Europe AI In Life Science Analytics Market Share Analysis Report, 2023-2032
The Europe AI in life science analytics market size was estimated at USD 506.9 million in 2022 and is expected to hit around USD 1,363.37 million by 2032, poised to reach at a notable CAGR of 10.4% during the forecast period 2023 to 2032.
Key Takeaways:
Europe AI In Life Science Analytics Market Report Scope
| Report Attribute | Details |
| Market Size in 2023 | USD 559.62 Million |
| Market Size by 2032 | USD 1,363.37 Million |
| Growth Rate From 2023 to 2032 | CAGR of 10.4% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Application, Country |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Key Companies Profiled | 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 10.82% 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 11.4% 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.
Country Insights
In 2022, Germany held the largest market share of 20.5%, owing to various initiatives undertaken for promoting the adoption are fueling the market growth. For instance, the German Federal Ministry of Education and Research has set up a digital hub of AI in healthcare to promote its application in medical research and healthcare. Countries such as Sweden, Norway, Italy, etc. are actively embracing AI and related technologies to drive innovation and improve patient outcomes.
Ireland is expected to grow at the fastest rate of 10.6% over the forecast period. The rising number of companies attempting to use AI-based solutions, as well as the several initiatives undertaken for the adoption of AI, is driving market expansion
Key Companies & Market Share Insights
The market is competitive and various companies in the region are investing in AI-based tools to offer more effective analytic solutions. For instance, in September 2021, IQVIA launched AI-powered MI Contact Center for life sciences, which enables companies to share information about new and recent products while also monitoring product safety and quality. The center is deployed with AI-enabled virtual agents alongside human experts to prioritize and respond to inquiries. In addition, in 2022, CloudMedx launched an ACO REACH Explorer with a motto to provide unifying and visualizing disparate data as well as to improve health equity and Omni channel patient engagement. Some prominent players in the Europe AI in life science analytics market include:
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the Europe AI In Life Science Analytics market.
By Application
By Country
Chapter 1 Methodology and Scope
1.1 Market Segmentation and Scope
1.2 Research Process
1.2.1 Information Procurement
1.3 Research Scope and Assumptions
1.4 Research Methodology
1.5 Segment Market Estimation
1.6 Objectives
1.6.1 Objective - 1
1.6.2 Objective - 2
1.6.3 Objective - 3
1.7 List of Data Sources
Chapter 2 Executive Summary
2.1 Europe AI in life science analytics executive summary
2.2 Europe Ai in life science analytics market snapshot
2.3 Europe Ai in life science analytics segment snapshot
2.4 Europe Ai in life science analytics competitive landscape snapshot
Chapter 3 Europe AI in Life Science Analytics Market Variables, Trends & Scope
3.1 Penetration and Growth Prospect Mapping
3.2 Market Dynamics
3.2.1 Market Driver Analysis
3.2.1.1 Increasing Number Of Clinical Trials And Drug Discoveries
3.2.1.2 Rising Advancements In Deep Learning
3.2.1.3 Growing Focus On Rare Diseases
3.2.2 Market Restraint Analysis
3.2.2.1 High Capital Investment
3.3 Europe AI In Life Science Analytics Industry Analysis - Porter’s
3.4 Europe AI In Life Sciences Market - PEST Analysis
3.5 Impact Of COVID - 19 On Europe AI in life science analytics market
3.6 Regulatory Framework
Chapter 4 Europe AI in Life Science Analytics Market: Application Estimates & Trend Analysis
4.1 Europe AI in life science analytics market: application analysis
4.2 Market Definition and Scope
4.3 Europe AI in life science analytics market estimates & forecast, by application
4.4 Target Identification/Translational Research
4.4.1 Europe AI in life science analytics market estimates and forecasts, by target identification/translational research, 2020 - 2032
4.5 Hit to Candidate Identification
4.5.1 Europe AI in life science analytics market estimates and forecasts, by hit to candidate identification, 2020 - 2032
4.6 Precision Recruiting for Clinical Research / Studies
4.6.1 Europe AI in life science analytics market estimates and forecasts, by precision recruiting for clinical research/studies, 2020 2032
4.7 Regulatory and Safety Digitalization
4.7.1 Europe AI in life science analytics market estimates and forecasts, by regulatory and safety digitalization, 2020 - 2032
4.8 Digital Clinical Operations
4.8.1 Europe AI in life science analytics market estimates and forecasts, by digital clinical operations, 2020 - 2032
4.9 Decentralized Trials
4.9.1 Europe AI in life science analytics market estimates and forecasts, by decentralized trials, 2020 - 2032
4.10 Smart Factory
4.10.1 Europe AI in life science analytics market estimates and forecasts, by smart factory, 2020 - 2032
