Europe AI In Life Science Analytics Market Size, Share & Trends Analysis Report By Application (Target Identification / Translational Research, Net Zero & Sustainability), By Country, And Segment Forecasts, 2023 - 2030

Report Overview

The Europe AI in life science analytics market size was valued at USD 410.0 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 10.3% from 2023 to 2030. The growth of the market is attributed to the increasing number of clinical trials, medication innovations, and the rise in emphasis on diagnosing rare diseases. Furthermore, technological advancements in deep learning and AI are fueling market growth. The product life cycle trajectory has changed due to the COVID-19 pandemic, which has accelerated the adoption of AI technologies in disease surveillance, new strategy development, and frontline care services. Life science stakeholders became increasingly aware of AI's potential, which catalyzed its adoption.

The COVID-19 pandemic increased the demand for analytics in the life science industry, owing to the increasing prevalence of chronic diseases, shortage of healthcare professionals, increasing investments for the development of healthcare infrastructure, increasing government initiatives, regulatory mandates on implementing eHealth solutions, and increasing demand for integrated analytical solutions. As a result of the pandemic, AI in life science analytics has accelerated.

The presence of sophisticated infrastructure, increasing per capita income, rising healthcare costs, growing demand for advanced technological solutions, and high prevalence of chronic disorders have increased the adoption of analytics services in the UK. Furthermore, a shift in economics, technology, and social demographics is transforming the pharmaceutical industry in the UK.

Large investments by the U.K. government in advanced analytics and AI/ML technologies have contributed to growth in the adoption of these software solutions. In March 2022, the U.K. government announced a USD 347 million (GBP 260 million) investment to boost R&D and the development of new therapies, devices, and diagnostics. This is expected to increase the demand for AI in life science analytics in this country.

Application Insights

Based on application type, the patient health & experience segment held the largest market share of 10.2% in 2022. The treatment for patients with complex medical needs is expensive, requiring the medical sector to switch from treatment to disease prevention. AI is transforming healthcare, from chatbots that help people live more healthily to these AI systems that can diagnose illness rapidly and recommend patients the best treatment for a given individual. It can be used in various fields.

For instance, in January 2021, Wayra UK, the English division of the worldwide center for technological innovation, and GE Healthcare launched the Edison Accelerator, an acceleration program designed for AI. Several European and Italian emerging companies active in digital health have been involved in these programs. The acceleration program has welcomed six companies specializing in the use of AI for oncology, medical imaging, and patient experience enhancement.

The net-zero & sustainability segment is expected to witness the fastest CAGR of 11.3% over the forecast period. The anticipated growth is attributed to several factors, including increasing regulatory pressures, advancements in clean technologies, and the recognition of the long-term economic benefits associated with sustainability. Additionally, advancements in clean technologies made EVs more affordable and practical for consumers.

Country Insights

In 2022, Germany held the largest market share of 20.4%, owing to various initiatives undertaken for promoting the adoption are fueling the market growth. For instance, the German Federal Ministry of Education and Research has set up a digital hub of AI in healthcare to promote its application in medical research and healthcare. Countries such as Sweden, Norway, Italy, etc. are actively embracing AI and related technologies to drive innovation and improve patient outcomes.

Ireland is expected to grow at the fastest rate of 10.6% over the forecast period. The rising number of companies attempting to use AI-based solutions, as well as the several initiatives undertaken for the adoption of AI, is driving market expansion

Key Companies & Market Share Insights

The market is competitive and various companies in the region are investing in AI-based tools to offer more effective analytic solutions. For instance, in September 2021, IQVIA launched AI-powered MI Contact Center for life sciences, which enables companies to share information about new and recent products while also monitoring product safety and quality. The center is deployed with AI-enabled virtual agents alongside human experts to prioritize and respond to inquiries. In addition, in 2022, CloudMedx launched an ACO REACH Explorer with a motto to provide unifying and visualizing disparate data as well as to improve health equity and Omni channel patient engagement. Some prominent players in the Europe AI in life science analytics market include:

• Lexalytics

• Databricks

• SAS Institute, Inc.

• Sisense, Inc.

• IQVIA

• IBM

• Sorcero

• Axtria

• Aktana

• Mosimtec, LLC

• Aon plc

• Zenith Technologies

• ZS Associates

• Locuz

• Puresoftware

Europe AI In Life Science Analytics Market Report Scope 

Europe AI In Life Science Analytics Market Report Segmentation

This report forecasts revenue growth at regional and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the Europe AI in life science analytics market report based on application and country:

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Target Identification/ Translational Research

  • Hit to Candidate Identification Hardware

  • Precision Recruiting for Clinical Research / Studies

  • Regulatory and Safety Digitalization

  • Digital Clinical Operations

  • Decentralized Trials

  • Smart Factory

  • Net Zero & Sustainability

  • Autonomous Supply Chains

  • Supplier Risk Management

  • Digital Twin

  • Patient Health and Experience

  • Content Velocity

  • Omnichannel Engagement

  • Next Best Engagement

  • Gross to Net

  • Others

• Country Outlook (Revenue, USD Million, 2018 - 2030)

  • Germany

  • U.K.

  • France

  • Spain

  • Switzerland

  • Belgium

  • Ireland