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.<
In this study, the years considered to estimate the market size of Artificial Intelligence in Life Sciences:
- History Year: 2013-2018
- Base Year: 2018
- Estimated Year: 2019
- Forecast Year 2019 to 2024
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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.
The Report Covers:
- Comprehensive research methodology of Artificial Intelligence in Life Sciences market
- In-depth analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the global sleep aid market
- Insights about market determinants which are stimulating the global Artificial Intelligence in Life Sciences market
- Detailed and extensive market segments with regional distribution of forecasted revenues
- Extensive profiles and recent developments of market players Companies Mentioned
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Detailed TOC of Artificial Intelligence in Life Sciences Market Report 2019-2024:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
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
5.1.4 Clinical Trails
5.1.5 Precision and Personalized Medicine
5.1.6 Patient Monitoring
5.2.1 North America
188.8.131.52 Rest of Europe
5.2.3 Asia Pacific
184.108.40.206 South Korea
220.127.116.11 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
6.1.5 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
Name: Ajay More
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