Sorcero, a provider of AI-powered solutions for the life sciences industry, announced on Tuesday its acquisition of Axiom Health, a real-world data platform focused on the medical technology industry.

Following the acquisition, the Axiom Health platform becomes Sorcero MedTech, enabling the Sorcero Intelligence Platform to become the first unified AI platform for both pharmaceutical and medical device organisations, addressing the growing demand for real-time insights across healthcare.

By integrating the former Axiom Health MedTech industry data lake with The Sorcero Intelligence Platform, Sorcero claims that it will now provide life sciences organisations with broader visibility into new market opportunities and improved patient outcomes.

Sorcero's acquisition also extends its reach into the global MedTech market, which is valued at USD595bn according to Medical Product Outsourcing.

The enhanced platform enables: cross-vertical analysis spanning pharma, medical device, and stakeholder data; rapid AI-powered insights on product development and commercialisation; complete understanding of the patient journey; stakeholder micro-targeting to understand exactly why, how, and when their product is being used, across medical devices and pharmaceutical portfolios; and enhanced market intelligence for targeted decision-making and commercial strategy.

The transaction was supported by a new investment from First Trust Capital Partners LLC and other Axiom investors.