The Global Artificial Intelligence in Life Sciences Market: Growth, Trends and Forecasts (2018-2023)
DUBLIN, Aug. 20, 2018 /PRNewswire/ --
The "Global Artificial Intelligence in Life Sciences Market - Growth, Trend and Forecasts (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
Artificial intelligence in life sciences market is expected to grow at a CAGR of over 30% during the forecast period (2018-2023).
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.
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
Key Topics Covered
1. Introduction
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Market Definition (Lifesciences - Medical Technology, Medical Devices, Biotechnology & Pharmaceutical)
2. Research Methodology
3. Executive Summary
4. Artificial Intelligence in Life Sciences Market Dynamics
4.1 Artificial Intelligence in Life Sciences Market Overview
4.2 Artificial Intelligence in Life Sciences Market Drivers
4.2.1 Growing adoption of AI in the field of R&D
4.2.2 High emphasis on efficient and increased quality of care
4.2.3 Increasing demand for AI in drug discovery
4.3 Artificial Intelligence in Life Sciences Market Challenges
4.3.1 High initial costs and concerns over the replacement of human workforce
4.4 Artificial Intelligence in Life Sciences Market Opportunities
4.4.1 Strong growth opportunities for AI-based solutions in the field of workflow management
4.5 Industry Attractiveness - Porter's Five Forces Model
4.5.1 Threat of New Entrants
4.5.2 Bargaining power of Consumers
4.5.3 Bargaining power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Industry Value Chain Analysis
4.7 Product Lifecycle Analysis
5. Technology Snapshot
5.1 Adoption of AI across three waves (Knowledge Engineering, Machine Learning & Contextual Normalization)
5.2 Application of AI in Lifescieces - Machine Learning, Predictive Modelling, Neural Networks, Big Data Analytics
6. Global AI in Lifesciences Market - Segmentation
6.1 Artificial Intelligence in Life Sciences Market By Application
6.1.1 Drug Discovery
6.1.2 Medical Diagnosis
6.1.3 Biotechnology
6.1.4 Clinical Trails
6.1.5 Precision & Personalized Medicine
6.1.6 Patient Monitoring
6.1.7 Others
6.2 Artificial Intelligence in Life Sciences Market By Geography
6.2.1 North America
6.2.1.1 US
6.2.1.2 Canada
6.2.2 Europe
6.2.2.1 UK
6.2.2.2 Germany
6.2.2.3 France
6.2.2.4 Rest of Europe (Poland, Switzerland, Italy)
6.2.3 Asia-Pacific
6.2.3.1 China
6.2.3.2 Japan
6.2.3.3 India
6.2.3.4 Rest of Asia-Pacific
6.2.4 Rest of the World (Mexico, Brazil, GCC etc.)
7. Competitive Intelligence - Key Vendor Profiles
7.1 IBM Corporation
7.2 AiCure, LLC
7.3 NuMedii, Inc.
7.4 twoXAR, Inc.
7.5 Atomwise Inc
7.6 Lifegraph Limited
7.7 Cyrcadia Health Inc
7.8 Zebra Medical Vision
7.9 APIXIO, Inc.
7.10 Enlitic, Inc.
7.11 Insilico Medicine, Inc.
7.12 Numerate, Inc.
7.13 Sophia Genetics SA
7.14 Sensely Inc
8. Investment Scenrio
9. Market Outlook
For more information about this report visit https://www.researchandmarkets.com/research/4994k4/the_global?w=5
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