Artificial Intelligence In Life Sciences Market Overview 2024: Size, Growth Drivers, and Major Segments
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What is the Expected Growth Rate of the Artificial Intelligence In Life Sciences Market from 2024 to 2033?
The artificial intelligence in life sciences market has expanded, going from $2.35 billion in 2023 to $2.92 billion in 2024 at a CAGR of 24.2%. Factors include an increase in clinical trials, the adoption of AI in R&D, and a focus on precision medicine and personalized drug development.
Artificial intelligence in life sciences is projected to grow to $6.82 billion by 2028 at a CAGR of 23.6%, driven by real-time remote patient monitoring, AI in drug discovery, and medical imaging analysis. Trends include strategic partnerships, product innovation, and R&D investments.
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What Key Factors Are Fueling the Growth of the Artificial Intelligence In Life Sciences Market?
The rising interest in real-time remote patient monitoring (RPM) systems is expected to fuel the growth of artificial intelligence in the life sciences market. RPM systems allow healthcare professionals to monitor patients’ health outside traditional settings. AI enhances RPM by providing continuous, personalized insights that help manage healthcare proactively. A survey by Vivalink showed a 305% increase in RPM usage among clinicians from 2021 to 2022, from 20% to 81%. This growing interest in RPM is propelling AI growth in the life sciences sector.
What Are the Major Segments of the Artificial Intelligence In Life Sciences Market?
1) By Offering: Software, Hardware, Services
2) By Deployment: On-Premises, Cloud-Based
3) By Application: Drug Discovery, Medical Diagnosis, Biotechnology, Clinical Trails, Precision and Personalized Medicine, Patient Monitoring
What New Trends Are Transforming the Artificial Intelligence In Life Sciences Market?
Major companies in the artificial intelligence in life sciences market are focusing on innovative products like drug discovery software to strengthen their market position. For example, in December 2023, Merck, a Germany-based company, unveiled AIDDISON, a drug discovery software that connects virtual molecule design with real-world manufacturability. This software uses generative AI, machine learning, and computer-aided drug design to identify promising drug candidates based on critical properties such as non-toxicity and solubility.
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Which Regions Are Driving Growth in the Artificial Intelligence In Life Sciences Market?
North America was the largest region in the Artificial Intelligence In Life Sciences market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in life sciences market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Artificial Intelligence In Life Sciences Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the artificial intelligence in life sciences market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Artificial Intelligence In Life Sciences Market Include
1. Artificial Intelligence In Life Sciences Market Executive Summary
2. Artificial Intelligence In Life Sciences Market Segments
3. Artificial Intelligence In Life Sciences Market Size And Template Market Growth Rate
4. Key Artificial Intelligence In Life Sciences Market Trends
5. Major Artificial Intelligence In Life Sciences Market Drivers
……
25. Key Mergers And Acquisitions In The Artificial Intelligence In Life Sciences Market
26. Top Artificial Intelligence In Life Sciences Companies
27. Artificial Intelligence In Life Sciences Market Opportunities And Strategies
28. Artificial Intelligence In Life Sciences Market, Conclusions And Recommendations
29. Appendix
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