Artificial Intelligence
The artificial intelligence in life sciences market was valued at USD 1,101.1 million in 2019, and it is estimated to be worth USD 4,893.1 million by 2025, registering a CAGR of 29.42% during the forecast period (2020 – 2025)
New York, Sept. 07, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Artificial Intelligence In Life Sciences Market – Growth, Trends, Forecasts (2020 – 2025)” – https://www.reportlinker.com/p05962021/?utm_source=GNW
– An emerging area of artificial intelligence (AI), specifically the analysis of small systems-of-interest specific datasets, can be utilized to improve drug development and personalized medicine. According to a study published in Science Translational Medicine, Quadratic Phenotypic Optimization Platform (QPOP), an AI platform is capable of substantially improving combination therapy in bortezomib-resistant multiple myeloma, which is used to identify the best drug combinations for individual multiple myeloma patients.
– Furthermore, complex diseases, such as cancer, often require effective drug combinations to make any significant therapeutic impact. As the drugs in these combination therapies become increasingly specific to molecular targets, designing effective drug combinations, as well as choosing the right drug combination for the right patient, becomes more difficult. With the high average development costs (around USD 2 billion for a new approved treatment), low clinical trial drug success rate (below 12%), low return-on-investment (ROI) due to reduced healthcare expenditure, and focus on rare diseases, drug discovery is becoming more inefficient.
– Clinical trial research is an extensive progress, which can be reduced with the help of AI in numerous ways. One is by using advanced predictive analytics on a broad range of data to identify candidates for clinical trials for target populations more quickly. Additionally, machine learning applications can make clinical trials more efficient by facilitating tasks, such as calculating ideal sample sizes, facilitating patient recruitment, and using medical records to minimize data errors.
– Artificial Intelligence (AI) presents one of the most promising and potentially transformative opportunities for the life sciences industry. AI will be a key investment target in the coming years, with myriad organizations hoping to capitalize on its potential. The number of applications is expected to continue to increase and the investors are expected to enter the AI industry early.
– The COVID-19 outbreak would have profound and lasting impacts on the health and life sciences industry. The outbreak has caused life sciences organizations to adjust to supply chain and clinical development disruptions and financial challenges that would have previously been unthinkable. In the near term, healthcare organizations would accelerate innovation to respond to the crisis. These investments would enable healthcare organizations post-COVID-19 to rethink care delivery and financing.
Key Market Trends
Clinical Trials is Expected to Hold a Significant Market Share
– Clinical trials are one of the most data-intensive tasks in the life sciences industry. They generate vast sets of data everyday monitoring, several variables of a patient under observation. Subjecting these data sets to intelligent AI algorithms can help the researchers to screen meaningful correlation even between loosely coupled data.
– This is encouraging many pharmaceutical companies and clinical research organizations to invest in technologies, like artificial intelligence. In the current market scenario, the rapid adoption of AI is widely seen in the pharmaceutical sector, who are responsible for almost 50% of the clinical trials conducted globally every year.
– Furthermore, the increasing number of clinical trials all over the world is producing colossal amounts of data that is available in the public domain. Over the forecast period, these numbers are expected to increase by at least 11%, creating new opportunities for AI in clinical trial applications, especially in Europe and North America.
– Such rapid growth in clinical trials and public availability of data is helping and encouraging many research institutes to prefer AI over traditional software solutions so that they can obtain specific results from data available in the public domain without having the entire trial procedure. Additionally, many countries, like China, the United States, and several European countries, are making clinical trial data available in the public domain supporting the growth of AI solutions, globally.
The United States is Expected to Hold a Major Share in the Market
– The United States is the largest market for AI solutions in the life sciences market, owing to the high demand for AI solutions from almost all the life sciences applications in the United States. In addition, the significant presence of pharmaceutical companies and the global demand for US pharmaceutical exports are increasingly motivating companies to invest in R&D activities.
– According to the Pharmaceutical Research and Manufacturers of America (PhRMA), the Pharmaceutical Manufacturers Association, the pharmaceutical companies in the United States spent approximately USD 80 billion worldwide on R&D in 2018, and expenditure in the companies’ domestic market of the United States contributed an overwhelming share.
– PhRMA also revealed that, on average, most pharmaceutical companies in the country spent over 19% of their total revenues in R&D activities. Moreover, PhRMA members spent around 19.5% of their combined global revenues on R&D in 2018. This share increased to approximately 22% when only considering the sales and R&D expenditure from the domestic market of the United States.
– Many pharmaceuticals companies, such as Pfizer and Johnson & Johnson, and several clinical research organizations in the country, are increasingly spending on AI solutions, and according to ClinicalTrials.gov, it is projected that by 2024 Johnson & Johnson will have the largest research and development spending among pharmaceutical companies. Also, companies, like Pfizer, despite collaborating with several AI vendors, are investing in updating their in-house AI operations to support their ongoing several drug discovery and patient monitoring processes.
