Artificial Intelligence In Life Sciences Market Growth Forecast: Exploring Trends and Opportunities for the Next Decade
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How has the artificial intelligence in life sciences market grown in recent years?
The market size of artificial intelligence in the life sciences sector has seen substantial expansion recently. Market growth is anticipated to rise from $2.92 billion in 2024 to $3.61 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 23.7%. The growth observed during the historic term can be traced back to rising clinical trials numbers, increased integration of AI within research and development areas, and a significant focus on precision medicine and personalized drugs development.
How is the artificial intelligence in life sciences market size expected to evolve during the forecast period?
The market size for artificial intelligence in life sciences is projected to witness substantial growth in the coming years, expanding to $8.45 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 23.7%. The predicted growth for this period is largely due to the surge in interest in real-time remote patient monitoring systems, increased requirement for AI in drug discovery, and the growing acceptance of AI in medical imaging analysis. Key trends in the forecast period include strategic alliances, product breakthroughs, technological progress, financial investments, and research and development efforts.
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Which key drivers are propelling the artificial intelligence in life sciences market’s growth?
The burgeoning attraction towards real-time remote patient monitoring (RPM) systems is predicted to stimulate the expansion of the artificial intelligence in the life sciences market in the future. A remote patient monitoring system is an innovative healthcare solution, powered by technology, to observe patients’ health beyond conventional healthcare environments. The role of AI in life sciences is crucial to remote patient monitoring, offering ongoing, individualized, and data-oriented insights that facilitate proactive health management. For example, a survey held by Livelink, a digital healthcare firm based in the US, in August 2023 discovered that clinicians’ utilization of remote patient monitoring (RPM) escalated by 20% in 2021 to 81% in 2022, marking a 305% increase. Thus, the growing interest in real-time RPM systems is fuelling the advancement of artificial intelligence in the life sciences market.
What are the market segments in the artificial intelligence in life sciences industry?
The artificial intelligence in life sciences market covered in this report is segmented –
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
Subsegments:
1) By Software: Drug Discovery Software, Genomic Analysis Software, Clinical Trial Management Software, Personalized Medicine Software, Laboratory Information Management Systems (LIMS)
2) By Hardware: AI-Enabled Laboratory Equipment, Robotics And Automation Systems, Imaging Devices And Equipment, Sensor Technologies
3) By Services: Consulting Services, Data Analytics Services, Research And Development Services, Implementation And Integration Services, Training And Support Services
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Which leading companies are shaping the growth of the artificial intelligence in life sciences market?
Major companies operating in the artificial intelligence in life sciences market report are Google LLC, Microsoft Corporation, Intel Corporation, IBM Corporation, Medtronic PLC, Nvidia Corporation, Novo Nordisk A/S, Siemens Healthineers AG, Philips Healthcare, Babylon Healthcare Services Ltd., Komodo Health Inc., Modernizing Medicine Inc., Viz.ai Inc., Butterfly Network Inc., Agueda, AiCure LLC, HealthTap Inc., Welltok Inc., Enlitic Inc., PathAI Inc., Nano-X Imaging Ltd., Berg LLC, Inserto, Sense.ly Inc., Subtle Medical Inc., Med sense Biometrics Limited, Immune, Atomwise Inc., Freenome Holdings Inc., Clouded Inc.
What key trends are currently impacting the artificial intelligence in life sciences market’s development?
Leading firms in the life sciences sector utilizing artificial intelligence are zeroing in on breakthrough products featuring advanced technology, such as software for drug discovery, in order to maintain their market standing. Drug discovery software is defined as a range of computer software and tools that aid researchers in the biotech and pharmaceutical sectors in the pursuit of novel drug discoveries. Taking this into account, in December 2023, Merck, a Germany-based company specializing in science and technology, launched AIDDISON, a revolutionary drug discovery software. This unprecedented software merges the design of virtual molecules with the practicality of real-world manufacturing, leveraging generative AI, machine learning, and computer-aided drug design. AIDDISON is adept at recognizing potential drug candidates from a myriad of possibilities, taking into account key factors such as the absence of toxicity and solubility. The software’s capability to link the design of virtual molecules with real-world manufacturability signifies a remarkable usage of artificial intelligence in the life sciences domain.
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Which geographic areas are influencing the growth of the artificial intelligence in life sciences market?
North America was the largest region in the Artificial Intelligence In Life Sciences market in 2024. 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.
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