Insights into Artificial Intelligence In Life Sciences Market: Global Trends and Analysis

The artificial intelligence in life sciences market size has grown exponentially in recent years. It will grow from $2.35 billion in 2023 to $2.92 billion in 2024 at a compound annual growth rate (CAGR) of 24.2%. The growth in the historic period can be attributed to increasing number of clinical trials, increasing adoption of ai in the domain of r&d, high emphasis on the development of precision medicine and personalized drugs.

The artificial intelligence in life sciences market size is expected to see exponential growth in the next few years. It will grow to $6.82 billion in 2028 at a compound annual growth rate (CAGR) of 23.6%. The growth in the forecast period can be attributed to the increasing interest in real-time remote patient monitoring (rpm) systems, increasing demand for ai in drug discovery, the increasing adoption of ai in medical imaging analysis. Major trends in the forecast period include strategic partnership, product innovations, technological advacements, investments, research and developments.

Market Overview -
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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Surge In Remote Patient Monitoring Boosts AI Adoption In Lifesciences
The increasing interest in real-time remote patient monitoring (RPM) systems is expected to propel the growth of artificial intelligence in the life sciences market going forward. A remote patient monitoring system is a technology-driven healthcare solution designed to monitor patients' health outside of traditional healthcare settings. AI in life sciences contributes significantly to remote patient monitoring by providing continuous, personalized, and data-driven insights that enable proactive healthcare management. For instance, in August 2023, according to a survey conducted by Vivalink, a US-based digital healthcare company, clinicians' use of remote patient monitoring (RPM) grew by 20% in 2021 to 81% in 2022, increasing by 305%. Therefore, the increasing interest in real-time remote patient monitoring (RPM) systems is driving the growth of artificial intelligence in the life sciences market.

Competitive Landscape -
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., Augmedix, AiCure LLC, HealthTap Inc., Welltok Inc., Enlitic Inc., PathAI Inc., Nano-X Imaging Ltd., Berg LLC, Insitro, Sense.ly Inc., Subtle Medical Inc., Medasense Biometrics Limited, Immunai, Atomwise Inc., Freenome Holdings Inc., CloudMedX Inc.

Technological Advancements In The Artificial Intelligence In Life Sciences Market
Major companies operating in the artificial intelligence in the life sciences market are focusing on innovative products with technological advancements, such as drug discovery software, to sustain their position in the market. Drug discovery software refers to a category of computer programs and applications designed to assist pharmaceutical and biotechnology researchers in the process of discovering new drugs. For instance, in December 2023, Merck, a Germany-based science and technology company, unveiled AIDDISON, a groundbreaking drug discovery software. As the first-ever of its kind, it connects virtual molecule design with real-world manufacturability, using generative AI, machine learning, and computer-aided drug design. AIDDISON efficiently identifies drug candidates from vast possibilities, considering crucial properties like non-toxicity and solubility. Its ability to bridge the gap between virtual molecule design and real-world manufacturability is a notable application of artificial intelligence in the life sciences sector.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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