Press release
Artificial Intelligence in Life Sciences Market Size 2023-2028 | Share, Growth, Analysis, Trends and Forecasts
Artificial Intelligence in Life Sciences Market
The global artificial intelligence in life sciences market size reached US$ 1.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.2 Billion by 2028, exhibiting a growth rate (CAGR) of 25.7% during 2023-2028.
What is Artificial Intelligence in Life Sciences?
Artificial intelligence (AI) in the life sciences refers to the application of advanced computational algorithms and machine learning (ML) techniques to analyze, interpret, and leverage biological, medical, and pharmaceutical data. It relies on various machine learning (ML) techniques, including deep learning and support vector machines, which are employed for data analysis and prediction tasks. It also requires collaboration between computer scientists, biologists, clinicians, and data scientists to ensure a comprehensive approach. It can detect diseases at earlier stages when they are more treatable, potentially saving lives and reducing healthcare expenses.
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What are the growth prospects and trends in the artificial intelligence in life sciences industry?
At present, the increasing popularity of AI in life sciences, as it can analyze patient data, medical images, and genetic information to aid in early disease detection and risk assessment, represents one of the crucial factors impelling the growth of the market.
Besides this, the rising integration of AI in life sciences, as it facilitates the interpretation of complex genomic data, enabling the discovery of genetic markers associated with diseases and guiding precision medicine interventions, is propelling the growth of the market. In addition, the growing utilization of AI to enhance the accuracy and speed of interpreting medical images like magnetic resonance imaging (MRI) and pathology slides is offering a favorable market outlook.
Apart from this, the increasing employment of AI in life sciences to analyze complex proteomic and metabolomic data to uncover biomarkers for disease diagnosis and treatment monitoring is strengthening the growth of the market.
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Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Offering:
• Software
• Hardware
• Services
Breakup by Deployment:
• On-premises
• Cloud-based
Breakup by Application:
• Drug Discovery
• Medical Diagnosis
• Biotechnology
• Clinical Trials
• Precision and Personalized Medicine
• Patient Monitoring
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
Some of the Top Key players in the Artificial Intelligence in Life Sciences Market
AiCure LLC
Apixio Inc. (Centene Corporation)
Atomwise Inc
Enlitic Inc.
International Business Machines Corporation
Insilico Medicine Inc.
Nuance Communications Inc.
NuMedii Inc.
Sensely Inc.
Sophia Genetics SA
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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