From Insight to Impact: Strategic Growth Mapping in the Artificial Intelligence In Life Sciences Market
Discover trends, market shifts, and competitive outlooks for the artificial intelligence in life sciences industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research
How Has the Artificial Intelligence In Life Sciences Market Growth Performance Trended Historically, And What Lies Ahead?
Over the past few years, the market size of artificial intelligence within the life sciences sector has seen substantial expansion. Projections suggest an increase from $2.92 billion in 2024 to $3.61 billion in 2025, marking a compound annual growth rate (CAGR) of 23.7%. Factors such as a rise in clinical trials, enhanced adoption of AI in research and development, along with growing focus on precision medicine and personalized drug development have contributed to this historic growth.
In the upcoming years, the market size of artificial intelligence in life sciences is predicted to witness tremendous growth, escalating to $8.45 billion by 2029, with a CAGR of 23.7%. The surge in growth during the forecast period can be linked to a growing interest in real-time remote patient monitoring systems, a rising demand for AI in discovering new drugs, and the broadening acceptance of AI in medical imaging analysis. Foresight for this period suggests key trends to comprise strategic collaborations, innovation in products, advancement in technology, investments, and research and development projects.
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What are the Fundamental Drivers and Innovations Shaping the Artificial Intelligence In Life Sciences Market?
The escalating curiosity in real-time remote patient monitoring (RPM) technologies is expected to fuel the advancement of artificial intelligence in the life sciences sector. Remote patient monitoring system is a technologically advanced healthcare solution planned to supervise patients’ health beyond conventional healthcare environments. AI plays a pivotal role in the life sciences by offering continuous, personalized, and data-driven findings that facilitate proactive health management. For instance, as per a survey in August 2023 by Livelink, an American digital healthcare firm, the application of remote patient monitoring (RPM) by clinicians surged by 20% in 2021 to 81% in 2022, an overall increase of 305%. Consequently, the rising curiosity in real-time remote patient monitoring (RPM) tools is contributing to the expansion of artificial intelligence in the life sciences sector.
How Is the Artificial Intelligence In Life Sciences Market Segmented?
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 Regions Are Driving the Next Phase of the Artificial Intelligence In Life Sciences Market Growth?
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 Key Trends Are Shaping the Future of the Artificial Intelligence In Life Sciences Market?
Prominent firms in the life sciences artificial intelligence market are striving to maintain their market position through the advancement of innovative technology products, such as drug discovery software. Drug discovery software is a type of computer application aimed at aiding biotech and pharmaceutical researchers in the discovery of novel drugs. For example, in December 2023, Merck, a scientific and technology company based in Germany, introduced AIDDISON, a revolutionary drug discovery software. It is the first-ever software that links virtual molecule design to actual manufacturability utilizing generative AI, machine learning, and computer-supported drug design. AIDDISON can effectively pin down potential drug candidates from a plethora of possibilities while taking into account essential characteristics like non-toxicity and solubility. The software demonstrates a significant application of artificial intelligence in the sphere of life sciences by bridging the gap between virtual molecular design and actual manufacturability.
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How Is the Artificial Intelligence In Life Sciences Market Defined and What Are Its Core Parameters?
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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