Artificial Intelligence in Life Sciences Market Size - Segmented by Applications (Drug Discovery, Medical Diagnosis, Biotechnology, Clinical Trails,etc.,) and Region - Growth, Trends, and Forecast (2018 - 2023)
Artificial intelligence in life sciences market is expected to grow at a CAGR of over 30% during the forecast period (2018 - 2023).
Artificial Intelligence (AI) is a highly data-driven technology that is capable of making complex decisions almost in level with human intellectual capabilities. In the life sciences sector, it is often 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. Further, the penetration of AI life sciences solutions into the mobile application sector is expected to be the prime driver of AI solutions in the near future.
While the tremendous demand for Artificial Intelligence in life sciences applications such as drug discovery and patient monitoring are opening up new opportunities, concerns over layoffs and unemployment and high initial costs involved with AI technology could potentially restrain the growth in the market. Owing to high foreign investments in the pharmaceutical sector, Asia Pacific countries are expected to witness the most substantial growth for AI solutions over the forecast period.
Clinical Trials to Provide Immense Opportunities
Clinical Trails are data-intensive tasks that need continuous patient monitoring and generate vast sets of data every day. Subjecting these data sets to intelligent AI algorithms can help the researchers to filter 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.
Further, the increasing number of clinical trials all over the globe is producing colossal amounts of data that is available in the public domain. This is helping encouraging many research institutes to prefer AI over traditional software solutions so that they can obtain specific results from data available in the public domain without having to repast the entire trial procedure. According to the International Clinical Trials Registry Platform database, maintained by World Health Organization (WHO), more than 25556 cases were registered (135 growth when compared to 2016). Over the forecast period, these numbers are expected to increase by at least 11%, creating new opportunities for AI in clinical trials applications.
Asia-Pacific to be the Fastest Growing Artificial Intelligence in Life Sciences Market
The demand for Artificial intelligence in the life sciences sector of Asia Pacific region is majorly found in the drug discovery and clinical trials applications. As countries like India, China, Malaysia, and Indonesia are increasingly becoming global centers for medical tourism foreign investment in the sector is increasing rapidly. In case of India, the government has undertaken several initiatives to encouraging public-private partnerships (PPPs) in pharmaceutical R&D projects and is increasingly investing in medical infrastructure.
Simultaneously, in China, the government has pledged to create an industrial scale of medical services by 2020, which includes inception of a new digital health trail for all citizens in the country. Over the forecast period, in China alone, more than a 100 medical data demonstration centers are expected to be established which enable sharing of health and medical data resources. This scenario is likely to accelerate the use of artificial intelligence applications in the life sciences industry of the region, leading to essential opportunities for AI, especially in clinical research and medical equipment sectors.
Key Developments in the Market
- February 2018 - Medtronic Plc., a prominent medical devices company based in Ireland, launched its AI-based Sugar.IQ diabetes management app, which is powered by IBM Watson Health. Watson is expected to provide capabilities to the app that evaluates user’s blood sugar levels in response to variables such as food intake and insulin dosing.
Major Players - IBM Corporation, AiCure, LLC, NuMedii, Inc., twoXAR, Inc., Atomwise, Inc., Lifegraph Limited, Cyrcadia Health, Inc., among others.
Reasons to Purchase the Report
- Current and future artificial intelligence in life sciences market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares and strategies employed by the major market players.
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