate
- Cognizant
- IBM
- Inovalon
- Lexalytics, Inc.
- MaxisIT
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