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How Has the Artificial Intelligence In Life Sciences Market Grown from 2024 to 2025?
The market size of artificial intelligence in life sciences has witnessed massive growth recently. It is predicted to increase from $2.92 billion in 2024 to $3.61 billion in 2025, with a compound annual growth rate (CAGR) of 23.7%. This growth trend during the historical period can be credited to factors such as increase in clinical trials, escalated use of AI in research and development sector, and a strong focus on developing precision medicine and personalized drugs.
What Growth Rate Is Anticipated for the Artificial Intelligence In Life Sciences Market in the Coming Years?
The market size for artificial intelligence in life sciences is predicted to witness significant growth in the coming years. It’s projected to escalate to $8.45 billion by 2029, with a compound annual growth rate (CAGR) of 23.7%. The anticipated growth during the forecast period can be ascribed to the rising interest in real-time, remote patient monitoring (rpm) systems, mounting demand for AI applications in drug discovery, and an increased propensity toward using AI in medical imagery analysis. Key trends expected to be observed over the forecast period comprise strategic alliances, novel product innovations, progress in technology, increased investments, and advanced research and development.
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Who Are the Leading Companies in 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 Are the Key Drivers of the Artificial Intelligence In Life Sciences Market?
The escalating fascination towards real-time remote patient monitoring (RPM) systems is anticipated to boost the development of artificial intelligence in the life sciences sector. The RPM system is a technologically advanced healthcare solution tailored to track the health of patients outside conventional health grounds. The influence of AI in life sciences is substantial in remote patient monitoring as it offers constant, custom-made, and insights based on data that empower active healthcare management. For example, as per a poll by Livelink, a digital health company based in the US, in August 2023, the employment of remote patient monitoring (RPM) by medical practitioners rose by 20% in 2021 and hiked to 81% in 2022, showing a 305% hike. Hence, the growing fascination with real-time remote patient monitoring (RPM) systems is fueling the progression of artificial intelligence in the life sciences marketplace.
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What Are the Key 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
What Are the Latest Trends in the Artificial Intelligence In Life Sciences Market?
Key players in the life sciences sector’s artificial intelligence market are concentrating on the creation of innovative products boosted by technological advancements, such as drug discovery software, to secure their market standing. Drug discovery software is a variety of software programs and apps developed to support researchers in the pharmaceutical and biotech industries in uncovering new drugs. For example, in December 2023, a groundbreaking drug discovery software, AIDDISON, was introduced by Merck, a Germany-based science and technology firm. This is the first software of its kind to integrate virtual molecule design with the practicality of manufacture, utilizing technologies such as generative AI, machine learning, and computer-aided drug design. AIDDISON has the ability to identify suitable drug candidates from an extensive range of possibilities, taking into account important characteristics like non-toxicity and solubility. Its capacity to act as a link between virtual molecule design and actual manufacture constitutes a significant usage of artificial intelligence in the life sciences industry.
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What Are the Key Regional Markets in 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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This Report Delivers Insight On:
1. How big is the artificial intelligence in life sciences market, and how is it changing globally?
2. Who are the major companies in the artificial intelligence in life sciences market, and how are they performing?
3. What are the key opportunities and risks in the artificial intelligence in life sciences market right now?
4. Which products or customer segments are growing the most in the artificial intelligence in life sciences market?
5. What factors are helping or slowing down the growth of the artificial intelligence in life sciences market?
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