The Europe AI In Life Science Analytics Market would witness market growth of 10.4% CAGR during the forecast period (2022-2028).
AI technologies prove to be highly advantageous in clinical trials, which are time-consuming processes that can be significantly sped up by utilizing these tools. One way this can be done is by applying sophisticated predictive analytics on a variety of data to more rapidly identify potential participants in clinical trials for specified populations.
Additionally, by simplifying activities like determining the best sample sizes, assisting in patient recruitment, and leveraging medical records to reduce data errors, machine learning systems can improve the efficiency of clinical trials.
This encourages numerous pharmaceutical companies, as well as clinical research institutions (CROs), to invest in innovative tools like AI. Additionally, numerous governments throughout the world are launching programs to promote AI and its effects on the medical and life science sectors.
In this region, the prevalent usage of AI and big data in healthcare takes place. As a result, the European Commission formulated an AI Act (Medical Device and In-Vitro Diagnostics Regulations) that aimed at the safe use of AI and increased the adoption of reliable AI in the European region. This prompted the Member States of the EU to align their national AI legislations to ensure clear and consistent rules which would support the accessibility of medical technologies enabled by AI.
The Germany market dominated the Europe AI In Life Science Analytics Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $163.7 million by 2028.The UK market is anticipated to grow at a CAGR of 9.5% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 11.2% during (2022 - 2028).
Based on End-user, the market is segmented into Pharmaceutical, Medical Devices, Biotechnology and Others. Based on Application, the market is segmented into Sales & Marketing Support, Supply Chain Analytics, Research & Development and Others. Based on Deployment, the market is segmented into Cloud and On-premise. Based on Component, the market is segmented into Services, Hardware and Software. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global AI In Life Science Analytics Market will Hit $2.5 Billion by 2028, at a CAGR of 10.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Wipro Limited, Lexalytics, Inc., Databricks, Inc., SAS Institute, Inc., Sisense, Inc., IQVIA Holdings, Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, and Accenture PLC.
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