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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 28.7%
The amount of health and “omics-related” data created and stored has increased dramatically in recent years. While tech companies like Google, Apple, and Amazon have been using artificial intelligence (AI) for years, its usage in life sciences and big pharma, particularly biomedicine and healthcare, has been growing. AI has aided in the collection of patient and clinical trial data for medication development and repurposing; in clinical trials, patient data can be gathered in real-time and evaluated using AI techniques. Mobile technologies linked to AI are increasingly used to improve patients’ lives. Researchers use the potential of machines to improve diagnoses with the help of imaging in multiple medical specialities, including dermatology, radiology, pathology, and ophthalmology. Such factors are expected to boost the global market growth.
Industry Definition and Major Segments
The analysis of small systems-of-interest specialised datasets, an emerging topic of artificial intelligence (AI), can be used to improve drug discovery and personalised medicine. Artificial intelligence in the life sciences has the potential to improve the health-care system, particularly customised treatment, and drug discovery.
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By application, the market is segmented into:
• Medical Diagnosis
• Drug Discovery
• Precision and Personalised Medicine
• Clinical Trials
• Patient Monitoring
On the basis of region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Advancements in AI have enabled the completion of several tasks in radiological imaging, including risk assessment, diagnosis, prognosis, and response to various medicines, along with the discovery of diseases using a variety of ‘omics’ technologies. AI platforms have the potential to access digitised patient health records and recommend the best treatment plan. Also, through continuous monitoring of multiple parameters, AI may advise doctors to adjust doses or, in the event of a change in symptoms, to update the current treatment and replace it with a more effective alternative. With the rise of cyber threats and the evasion of signature-based systems, smart cyber solutions are becoming more important to protect the enormous volumes of data that biopharma businesses control and have access to. AI-based approaches could help cybersecurity specialists by improving threat intelligence and prediction, as well as enabling faster attack detection and response. These characteristics are propelling the market growth globally.
Key Market Players
The major players in the market are IBM Corporation, NuMedii Inc., Atomwise Inc, AiCure LLC, and Nuance Communications Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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