The North America AI In Life Science Analytics Market would witness market growth of 9.8% CAGR during the forecast period (2022-2028).
AI-powered technology enables the examination and cross-referencing of large and complex datasets, which provides highly accurate data in less time. Complex algorithms that have a measurable effect on the life science sector are therefore benefitted from the quick data processing speeds of AI.
The technology also helps life science companies in developing therapies more swiftly and effectively with the use of machine learning. AI plays a vital role in the development and production of medicines for cancer and other uncommon diseases. As the prevalence of noncommunicable diseases is rising globally, the high output of AI processing is establishing the technology as indispensable.
Additionally, AI can assist with the labor-intensive process required for clinical trials. Pharmaceutical and biopharmaceutical companies have been actively investing in the development of AI technologies owing to their numerous benefits. This helps companies read or scan complex datasets more quickly and accurately to deal with operations because screening and analysis of a small subset of compounds are time-consuming and expensive.
The high number of COVID-19 cases in the region drove the usage of life science analytics to a maximum. During this period, many regional pharmaceutical companies made it a priority to develop a treatment that produced several drug candidates and raised the requirement of trials, especially in the US. For new drug development and drug discovery companies, analytics are crucial for tracking trials and management of its data.
The high number of COVID-19 cases in the region drove the usage of life science analytics to a maximum. During this period, many regional pharmaceutical companies made it a priority to develop a treatment that produced several drug candidates and raised the requirement of trials, especially in the US. For new drug development and drug discovery companies, analytics are crucial for tracking trials and management of its data.
The US market dominated the North America 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 $738.2 million by 2028.The Canada market is poised to grow at a CAGR of 12.2% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 11.3% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global AI In Life Science Analytics Market is Estimated to reach $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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