“The Artificial Intelligence in Life Sciences Market Research Report 2018-2023”: Is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data which enhances the understanding, scope and application of this report.
Artificial intelligence in life sciences market is expected to grow at a CAGR of over 30% during the forecast period (2018 – 2023).
Companies Include are: IBM CORPORATION, AICURE, LLC, NUMEDII, INC., TWOXAR, INC., ATOMWISE INC., LIFEGRAPH LIMITED, CYRCADIA HEALTH INC, ZEBRA MEDICAL VISION, APIXIO, INC., ENLITIC, INC., INSILICO MEDICINE, INC., NUMERATE, INC., SOPHIA GENETICS SA, and SENSELY INC., amongst others.
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.
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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.
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 users blood sugar levels in response to variables such as food intake and insulin dosing
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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.
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.
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Influence of the Artificial Intelligence in Life Sciences market report:
-Comprehensive assessment of all opportunities and risk in the Artificial Intelligence in Life Sciences market.
– Artificial Intelligence in Life Sciences market recent innovations and major events.
-Detailed study of business strategies for growth of the Artificial Intelligence in Life Sciences market-leading players.
-Conclusive study about the growth plot of Artificial Intelligence in Life Sciences market for forthcoming years.
-In-depth understanding of market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital technological and market latest trends striking the market.
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