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The global artificial intelligence in life sciences market is expected to be driven by growing applications of AI in the life sciences domain. Recent years have seen a significant increase in the amount of health and “omics-related” data generation and storage. While artificial intelligence (AI) has been employed for years by tech companies such as Google, Apple, Amazon, and others, its use has been increasing in life sciences and big pharma, particularly biomedicine and healthcare. North America, Europe and Asia are expected to be key markets.
The market benefitted from the increasing dependency of life sciences and biopharma companies on AI during COVID-19 to select candidates for vaccines and drugs, organise virtual trials, accelerate remote drug discovery, and enhance supply chain resiliency.
AI makes possible data mining, engineering, and real time- and algorithmic-driven analysis that help in taking action in response to key business value chain disruptions in the pharmaceutical sector; domains include AI-driven drug discovery, reduced cycle times for clinical trials, supply chain transformation, product failure prediction, risk management, real-time medical device analysis and visualisation, behavioural sciences, enhancing reporting systems, and developing intelligent insights, among others.
AI is expected to expedite or replace steps in the drug development process, by significantly improving approval rates and decreasing high associated costs. AI also has the potential to reduce the research and development (R&D) expenditure. Several major pharmaceutical companies have partnered or acquired AI companies to leverage the opportunities the technology presents; such associations focus on clinical trials as well as drug discovery. AI applications are being employed to automate processes, generate insights from large-scale data and support stakeholder engagement. The government initiatives towards encouraging the use of AI in research activities are leading to the steady market growth. For instance, in 2021, the U.S. National Science Foundation and the White House Office of Science and Technology Policy announced the formation of the National Artificial Intelligence Research Resource Task Force to provide students across all scientific disciplines with access to computational resources, high-quality data, educational tools and user support.
Over the forecast period, the rising investments by life sciences companies in Artificial Intelligence, advances in cognitive computing, and machine learning techniques are expected to bolster the market growth. For example, in 2021, Sanofi (NASDAQ: SNY) announced an equity investment of $180 million and a new strategic association with Owkin which entailed discovery and development programmes in four exclusive types of cancer. Sanofi’s investment in Owkin’s artificial intelligence and federated learning sought to advance Sanofi’s oncology pipeline; the collaboration would support Sanofi’s growing oncology portfolio in core areas such as lung cancer, breast cancer and multiple myeloma. Furthermore, in 2022, leaders across healthcare, academia, and technology announced the formation of the Artificial Intelligence Industry Innovation Coalition (AI3C). The coalition would collaborate with experts from Cleveland Clinic, Duke Health, Brookings Institution, Intermountain Healthcare, Microsoft, Plug and Play, Providence, Novant Health, UC San Diego, and the University of Virginia. According to the announcement, the coalition hoped to develop technology to provide recommendations, tools, and best practices for AI in healthcare.
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