Life science analytics applications in research and development are expected to grow at a CAGR of 11.8% during the forecast period.
The global life science analytics market is anticipated to rise from US$ 24.8 billion in 2022 to US$ 68.6 billion by 2032, expanding at a compound yearly growth rate of 10.7%. The R&D and business sectors are expected to undergo a significant transformation as a result of the adoption of artificial intelligence in healthcare over the next few decades.
Life science organizations are under pressure to cut medical expenses, boost productivity, and implement analytics solutions in clinical trials and drug development as they adopt sophisticated analytics techniques.
With life science, AI can be trained to differentiate cancer cells in the lab, analyze complex genomic datasets, and identify patterns in medical images, like x-rays. In addition, analytics can also identify unexpected or novel patterns and predict treatment responses by analyzing consumer, treatment, diagnostic, and lab data stored in natural language.
Request Sample Report @
https://www.futuremarketinsights.com/reports/sample/rep-gb-14634
Companies in the life sciences are finding it increasingly difficult to handle exponentially growing data volumes. Algorithms that use machine learning might be able to help analyze data and decide which parts of it are relevant, allowing huge amounts of data to be analyzed for insights. Moreover, AI can be used in repurposing drugs and developing new drugs, as well as in diagnosing diseases more swiftly and providing more efficient treatments, as well as identifying hypotheses based on data.
Key Takeaways
“With custom solutions tailored to healthcare needs and a cloud that can deploy massive amounts of data, pharmaceutical companies will be able to garner much more value in the future,” says an FMI analyst.
Competitive Landscape
Key Players that have been profiled in the report are
Ask an Analyst @
https://www.futuremarketinsights.com/askus/rep-gb-14634
Are among companies that offer products and technologies that will allow customers to take advantage of new technologies.
Key Segments Covered in the Life Science Analytics Industry Report
Life Science Analytics by Component:
Life Science Analytics by Application:
Life Science Analytics by Type:
Life Science Analytics by End-Use Application:
Life Science Analytics by Region:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jun 26, 2023