Competitive Landscape
Artificial intelligence in the life sciences market is highly competitive and consists of several major players. The market appears to be moderately concentrated. The major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on artificial intelligence in life sciences technologies to strengthen their product capabilities.
– Jun 2020 – The University of Kentucky announced a research collaboration with Atomwise, an industry leader in using artificial intelligence (AI) for small molecule discovery, to explore potential COVID-19 therapies.
– Mar 2020 – IBM Watson Health and EBSCO Information Services (EBSCO) announced a strategic collaboration aimed toward enhancing clinical decision support (CDS) and operations for healthcare providers and health systems. The companies are combining their respective solution suites DynaMed and IBM Micromedex with Watson into a single, global solution called “DynaMed and Micromedex with Watson.” The combined solution suite will be designed to bring together drug and disease content, into a single source for evidence-based insights to help inform clinical decisions.
Reasons to Purchase this report:
– The market estimate (ME) sheet in Excel format
– 3 months of analyst support
Read the full report: https://www.reportlinker.com/p05962021/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
__________________________
Clare: [email protected] US: (339)-368-6001 Intl: +1 339-368-6001
Artificial Intelligence
LG CEO EMBARKS ON STRATEGIC U.S. VISIT TO ENHANCE AI INITIATIVES
AI as Key Driver for Future Growth and Customer Experience Innovation
SEOUL, South Korea, May 13, 2024 /PRNewswire/ — LG Electronics’ (LG) CEO, William Cho, has embarked on a strategic business trip to the tech-rich western United States, a hotspot for global tech titans and dynamic AI dialogues. Throughout his week-long visit, Cho will focus on key tasks such as attracting top-tier AI talent, communicating the company’s vision and strategy to global investors and attending the influential MS CEO Summit. These endeavors are integral to LG’s comprehensive strategy to accelerate the incorporation of AI into all its business sectors.
AI as a Crucial Catalyst for Future Growth and Customer Experience Innovation
Throughout his trip, Cho aims to secure top-notch expertise in the AI field, an area that has recently surfaced as a critical turning point in the industry. He plans to leverage this as a springboard for transforming LG’s future business portfolio and revolutionizing the customer experience.
Annually, LG introduces approximately 100 million products to the market. Given a product lifespan of seven years, it’s estimated that nearly 700 million LG products are currently in use worldwide. Furthermore, the usage data gained from customers interacting with these devices exceeds 700 billion hours. Cho anticipates this enormous pool of usage data will help accelerate LG’s AI progression and the 700 million products will function not just as customer touchpoints but also as service platforms.
“AI, Cloud, and Big Data are new opportunities for LG”
Cho commenced his itinerary by hosting a tech conference in North America on the 11th in Cupertino, California. This program is aimed at drawing in top-notch talent from abroad. Key participants included LG’s AI Lab management team and executives from LG’s various businesses including Park Hyoung-sei, president of the LG Home Entertainment Company; Eun Seok-hyun, president of LG Vehicle component Solutions Company; Dr. Kim Byoung-hoon, CTO and executive vice president; Kim Weon-bum, CHO and executive vice president; and Dr. Sokwoo Rhee, head of LG’s North America Innovation Center.
LG extended invitations to about 50 AI experts currently working in large tech firms and startups in the Bay Area, as well as doctoral researchers from renowned universities in North America. The conference focused on discussions about the company’s vision, R&D strategy and the future trajectory of AI technology development.
Cho expressed, “In the face of transformative shifts such as electrification, servitization and digitalization sweeping across diverse industries, the application of AI, cloud and big data is paving the way for novel approaches and opportunities.” He further elaborated, “These emerging opportunities represent a new potential frontier for us, given our extensive accumulation of core technologies and expertise.”
He also provided detailed insights into LG’s AI vision of ‘Affectionate Intelligence’, which was unveiled earlier this year at CES 2024. Cho emphasized that “AI should fundamentally be used to care for and empathize with customers, provide tangible benefits and improve the customer experience,” a sentiment that deeply resonated with the attendees.
Following this, he announced, “LG is transcending its status from a global leader in the home appliance and consumer electronics to transform into a ‘Smart Life Solution Company’ that expands and interconnects various customer spaces and experiences.” He added, “I envision us collaborating to reinvent dreams as we undertake bold ventures, fueled by optimism for a brighter future and a better life.”
At the event, CTO Kim Byung-hoon spoke on the subjects of ‘Paradigm Shift’ and ‘LG’s Innovation Roadmap for the Future’, and vice president Han Eun-jung of AI Lab discussed ‘Daily Life with AI’. Professors from the University of Southern California and New York University were also invited to present on generative AI and robotics technology. A panel discussion on the theme of ‘Evolution of AI’ also attracted significant interest from the attendees.
