Europe AI In Life Science Analytics Market To Reach $905.5 Million By 2030

Europe AI In Life Science Analytics Market Growth & Trends

The Europe AI in life science analytics market size is anticipated to reach 905.5 million by 2030, expanding at a CAGR of 10.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. This growth is expected to be driven by factors such as an increase in clinical studies, pharmaceutical discoveries, and a greater focus on detecting uncommon diseases. The market is also expanding due to advancements in deep learning and artificial intelligence.

AI-driven technology can analyze and compare vast and intricate datasets, providing more dependable information in less time. The life science industry is experiencing tangible benefits from utilizing AI, facilitated by sophisticated algorithms. With the support of machine learning, AI aids life science companies in expediting and streamlining the development of treatments. AI plays a pivotal role, particularly in the realm of cancer and rare disease treatments.

As a result of its significant impact, the adoption of AI is on the rise. Clinical trials, which involve a rigorous process, can be effectively addressed with the assistance of AI. The screening and analysis of a small fraction of molecules is both time-consuming and costly. Therefore, pharmaceutical companies have been actively investing in creating AI tools that can interpret and scan complex databases more rapidly and accurately. Consequently, the growth of AI in life science analytics has been remarkable.

Furthermore, advanced solutions allow market players to actively engage with patients through digital channels, manage complex supply chains, and provide workforce management. However, the COVID-19 pandemic exposed major areas for improvement for artificial intelligence in life science analytics solutions: dependency of algorithms on historical data and assumption of continuation. The pandemic challenged the basis of predictive analytics and its functioning. Increasing adoption of software solutions such as clinical decision support systems, clinical trial management systems, and data mining, is anticipated to propel market demand.

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Europe AI In Life Science Analytics Market Report Highlights

• The patient health and experience segment dominated the market with a share of 10.2%. in 2022 while net zero & sustainability is projected to grow at the fastest CAGR of 11.3% over the forecast period

• In 2022, Germany held the largest market share of 20.4% owing to various initiatives undertaken for promoting the adoption

• Ireland is anticipated to grow at the fastest CAGR of 10.6% over the forecast period, owing to numerous initiatives which are being undertaken to accelerate the adoption of AI in various industries in the country

• Some of the key market players are Lexalytics; Databricks; SAS Institute, Inc.; Sisense Inc.; IQVIA; IBM; Sorcero; Axtria; Aktana; Mosimtec, LLC; Aon plc; Zenith Technologies; ZS Associates; Locuz; and Puresoftware. In March 2022, Sorcero announced the launch of Clarity, which provides the medical affairs team with an integrated view across all areas of scientific engagement. Moreover, through the use of Sorcero’s advanced analytics, the medical teams can visualize and track medical content at scale

Europe AI In Life Science Analytics Market Segmentation

Grand View Research has segmented the Europe AI in life science analytics market based on application and country:

Europe AI In Life Science Analytics Application Outlook (Revenue, USD Million, 2018 - 2030)

• Target Identification/Translational Research

• Hit to Candidate Identification Hardware

• Precision Recruiting for Clinical Research / Studies

• Regulatory and Safety Digitalization

• Digital Clinical Operations

• Decentralized Trials

• Smart Factory

• Net Zero & Sustainability

• Autonomous Supply Chains

• Supplier Risk Management

• Digital Twin

• Patient Health and Experience

• Content Velocity

• Omnichannel Engagement

• Next Best Engagement

• Gross to Net

• Others

Europe AI In Life Science Analytics Country Outlook (Revenue, USD Million, 2018 - 2030)

• Germany

• U.K.

• France

• Spain

• Switzerland

• Belgium

• Ireland

List of Key Players in the Europe AI In Life Science Analytics Market

• Lexalytics

• Databricks

• SAS Institute, Inc.

• Sisense, Inc.

• IQVIA

• IBM

• Sorcero

• Axtria

• Aktana

• Mosimtec, LLC

• Aon plc

• Zenith Technologies

• ZS Associates

• Locuz

• Puresoftware