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How Much Larger Is The Artificial Intelligence In Life Sciences Market Expected To Become By 2029 Compared With Its 2025 Level?
The artificial intelligence in life sciences market has experienced substantial expansion in its size over recent years. This market is projected to grow from $2.92 billion in 2024 to reach $3.59 billion by 2025, demonstrating a compound annual growth rate (CAGR) of 23.2%. Historically, this growth has been driven by factors such as a rising volume of clinical trials, the expanding integration of AI in research and development activities, and a strong focus on advancing precision medicine and personalized drugs.
The artificial intelligence in life sciences market size is projected to experience significant expansion in the coming years. It is anticipated to reach $8.42 billion by 2029, achieving a compound annual growth rate (CAGR) of 23.7%. This growth during the forecast period is primarily driven by the escalating interest in real-time remote patient monitoring (rpm) systems, the increasing need for AI in drug discovery, and the heightened integration of AI into medical imaging analysis. Prominent trends expected in this forecast period include strategic partnerships, product innovations, technological advancements, increased investments, and extensive research and development initiatives.
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Which Drivers Are Supporting Growth Of The Artificial Intelligence In Life Sciences Market?
The anticipated expansion of artificial intelligence in the life sciences market is set to be driven by the surging interest in real-time remote patient monitoring (RPM) systems in the coming period. An RPM system functions as a technology-based healthcare solution crafted to oversee patients’ health outside of traditional medical facilities. AI in life sciences makes substantial contributions to remote patient monitoring by offering uninterrupted, individualized, and data-informed insights that facilitate forward-looking healthcare management. For example, a survey carried out by Livelink, a US-based digital healthcare company, indicated in August 2023 that clinicians’ engagement with remote patient monitoring (RPM) escalated from 20% in 2021 to 81% in 2022, marking an overall increase of 305%. Hence, the escalating appeal of real-time remote patient monitoring (RPM) systems is propelling the expansion of artificial intelligence in the life sciences market.
How Is The Artificial Intelligence In Life Sciences Market Segmented?
The artificial intelligence in life sciencesmarket 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 Trends Are Impacting The Artificial Intelligence In Life Sciences Market?
Major companies in the artificial intelligence in the life sciences market are prioritizing innovative products with advanced technology, like drug discovery software, to secure their market position. Drug discovery software refers to a category of computer programs and applications designed to assist pharmaceutical and biotechnology researchers in the process of identifying new drugs. For instance, in December 2023, Merck, a Germany-based science and technology company, unveiled AIDDISON, an innovative drug discovery software. As a pioneering tool, it connects virtual molecule design with real-world manufacturability, utilizing generative AI, machine learning, and computer-aided drug design. AIDDISON efficiently pinpoints potential drug candidates from a vast range of options, considering crucial properties such as non-toxicity and solubility. Its ability to bridge the gap between virtual molecule design and real-world manufacturability is a significant application of artificial intelligence in the life sciences sector.
Which Leading Companies Dominate The Artificial Intelligence In Life Sciences Market Share?
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.
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What Are The Regional Market Dynamics Impacting The Artificial Intelligence In Life Sciences Industry?
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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