(MENAFN- EIN Presswire) Generative AI in Life Sciences
Generative AI in Life Sciences market Is Booming Worldwide Growth Prospects, Incredible Demand and Business Strategies 2032
NEW YORK, NY, UNITED STATE, June 14, 2023/einpresswire.com / -- generative ai in life sciences market size is expected to be worth around USD 947 million by 2032 from USD 155.7 million in 2022, growing at a CAGR of 20.35 %, during the forecast period from 2023 to 2032.
Generative AI in Life Sciences Market Research report will offer comprehensive insights and analysis on various aspects of a market, such as its size, trends, growth opportunities, competitive landscape, key players, and strategies. Furthermore, it may cover consumer behavior such as demographics, purchasing patterns and preferences along with macroeconomic factors influencing it. Furthermore, forecasts and projections for future performance will be provided along with recommendations and actionable insights for stakeholders to make informed decisions. Ultimately, this report seeks to give businesses an in-depth understanding of the sector so they can make strategic and informed decisions within it. It also provides a comprehensive overview of the industry or market being studied, highlighting key players and market segments. It is an essential tool for businesses looking to make informed decisions and gain a competitive edge in their industry.
With a well-written and comprehensive market research report, you can gain a 360-degree view of Generative AI in Life Sciences industry, including growth potential, and emerging opportunities. This will enable you to make data-backed decisions and develop strategies that are tailored to the needs of Generative AI in Life Sciences business.
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Driving Factors
Rising prevalence of chronic diseases
Chronic diseases are becoming a serious concern all over the world. According to National Health Council (NHC), around 133 million Americans, more than 40% of the country's population, are affected due to various chronic diseases. By 2020, that number is expected to rise to around 157 million, of which 81 million have multiple ailments. Also, about 8% of children aged 5 to 17 have at least one chronic illness or disability that limits their activities. More and more people are suffering from more than one chronic disease.
Digital Transformation of the Life Sciences Sector
Leading pharmaceutical companies worldwide are emphasizing digital transformation as an innovative way of resolving their critical issues due to rising costs and stringent regulations. This has led to increased investment in advanced technologies by pharma and biotech companies. Also, due to the implementation of various technological initiatives, generative AI and machine learning are gaining momentum in the pharmaceutical industry. To achieve better results and enhance productivity, various life science organizations have started to utilize these technologies due to implementing these strategic initiatives. It will likely positively impact the adoption of generative AI, a key factor expected to boost the market's growth over the forecast period.
Top Key Players:
IBM Corporation
AiCure LLC
MosaicML
NVIDIA
Insilico Medicine Inc.
Writer
HealthArk
Other Key Players
Generative AI in Life Sciences Market Segmentations
By Technology
Novel molecule generation
Protein sequence design
Synthetic gene design
Single-cell RNA sequencing
Data augmentation for model training
Other
By Application
Drug Discovery
Biotechnology
Medical Diagnosis
Clinical Trials
Precision and Personalized Medicine
Patient Monitoring
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Tracking The Market Dynamics of the Industry
The report identifies the value, recent trends, growth factors, restraints, and opportunities for the advanced study of the market over the assessment period. The pricing structure of the market is included to predict maximum industry growth in the future. To analyze the potential of Generative AI in Life Sciences Market, the report analysts deliver statistical information about market dynamics, major challenges, PEST analysis, market entry strategy Analysis, and forecasts.
Opportunity
Healthcare investments by developing nations are likely to present lucrative growth opportunities for the market.
Over the years, there has been a high development in the life sciences and healthcare sector among developing countries, particularly in the Asia Pacific and Latin America. Many countries in these regions focus on investing to a great extent in the healthcare sector. According to the latest issue of China Briefing Magazine, overall healthcare spending represented around 16% of China's total overall spending for all sectors during the first half of 2020. The life sciences and healthcare sector generated a revenue of approximately RMB 10 trillion in 2021. Also, the Chinese government has prioritized developing the healthcare sector due to the rising geriatric population and increased demand for quality health services. It is creating lucrative opportunities for major players operating in the market.
Trends
Investments in generative AI
According to estimates provided by CB Insights, in 2022, venture capitalists and investors in the United States are likely to invest $2.6 billion in 110 generative AI-focused start-ups. It is a major step towards reducing drug discovery costs and saving time. Thus, rising investments in generative AI by major investors is a promising trend likely to drive the demand for the technology in the upcoming years.
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Stay ahead of the competition: A market research report will provide you with valuable insights into the competitive landscape, enabling you to identify key players and their strategies for growth. This will help you stay ahead of the competition and develop strategies that are tailored to Generative AI in Life Sciences business needs.
Anticipate future trends: By analyzing market data and emerging trends, a market research report will enable you to anticipate future trends and adapt Generative AI in Life Sciences strategy accordingly. This will give you a significant advantage over Generative AI in Life Sciences competitors and help you capture market share.
Make informed decisions: With a comprehensive market research report, you will have access to data-backed insights and analysis, enabling you to make informed decisions that drive growth and profitability for Generative AI in Life Sciences business.
Maximize Generative AI in Life Sciences ROI: By investing in a market research report, you can maximize Generative AI in Life Sciences ROI by making data-backed decisions that minimize risk and optimize returns.
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