Transition from a Leading Home Appliance Brand to a Smart Life Solution Company
Cho’s second agenda includes hosting a non-deal roadshow (NDR) on May 13, where he will interact with key executives from globally influential investment firms based in San Francisco. His strategy aims to depict LG’s transformation to a comprehensive ‘Smart Life Solution Company’. This transition is anchored in broadening the company’s business portfolio, which includes accelerating B2B business in areas such as EV components, HVAC, built-in appliances’ and signage solutions. The expansion of platform-based services like webOS, and venturing into new areas for LG such as robotics and EV charging, are also integral to this transformation plan.
In particular, Cho plans to highlight how LG is proactively engaging in the development and application of AI in its business operations. He aims to stress that creating tangible customer touchpoints is more crucial than merely having superior AI to provide authentic value and experience to customers.
In this regard, LG’s customer touchpoints, secured through its 700 million devices spanning diverse spaces from homes to vehicles and commercial areas, present a significant advantage that is unmatched by other global companies. LG’s goal is to realize Affectionate Intelligence in our daily lives by leveraging extensive real-time life data and expertise orchestrating devices and services to accelerate AI development using its devices as platforms.
Securing Global AI Allies and Discovering New Business Opportunities at the MS CEO Summit
Cho is also scheduled to attend the MS CEO Summit, a private, invitation-only event taking place in Seattle, where Microsoft’s headquarters is located, for three days starting from May 14. This summit serves as a platform for CEOs and representatives of globally leading companies to discuss and exchange ideas on various topics, including the economic and business environment, as well as industry trends.
LG is diligently working to establish world-class AI capabilities, guided by a ‘3B strategy’ that focuses on Building internal capabilities or Borrowing and Buying external resources. Given LG’s extensive global customer touchpoints and its possession of a vast amount of multi-faceted data and customer insights, the opportunities for future collaborations with globally influential tech companies are expected to become increasingly diverse.
About LG Electronics, Inc.
LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 74,000. LG’s four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global revenue of over KRW 84 trillion in 2023. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, automotive components and solutions, and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com for the latest news.
Photo – https://mma.prnewswire.com/media/2410563/Image1__LG_CEO_EMBARKS_ON_STRATEGIC_U_S__VISIT_TO_ENHANCE_AI_INITIATIVES.jpg
Photo – https://mma.prnewswire.com/media/2410564/Image2__LG_CEO_EMBARKS_ON_STRATEGIC_U_S__VISIT_TO_ENHANCE_AI_INITIATIVES_jpg.jpg
View original content:https://www.prnewswire.co.uk/news-releases/lg-ceo-embarks-on-strategic-us-visit-to-enhance-ai-initiatives-302143111.html
Artificial Intelligence
Elevate Your Virtual Reality Experience with KIWI design RGB Vertical Stand, Now Available on Meta’s Website
LOS ANGELES, May 11, 2024 /PRNewswire/ — Top-tier VR accessories provider KIWI design has launched its latest product, the RGB Vertical Stand. This Meta-authorized accessory, designed to deepen users’ immersion in the metaverse, is now available on the official Meta website.
“KIWI design’s commitment to pushing the boundaries of virtual reality accessories takes another leap forward with the introduction of our new products,” said Ray,the CEO of KIWI design. “We are always dedicated to bringing innovative upgrades to VR device accessories, with the goal of enriching users’ virtual reality experiences.”
The newly launched RGB Vertical Stand features a user-friendly modular design with push-in assembly, making it easy to set up and use. It is compatible with Meta Quest 3, Quest 2, and Quest Pro, ensuring widespread usability. With a magnetic USB Type-C connector, it provides an effortless way to charge and display your headset. Users can also customize their display with 16 pre-set ambient multicolor RGB light options.
With VR technology constantly evolving, users are seeking more immersive experiences. As a leading manufacturer of VR accessories, KIWI design is committed to enhancing the user experience, through unique product designs. Since its establishment in 2015, KIWI design has acquired over 100 patents and has a diverse product lineup, including head straps, facial interfaces, VR stands, charging accessories, and controller grip covers.
KIWI design has also actively participated in the Made for Meta program, which is provided by Meta to strengthen its partnerships with leading brands to deliver accessories that enhance Meta products with more choice and a richer experience for everyone. KIWI design’s participation in this program validates its high-quality design standards.
