by Bob Berkman
May 6, 2024
AI Technology, Life Sciences, Medical Education and Energy Markets Emerge as Hotspots for Product Development and Growth Strategies
Rockville MD, May 6, 2024 – New product rollouts have been in the spotlight for Science, Technology, Medical (STM) online publishers. AI technology is a significant driver of product development, but there is also considerable development activity beyond that realm.
That’s one of the major findings of the just released Global STM Online Services 2024-2028 report by Simba Information, which has sized the overall STM online services market at $9.2 billion at the publisher level in 2023; forecast to reach $11.1 billion in 2028.
In addition to integrating AI, online products for the medical market are being developed to address a range of market challenges and opportunities. Among these are shortages of medical personnel, new technology that can offer more effective medical education, and the need for products that provide a bridge between education and real-world healthcare. New product highlights include a proliferation of advanced simulations for education about anatomy, as well as complex simulations that allow students to develop their critical thinking in complex patient care scenarios.
After user testing in 2023, Elsevier launched Scopus AI in January 2024. The new product offers a range of benefits for users, including expanded and enhanced summaries, improved ability to identify foundational research and more efficient identification of leading experts.
AI technology is also being applied in Elsevier’s medical segment. ClinicalKey AI was released in February 2024, in partnership with OpenEvidence, a company specializing in AI for medicine. The new product will be optimized for natural language inquiries, offer summarized responses including cited references, and will offer consideration to patient context, such as co-morbidities, when prompted.
In October 2023, Wolters Kluwer launched AI Labs, which will serve as a collaboration resource bringing generative AI to UpToDate clinical reference. AI Labs has access to the complete set of UpToDate’s evidence-based content and graded recommendations across more than 25 medical specialties. The company sees its speed of delivering expert, succinct content as an important benefit, that could be highly valued in medical emergencies and for Emergency Departments.
In chemistry, AI technology is in development for Elsevier’s Reaxys platform. The company announced a partnership with Iktos, which specializes in AI applications for drug discovery. The partnership aims to devise synthetic AI planning technologies for Reaxys.
In the scientific segment, the life sciences industry is capturing the attention of publishers. The American Chemical Society announced its new initiative to target drug discovery in the industry. Its strategy will center on molecular biologists and medicinal chemists in the early stages of research. At Clarivate, the company launched a new enhanced search platform that employs AI for its Life Sciences & Healthcare segment. In addition, Clarivate acquired MotionHall, a Silicon Valley startup that specializes in AI solutions for the life sciences sector.
The new Simba report provides a comprehensive, multi-dimensional view of the market landscape. This report provides analysis of the macro environment, growth drivers, and changes in the competitive hierarchy. M&A activity is assessed to discern important patterns and shifts in the market structure.
Publisher-level analysis includes performance trends, publishing strategies, and product development activity. A near-term outlook is provided for leading publishers and the long-term forecast projects overall market growth, including expectations for specific product forms.
About The Freedonia Group
The Freedonia Group, a division of MarketResearch.com, is a premier international business research company, providing clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. The Freedonia Group’s brands also include Packaged Facts, a trusted provider of consumer market research on food & beverage, pet products and services, demographics, and financial services, and Simba Information, the leading authority for market intelligence and forecasts on the education and professional publishing industries. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.
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