Artificial Intelligence In Life Sciences Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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How Will the Artificial Intelligence In Life Sciences Market’s Growth Rate Evolve Over the Forecast Period to 2034?
The market size for artificial intelligence in the life sciences sector has witnessed a significant surge in recent times. Expectations indicate a rise from $2.92 billion in 2024 to $3.61 billion in 2025, showing a compound annual growth rate (CAGR) of 23.7%. The historic progression in this market can be credited to the growing count of clinical trials, amplified adoption of AI in research and development, and a substantial focus on the advancement of precision medicine and bespoke drugs.
The market size of artificial intelligence in life sciences is projected to experience skyrocketing growth in the coming years, reaching $8.45 billion by 2029, with a compound annual growth rate (CAGR) of 23.7%. The reasons for the anticipated surge during the forecast period include the growing interest in real-time remote patient monitoring (RPM) systems, an increasing need for AI in the domain of drug discovery, and higher adoption rates of AI in the field of medical imaging analysis. Significant trends expected to be seen during the forecast period are strategic alliances, innovative solutions, progress in technology, investments, and research and development.
Which Drivers Are Expected to Have the Greatest Impact on the artificial intelligence in life sciences Market’s Growth?
The growth of artificial intelligence in the life sciences market is expected to be propelled by the escalating interest in real-time remote patient monitoring (RPM) systems. These technology-led healthcare solutions are designed to supervise patients’ health beyond traditional healthcare environments. AI plays a crucial role in the life sciences when it comes to remote patient monitoring, offering continuous, personalized, and data-focused perspectives that facilitate proactive healthcare management. For example, a study carried out by Livelink, a digital healthcare company based in the US, revealed in August 2023 that the utilization of RPM by clinicians increased by 20% from 2021 till 2022, resulting in a total growth of 305%. Therefore, the rising interest in real-time remote patient monitoring (RPM) systems is fuelling the expansion of artificial intelligence in the life sciences market.
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Who Are the Influential Players Reshaping the Artificial Intelligence In Life Sciences Market Landscape?
Major companies operating in the artificial intelligence in life sciences market report are:
• Google LLC_x000D_
• Microsoft Corporation_x000D_
• Intel Corporation_x000D_
• IBM Corporation_x000D_
• Medtronic PLC_x000D_
What New and Evolving Trends Are Having a Lasting Impact on the Artificial Intelligence In Life Sciences Market?
Key players in the artificial intelligence for life sciences market are concentrating on developing ingenious products with technological advancements, such as software for drug discovery, to maintain their presence significantly. Drug discovery software is a collective term for computer programs and applications created to help researchers in pharmaceutical and biotech fields in the pursuit of novel drugs. To illustrate, in December 2023, Merck, a science and technology firm based in Germany, introduced AIDDISON, a revolutionary drug discovery software. As the first of its kind, AIDDISON merges virtual molecule design with real-world manufacturability, integrating generative AI, machine learning, and computer-aided drug design. It effectively identifies viable drug candidates from a multitude of options, taking into account key properties like non-toxicity and solubility. Its unique capacity to bridge the divide between virtual molecule design and real-life manufacturability marks a significant application of artificial intelligence in the life sciences domain.
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Which Key Segments Define the Structure of the Artificial Intelligence In Life Sciences Market and Their Growth Potential?
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
Which Geographic Locations Are Critical to 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.
What Are the Key Characteristics That Define the Artificial Intelligence In Life Sciences Market?
Artificial intelligence (AI) in life sciences refers to the application of AI technologies and techniques in various domains within the life sciences industry. The integration of AI in life sciences aims to enhance and expedite processes, improve decision-making, and generate valuable insights from complex data sets.
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