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The Artificial Intelligence in Life Sciences Market is segmented by Application (Drug Discovery, Medical Diagnosis, Biotechnology, and Patient Monitoring) and Region.
Fastest Growing Market:
The Artificial Intelligence In Life Sciences Market was valued at USD 1092.44 million in 2019 and is expected to reach USD 3445.60 million by 2025, at a CAGR of 21.1% over the forecast period 2020 - 2025. Most industries, including life sciences, are witnessing a transformation, owing to increasing cost pressure, a greater need for productivity, and disruption caused by new and innovative market players.
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. Although artificial intelligence has been in the market in the late 1950s, the technology has become commercially accessible in the past few years. The primary reason for this accelerated growth in recent years is the massive availability of data in the life sciences sector.
|Precision and Personalized Medicine|
|Rest of the World|
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Furthermore, deployment of AI for diagnosis applications is rapidly increasing through mobile applications. In the current market scenario, there are several mobile applications that use AI for chatbot facilities or image analysis, which are increasingly becoming popular among mobile users. For example, considering the case of Babylon, a prominent mobile application based on AI that enables users to use an intelligent chatbot to help and relate symptoms and reach a relevant doctor through video chat. As of 2017, the company has over 150,000 users.
Additionally, Babylon was used by several healthcare organizations in the United Kingdom, as a free initial tester to reduce waiting lists at peak times. As of 2017, the company had gained USD 85 million in funding from top companies, such as Google, and was generating considerable revenues from subscription-based users.
Moreover, in the current market scenario, there is a higher demand for medical apps in general. According to a study conducted by Roche Holding AG, a prominent pharmaceutical company, as of 2017, there were over 84,000 health and medical app publishers and 325,000 health and medical apps, globally.
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The United States is the largest market for AI solutions in the life sciences market. As of 2017, the country was responsible for 88% of the revenues generated from North America, and 34% of the revenues generated globally, for AI in the life sciences market. The country has a high demand for AI solutions from almost all the life sciences applications.
The massive presence of pharmaceutical companies and the global demand for US pharmaceutical exports are increasingly motivating companies to invest in R&D activities. According to the Pharmaceutical Research and Manufacturers of America (PhRMA), Pharmaceutical companies in the United States spent a record USD 71.4 billion on R&D activities in 2017.
PhRMA also revealed that, on an average, most pharmaceutical companies in the country spent over 21% of their total revenues in R&D activities. Owing to such research activity, many pharmaceuticals companies, such as Pfizer and Johnson & Johnson, and several clinical research organizations in the country, are increasingly spending on AI solutions.
Companies, like Pfizer, despite collaborating with several AI vendors, are also investing in in-house AI operations to support several drug discovery and patient monitoring processes.
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Artificial intelligence in the life sciences market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.
The companies operating in the market are also acquiring start-ups working on artificial intelligence in life sciences technologies to strengthen their product capabilities. In September 2018, Insilico Medicine Inc. announced a research collaboration agreement with MAWI, the next-generation consumer and clinical wearables company, the developer of one of the most accurate clinical-grade ECG wearable devices. The aim of the collaboration is to develop a range of multi-modal biomarkers of aging and mortality to help prevent the onset of cardiovascular diseases, and to extend human longevity.
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 - Porter's Five Forces 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
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 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. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
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