DUBLIN–(BUSINESS WIRE)–The “Artificial
Intelligence in Life Sciences Market – Growth, Trends, and Forecast
(2019 – 2024)” report has been added to ResearchAndMarkets.com’s
offering.
Artificial Intelligence in Life Sciences Market was valued at USD 902.1
million is expected to grow at a CAGR of over 21.1% during the forecast
period (2019-2024).
Although artificial intelligence has been in the market in the late
1950s, the technology has become commercially accessible in the past few
years. The primary reason for this accelerated growth in recent years is
the massive availability of data in the life sciences sector.
As AI operates on large sets of data, the availability of such data
becomes a key factor for establishing a suitable environment for the
growth of AI-based solutions. With innovations in mobile technology and
sensors, even the present day’s wearables like smartwatches and fitness
trackers, have enough computing power to generate and process vast
amounts of data.
In fact, according to the recent estimates of Consumer Technology
Association, a prominent standard and trade organization for the
consumer electronics industry based in the United States, health and
fitness trackers accounted for more than 47% of the wearables devices
sold in 2017. This scenario coupled with several medical devices used in
healthcare sector generates huge sets of data that could make use of AI
to derive useful results.
AI is increasingly becoming popular in drug discovery, personalized
medicine, biotechnology, and clinical trials. With increasing healthcare
spending in almost all parts of the world, the pharmaceutical industry
has been involved in extreme R&D activities in the past few years.
Scope of the Report
Artificial Intelligence (AI) is a highly data-driven technology. In the
life sciences sector, it is generally employed to make meaningful
relations from loosely coupled data. With the advent of the third wave
of AI, it is estimated that advanced AI solutions in the current market
scenario can learn and evolve as they are being used.
Key Market Trends
Clinical Trails to Hold Significant Share
Clinical trials are one of the most data-intensive tasks in the life
sciences industry. They generate vast sets of data every day monitoring
several variables of a patient under observation. Subjecting these data
sets to intelligent AI algorithms can help the researchers to screen
meaningful correlation even between loosely coupled data.
This is encouraging many pharmaceutical companies and clinical research
organizations to invest in technologies, like artificial intelligence.
In the current market scenario, rapid adoption of AI is widely seen in
the pharmaceutical sector, who are responsible for almost 50% of the
clinical trials conducted globally every year.
Novartis claims that the deployment of QuantamBlack’s solutions has
reduced patient enrolment times by 10-15%. Additionally, as of March
2018, the company has entered a partnership with IBM to make use of IBMs
AI platform, IBM-Watson, to improve clinical trial recruitment, and make
use of intelligent AI algorithms to predict medication efficacy.
Such initiatives are encouraging many companies to invest in AI
solutions tailor-made for clinical trials. Many prominent companies,
such as GlaxoSmithKline, Sanofi, Pfizer Mitsubishi Tanabe Pharma, and
Genentech among others, are investing in AI-based clinical trails
startups and solutions to make clinical trials more affordable.
India to Exhibit Highest Growth
India, the third-largest pharmaceutical market in Asia, is increasingly
gaining much-needed government focus on expanding affordable health
care. As part of the Union Budget FY19, the government announced the
world’s largest National Health Protection Scheme, for which the
government set aside an investment worth USD 307.6 million, to provide
coverage of up to USD 7,690 per year, to 500 million people belonging to
financially vulnerable households, for the treatment of serious
ailments. Simultaneously, AI and machine learning have already started
penetrating various industries across India, with healthcare being one
of the biggest beneficiaries of the AI revolution. According to a report
by CIS India published in 2018, AI could help add USD 957 billion to the
Indian economy by 2035. In the July-September 2017 quarter, around 16
Indian healthcare IT companies received funding. The adoption of AI in
life sciences in India is being driven by the likes of Microsoft, and a
slew of health-tech startups.
Competitive Landscape
The artificial intelligence in the life sciences market has been gaining
a competitive edge in recent years. In terms of market share, few of the
major players currently dominate the market. These major players with a
prominent share in the market are focusing on expanding their customer
base across foreign countries. These companies are leveraging on
strategic collaborative initiatives to increase their market share and
increase their profitability.
In Oct 2018, Lifegraph launched their new app on the Google Play Store.
It uses AI in the core to forecast the state of patient health. The app
named Lifegraph – AI technology for migraine management, was launched to
help track changes in the behavior and weather throughout the day and,
using machine learning, predicts an imminent attack for actionable
self-care.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Rising Adoption Of Ai In The Field Of R&D
4.3.2 High Emphasis On The Development Of Precision Medicine And
Personalized Drugs
4.3.3 Increasing Demand For AI In Drug Discovery
4.4 Market Restraints
4.4.1 High Initial Costs And Concerns Over The Replacement Of Human
Workforce
4.5 Technology Snapshot
4.6 Industry Attractiveness Porters Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Application
5.1.1 Drug Discovery
5.1.2 Medical Diagnosis
5.1.3 Biotechnology
5.1.4 Clinical Trails
5.1.5 Precision and Personalized Medicine
5.1.6 Patient Monitoring
5.2 Geography
5.2.1 North America
5.2.1.1 US
5.2.1.2 Canada
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 UK
5.2.2.3 France
5.2.2.4 Rest of Europe
5.2.3 Asia Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 India
5.2.3.4 South Korea
5.2.3.5 Rest of Asia-Pacific
5.2.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 IBM Corporation
6.1.2 NuMedii Inc.
6.1.3 Atomwise Inc
6.1.4 Lifegraph
6.1.5 Cyrcadia Health Inc.
6.1.6 Numerate Inc.
6.1.7 Sensely Inc.
6.1.8 Sophia Genetics SA
6.1.9 Insilico Medicine Inc.
6.1.10 Enlitic Inc.
6.1.11 APIXIO Inc.
6.1.12 Zebra Medical Vision
6.1.13 Lifegraph Limited
6.1.14 twoXAR Inc.
6.1.15 AiCure LLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Investment Scenario
For more information about this report visit https://www.researchandmarkets.com/research/htt3b2/global_900_mn?w=4
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For
E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call
1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related
Topics: Artificial
Intelligence