The RGB Vertical Stand for Meta Quest 3, Quest 2, and Quest Pro and another specially designed authorized charging dock for the Meta Oculus Quest 2 are now available for purchase on both KIWI design’s website and Amazon. For more information about our brand and products, please visit our website and follow KIWI design on Facebook, Instagram, X, YouTube and TikTok.
https://www.kiwidesign.com/
https://www.facebook.com/KIWIdesignOfficial
https://www.instagram.com/kiwidesignins/
Tweets by KIWIdesign_shop
https://www.youtube.com/channel/UCOzFWarIschBuBfNz01Oucw
TikTok – Make Your Day
Photo – https://mma.prnewswire.com/media/2410344/image.jpg
View original content:https://www.prnewswire.co.uk/news-releases/elevate-your-virtual-reality-experience-with-kiwi-design-rgb-vertical-stand-now-available-on-metas-website-302142936.html
Artificial Intelligence
WIO Taps Gracenote to Revolutionize Television Broadcast Reporting
LOS ANGELES, May 11, 2024 /PRNewswire/ — WIO LLC, parent company of the global TV broadcast airings platform, WIOpro™, has announced a new strategic agreement with Gracenote, the global content data business unit of Nielsen, to address the longstanding challenge of accurately tracking and collecting music royalties generated by broadcast television and digital programming, With this agreement, WIO will integrate Gracenote TV program metadata and show airings into its WIOpro™ (“When’s It On – Professional”) platform enabling performance rights organizations, copyright management organizations and other entities to better monitor broadcast schedules and identify when royalties have been earned.
By integrating Gracenote historical program data into WIOpro’s new LookBack™ feature, WIO is enhancing its reporting capabilities and empowering Collection Societies, Rights Management Companies and the royalty-earning community to more easily monitor and export broadcast airings and better understand collections opportunities.
“At WIO, we are committed to empowering collection societies and copyright holders around the world with our platform tools and unprecedented access to the best and most accurate television broadcast and streaming data available,” said Shawn Pierce, Co-Founder and CEO of WIO LLC. “We have enjoyed an incredible relationship with Gracenote for 10 years. With the solidification of this agreement, we are able to deliver an unrivaled dataset to the royalty and residual community in a way that has not been offered before.” said Adam Shafron, Co-Founder and CTO of WIO LLC.
“WIO’s platform developed to solve the difficult matter of royalty tracking only becomes more powerful based on the integration of accurate, timely and comprehensive Gracenote metadata,” said Scott Monahan, Director, Strategic Partnerships, Gracenote. “We look forward to the combination of WIOpro’s technology and Gracenote’s program metadata delivering on the promise of transforming music royalty collection so that rights holders can be fairly compensated for use of their work.”
WIO and Gracenote will be at the MusicBiz 2024 conference in Nashville, TN May 13 – 16. Contact Dave Pelman, COO of WIO LLC at [email protected] for media queries or to book an appointment for a product demonstration.
About WIO:WIO is a technology company dedicated to providing broadcast television and digital programming data tailored specifically for the royalty and residual collection industry. Through its platform WIOpro (wiopro.com), users obtain access to real-time broadcast insights, reporting and curated data delivery.
About Gracenote:Gracenote is the content data business unit of Nielsen providing entertainment metadata, connected IDs and related offerings to the world’s leading creators, distributors and platforms. Gracenote enables advanced content navigation and discovery capabilities helping individuals easily connect to the TV shows, movies, music, podcasts and sports they love while delivering powerful content analytics making complex business decisions simpler.
Logo – https://mma.prnewswire.com/media/2410159/wio_gracenote.jpg
Logo – https://mma.prnewswire.com/media/2410160/powered_by_gracenote_logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/wio-taps-gracenote-to-revolutionize-television-broadcast-reporting-302142826.html
-
Artificial Intelligence6 days ago
Solar EV Charging to Bypass the Grid: A US$2.5 Billion Market by 2034, Says IDTechEx
-
Artificial Intelligence5 days ago
Körber Pharma and Siemens Take the Lead in ABI Research’s MES Software for Pharmaceutical, Biotechnology, and Cell & Gene Manufacturing Competitive Ranking
-
Artificial Intelligence5 days ago
New Momentum in Pharma Automation: ArisGlobal’s 2024 Industry Survey Report Highlights Surge in AI-Powered Safety & Regulatory Processes
-
Artificial Intelligence5 days ago
Ness Digital Engineering Acquires Intricity – a New York based company specializing in data strategy, governance, modernization, and monetization
-
Uncategorized5 days ago
Smart Waste Management Market to Reach $8.3 billion by 2032 at 15.6% CAGR: Allied Market Research
-
Artificial Intelligence3 days ago
Sanad Announces Strategic Sale Transaction with CFM Materials, Further Fostering Aviation Industry Collaborations
-
Artificial Intelligence3 days ago
Northern Data Group’s Peak Mining announces new partnership for 28MW of mining, powered by 100% renewable energy
-
Artificial Intelligence6 days ago
Imaging Endpoints Unveils New Initiative with Revolution Endpoints™, an Investment Subsidiary to Accelerate Innovation and Growth