4.11 Net Zero & Sustainability
4.11.1 Europe AI in life science analytics market estimates and forecasts, by net zero and sustainability, 2020 - 2032
4.12 Autonomous Supply Chains
4.12.1 Europe AI in life science analytics market estimates and forecasts, by autonomous supply chain, 2020 - 2032
4.13 Supplier Risk Management
4.13.1 Europe AI in life science analytics market estimates and forecasts, by supplier risk management 2020 - 2032
4.14 Digital Twin
4.14.1 Europe AI in life science analytics market estimates and forecasts, by digital twin 2020 - 2032
4.15 Patient Health and Experience
4.15.1 Europe AI in life science analytics market estimates and forecasts, by patient health and experience, 2020 - 2032
4.16 Content Velocity
4.16.1 Europe AI in life science analytics market estimates and forecasts, by content velocity, 2020 - 2032
4.17 Omnichannel Engagement
4.17.1 Europe AI in life science analytics market estimates and forecasts, by omnichannel engagement, 2020 - 2032
4.18 Next Best Engagement
4.18.1 Europe AI in life science analytics market estimates and forecasts, by next best engagement, 2020 - 2032
4.19 Gross to Net
4.19.1 Europe AI in life science analytics market estimates and forecasts, by gross to net, 2020 - 2032
4.20 Others
4.20.1 Europe AI in life science analytics market estimates and forecasts, by others 2020 - 2032
Chapter 5 Europe AI in Life Science Analytics Market: Regional Estimates & Trend Analysis, by Application
5.1 Europe AI in life science analytics market share, by region, 2023 & 2032
5.2 Europe
5.2.1 Europe AI in life science analytics market estimates and forecasts, 2020 - 2032
5.2.2 Germany
5.2.2.1 Germany AI in life science analytics market estimates and forecasts, 2020 - 2032
5.2.3 UK
5.2.3.1 UK AI in life science analytics market estimates and forecasts, 2020 - 2032
5.2.4 France
5.2.4.1 France AI in life science analytics market estimates and forecasts, 2020 - 2032
5.2.5 Spain
5.2.5.1 Spain AI in life science analytics market estimates and forecasts, 2020 - 2032
5.2.6 Switzerland
5.2.6.1 Switzerland AI in life science analytics market estimates and forecasts, 2020 - 2032
5.2.7 Belgium
5.2.7.1 Belgium AI in life science analytics market estimates and forecasts, 2020 - 2032
5.2.8 Ireland
5.2.8.1 Ireland AI in life science analytics market estimates and forecasts, 2020 - 2032
Chapter 6 Competitive Analysis
6.1 Heat Map Analysis
6.2 Recent Developments & Impact Analysis, By Key Market Participants
6.2.1 Mergers & Acquisitions
6.2.2 Product Launches
6.2.3 Partnerships & Collaborations
6.2.4 Business/Geography Expansions
6.3 Participant Categorization
6.4 Company Categorization Analysis
6.5 Company/Competition Categorization (Key Innovators, Market Leaders, Emerging Players)
6.6 Company Market Position Analysis
6.6.1 Public Companies
6.6.1.1 Company Market Position Analysis (Geographic Presence, Product Portfolio, Key Alliance, Industry Experience)
6.6.2 Private Companies
6.6.2.1 Company Market Position Analysis (Geographic Presence, Product Portfolio, Key Alliance, Industry Experience)
6.7 List of Other Players
Chapter 7. Company Profiles
7.1 Axtria
7.1.1 Company overview
7.1.2 Financial performance
7.1.3 Component benchmarking
7.1.4 Strategic initiatives
7.2 Lexalytics
7.2.1 Company overview
7.2.2 Financial performance
7.2.3 Component benchmarking
7.2.4 Strategic initiatives
7.3 Databricks.
7.3.1 Company overview
7.3.2 Financial performance
7.3.3 Component benchmarking
7.3.4 Strategic initiatives
7.4 SAS Institute Inc.
7.4.1 Company overview
7.4.2 Financial performance
7.4.3 Component benchmarking
7.4.4 Strategic initiatives
7.5 Sisense
7.5.1 Company overview
7.5.2 Financial performance
7.5.3 Component benchmarking
7.5.4 Strategic initiatives
7.6 IQVIA
7.6.1 Company overview
7.6.2 Financial performance
7.6.3 Component benchmarking
7.6.4 Strategic initiatives
7.7 IBM
7.7.1 Company overview
7.7.2 Financial performance
7.7.3 Component benchmarking
7.7.4 Strategic initiatives
7.8 Sorcero
7.8.1 Company overview
7.8.2 Financial performance
7.8.3 Component benchmarking
7.8.4 Strategic Initiatives
7.9 Aktana
7.9.1 Company overview
7.9.2 Financial performance
7.9.3 Component benchmarking
7.9.4 Strategic Initiatives
7.10 Mosimtec, LLC
7.10.1 Company overview
7.10.2 Financial performance
7.10.3 Component benchmarking
7.10.4 Strategic Initiatives
7.11 Aon plc
7.11.1 Company overview
7.11.2 Financial performance
7.11.3 Component benchmarking
7.11.4 Strategic Initiatives
7.12 Zenith Technologies
7.12.1 Company overview
7.12.2 Financial performance
7.12.3 Component benchmarking
7.12.4 Strategic Initiatives
7.13 ZS Associates
7.13.1 Company overview
7.13.2 Financial performance
7.13.3 Component benchmarking
7.13.4 Strategic Initiatives
7.14 Locuz
7.14.1 Company overview
7.14.2 Financial performance
7.14.3 Component benchmarking
7.14.4 Strategic Initiatives
7.15 Puresoftware
7.15.1 Company overview
7.15.2 Financial performance
7.15.3 Component benchmarking
7.15.4 Strategic Initiatives
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