Europe AI In Life Science Analytics Market Size, Report 2023-2032
The Europe AI in life science analytics market was estimated at USD 0.44 billion in 2022 and it is expected to surpass around USD 1.18 billion by 2032, poised to grow at a CAGR of 10.34% from 2023 to 2032.
Key Pointers
Report Scope of the Europe AI In Life Science Analytics Market
| Report Coverage | Details |
| Market Size in 2022 | USD 0.44 billion |
| Revenue Forecast by 2032 | USD 1.18 billion |
| Growth rate from 2023 to 2032 | CAGR of 10.34% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Companies Covered | Lexalytics; Databricks; SAS Institute, Inc.; Sisense, Inc.; IQVIA; IBM; Sorcero; Axtria; Aktana; Mosimtec, LLC; Aon plc; Zenith Technologies; ZS Associates; Locuz; Puresoftware |
The growth of the market is attributed to the increasing number of clinical trials, medication innovations, and the rise in emphasis on diagnosing rare diseases. Furthermore, technological advancements in deep learning and AI are fueling market growth. The product life cycle trajectory has changed due to the COVID-19 pandemic, which has accelerated the adoption of AI technologies in disease surveillance, new strategy development, and frontline care services. Life science stakeholders became increasingly aware of AI's potential, which catalyzed its adoption.
The COVID-19 pandemic increased the demand for analytics in the life science industry, owing to the increasing prevalence of chronic diseases, shortage of healthcare professionals, increasing investments for the development of healthcare infrastructure, increasing government initiatives, regulatory mandates on implementing eHealth solutions, and increasing demand for integrated analytical solutions. As a result of the pandemic, AI in life science analytics has accelerated.
The presence of sophisticated infrastructure, increasing per capita income, rising healthcare costs, growing demand for advanced technological solutions, and high prevalence of chronic disorders have increased the adoption of analytics services in the UK. Furthermore, a shift in economics, technology, and social demographics is transforming the pharmaceutical industry in the UK.
Large investments by the U.K. government in advanced analytics and AI/ML technologies have contributed to growth in the adoption of these software solutions. In March 2022, the U.K. government announced a USD 347 million (GBP 260 million) investment to boost R&D and the development of new therapies, devices, and diagnostics. This is expected to increase the demand for AI in life science analytics in this country.
Application Insights
Based on application type, the patient health & experience segment held the largest market share of 11% in 2022. The treatment for patients with complex medical needs is expensive, requiring the medical sector to switch from treatment to disease prevention. AI is transforming healthcare, from chatbots that help people live more healthily to these AI systems that can diagnose illness rapidly and recommend patients the best treatment for a given individual. It can be used in various fields.
For instance, in January 2021, Wayra UK, the English division of the worldwide center for technological innovation, and GE Healthcare launched the Edison Accelerator, an acceleration program designed for AI. Several European and Italian emerging companies active in digital health have been involved in these programs. The acceleration program has welcomed six companies specializing in the use of AI for oncology, medical imaging, and patient experience enhancement.
The net-zero & sustainability segment is expected to witness the fastest CAGR of 11.33% over the forecast period. The anticipated growth is attributed to several factors, including increasing regulatory pressures, advancements in clean technologies, and the recognition of the long-term economic benefits associated with sustainability. Additionally, advancements in clean technologies made EVs more affordable and practical for consumers.
Europe AI In Life Science Analytics Market Segmentations:
By Application
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers