The global artificial intelligence in life science analytics market is estimated to witness growth from 2022 to 2030 owing to rising advancements in technologies, and growing adoption of artificial intelligence (AI) throughout the health care sector. AI has the capability to detect and validate genetic targets, improve the supply chain, create novel compounds, and help in launching technologically advanced products in the market. The rising need for the development of novel products, the need to enhance clinical trials and operational efficiencies along with controlling costs of the process is expected to positively impact the market growth.
The rapid emergence of data-based AI, technological advancements in deep learning, and growing focus on rare diseases are fueling market growth. Key players all over the world are focusing on collaborations, partnerships, and the launching of new products. For instance, in August 2022, WhizAI came into a strategic partnership with Conexus Solutions, Inc. The collaboration is aimed at using an AI platform to improve workflow and operations throughout healthcare organizations. Moreover, the increasing need for therapeutics for treating complex diseases is propelling the market growth of AI in life science analytics. Furthermore, machine learning can be used to enhance the process of using medical records to reduce the chances of errors, improve the process of candidate recruitment and make the clinical trial process more efficient.
Based on offering the market is segmented into hardware, software and services. Increasing adoption of AI powered software by the life science organizations positively impacts the market growth. The increasing need for collection of data, management, processing and analytics are driving the segment’s growth.
Based on application the market is segmented into research and development, supply chain analytics, sales and marketing, and other applications. Growing penetration of chronic and gene-related diseases is driving the market growth significantly. Pharma and biotech giants are constantly working in drug discovery activities to develop novel and innovative drugs for treatment of rare diseases.
Based on region, the market is segmented into North America, Europe, Latin America, and Middle East, and Africa. The growth is attributed to an increase in demand of AI technologies in life science sector. Expansion of key players throughout the world, growing investment in R&D, and government-friendly laws are driving the market growth. The rapid adoption of high-tech technology by the healthcare sector and expansion of the healthcare sector even in remote areas are expected to positively impact the market growth.
Major companies that are in the market are Indegene, Lexalytics, Databricks, SAS Institute Inc., Sisense, IQVIA, IBM, Sorcero, and others. Saama Technologies and others. Strategic initiatives by key players, coupled with the rising adoption of AI-based solutions is supporting market growth. For instance, Merck signed an agreement with Saama Technologies to use its Life Science Analytics Cloud (LSAC) to strengthen its clinical development capabilities.
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