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Artificial Intelligence In Life Sciences Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers
Artificial Intelligence In Life Sciences Market Size
The growing fascination with real-time remote patient monitoring systems is anticipated to significantly boost the expansion of artificial intelligence in the life sciences sector. A remote patient monitoring system is a healthcare solution facilitated by technology, focusing on tracking patients' health outside conventional healthcare environments. AI plays a crucial role in the life sciences field by contributing to remote patient monitoring, offering uninterrupted, customized, and data-based insights that empower proactive healthcare management. For example, a study carried out by Livelink, an American digital healthcare firm, in August 2023, showed an increase of 20% in clinicians' use of remote patient monitoring, from 81% in 2022 to an overall growth of 305% since 2021. Consequently, the rising interest in real-time remote patient monitoring systems is fuelling the expansion of artificial intelligence in the life sciences market.
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What Is the projected market size and growth rate for the artificial intelligence in life sciences market?
The size of the artificial intelligence market in life sciences has seen substantial expansion in the past few years. The market valuation is set to escalate from $2.92 billion in 2024 and reach up to $3.61 billion in 2025, recording a compound annual growth rate (CAGR) of 23.7%. The growth observed in the past can be credited to factors such as the rising number of clinical trials, amplified implementation of AI in research and development sector, and a great emphasis on developing precision medicine and personalized drugs.
Forecasted to experience a significant increase, the AI in life sciences sector anticipates achieving a valuation of $8.45 billion by 2029, growing at a considerable compound annual growth rate (CAGR) of 23.7%. The propelling factors behind this growth during the predicted period can be attributed to an increasing inclination towards real-time remote patient monitoring systems, a surging demand for AI in the field of drug discovery, and the rising integration of AI in medical image analysis. The forecast period is also predicted to witness major developments such as strategic alliances, product novelties, advanced technological enhancements, investments, as well as research and development.
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What are the most significant trends transforming the artificial intelligence in life sciences market today?
Leading businesses in the artificial intelligence in life sciences sector are trying to maintain their market position through focusing on innovative products that incorporate advanced technology, such as drug discovery software. This software category consists of various computer applications developed to aid biotechnological and pharmaceutical researchers in their journey to discover new drugs. For example, in December 2023, a science and technology company from Germany, Merck, launched an innovative drug discovery software known as AIDDISON. This software, one of its kind, merges virtual molecule design with actual manufacturability by incorporating generative AI, computer-aided drug design, and machine learning. It is efficient in identifying potential drug candidates from an array of options, accounting for key properties like non-toxicity and solubility. AIDDISON's capacity to bridge the divide between virtual molecule design and actual production marks a significant usage of artificial intelligence in the life sciences sphere.
What major market segments define the scope and growth of the artificial intelligence in life sciences market?
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 region dominates 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.
Which key market leaders are driving the artificial intelligence in life sciences industry growth?
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 Is Covered In The Artificial Intelligence In Life Sciences Global Market Report?
• Market Size Forecast: Examine the artificial intelligence in life sciences market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the artificial intelligence in life sciences market for a structured understanding.
• Key Players Overview: Analyze major players in the artificial intelligence in life sciences market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the artificial intelligence in life sciences market.
• Segment Contributions: Evaluate how different segments drive overall growth in the artificial intelligence in life sciences market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the artificial intelligence in life sciences market.
• Industry Challenges: Identify potential risks and obstacles affecting the artificial intelligence in life sciences market.
• Competitive Landscape: Review strategic developments in the artificial intelligence in life sciences market, including expansions, agreements, and new product launches.
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