Life Sciences Artificial Intelligence (AI) Market - Forecast(2021 - 2026)

The global Life Sciences AI Market size is estimated to surpass $324.2 million mark by 2026 growing at an estimated CAGR of more than 13.1% during the forecast period 2021 to 2026. Life Sciences Artificial Intelligence provides potential to improve the health care system especially personalized medicine and drug development. With the implementation of AI it becomes possible for the healthcare organization to drive innovation and achieve various outcomes including hyper-personalized experiences, new sources of growth, and new levels of efficiency. In 2019, the adoption of technologies such as AI has reshaped the life science industry. The innovation in the life science industry will also lead to provide growing potential for healthcare organizations. Artificial Intelligence is proved to be an advanced tool which is reshaping the Life Sciences industry. The rising application in initiating drug discovery and development is fuelling the need for Life Sciences AI industry.

Report Coverage

The report: “Life Sciences AI Industry Outlook– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Life Sciences AI Market.

By Process: First Wave, Second Wave and Third Wave.

By Type: Machine Learning, Deep Learning and Neural Networks.

By End Use Industry: Drug Discovery,  Pre–Clinical, Clinical, Drug Approval, Patient Monitoring and Others.

By Geography - North America (U.S, Canada, Mexico),  Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), South America(Brazil, Argentina and others), and RoW (Middle East and Africa).

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Key Takeaways

• What can be automated, will be automated - initially, there were several steps of drug development and clinical research which are very expensive to perform, which took time and were labor demanding. If pharmaceutical companies starts different stages along with automation automatically it will save money, time and rises success rates
• Building Unified Models will support the estimation of future behavior of compounds and their performance in confused clinical trials. Mainly, there are 2 stages which are accessible: estimating toxicity and estimating efficacy of combined therapies.
• The rise of personalized medicine has created opportunities for AI to enhance the care provided to patients.
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Life Sciences Artificial Intelligence (AI) Market Segment Analysis - By Process

Currently, Artificial Intelligence (AI) is in the growing stage, but it is showing significant growth in life sciences industry in the upcoming future due to rising application in initiating drug development. A particular focus is on third wave processes. As, Life Sciences are full of high-end processes, Artificial Intelligence is used to manage, gather and very nicely utilize all the structured and unstructured data. Implementing artificial intelligence with life sciences industry is growing rapidly, and now with the chance to transfer old processes over discovery, enhancement, manufacturing and regulation, to take medicines immediately to the patients. Very tough drug discovery and computational bio and chemistry modeling influenced by AI, hold significant potential to deliver early insights into the workings of the drugs. This will automatically enhance business performance and downstream effort especially with regards to clinical research and drug development.

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Life Sciences Artificial Intelligence (AI) Market Segment Analysis - By Application

Drug Discovery is set to dominate the market and grow at a CAGR of 14.8% through the forecast period. The application of drug discovery for identification of unmet medical needs, target identification, personalized medicine, lead optimization and so on in the healthcare sector will propel the life sciences AI market. Tough medication revelation and computational bio and science demonstrating is highly influenced by AI, hold critical potential to convey early bits of knowledge into the activities of the medications. This will consequently improve business execution and downstream exertion. In addition, as Life Sciences are full of high-end processes, Artificial Intelligence is used to manage, gather and very nicely utilize all the structured and unstructured data, thus enhancing the drug development processes.

Life Sciences Artificial Intelligence (AI) Market - By Geography 

North America region dominated the global life sciences AI market as of 2020. It is due to the presence of significant players namely TwoXAR Pharmaceuticals, NuMedii, Numerate, Inc. and IBM Corporation. These players are focusing on their offerings of advanced platform for the life science industry. The advanced AI platform establishes enhanced drug development programs thus reshaping the life science industry. The pharmaceutical companies are also looking for partnerships, collaboration and joint venture with the AI startups for enhancing the deployment of AI –based technologies in the life sciences market.

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