Press release
Surge In Remote Patient Monitoring Boosts AI Adoption In Lifesciences: An Emerging Driver Transforming The Artificial Intelligence In Life Sciences Market Landscape
Artificial Intelligence In Life Sciences
What Is the Projected Growth of the Artificial Intelligence In Life Sciences Market?
The market size of artificial intelligence in life sciences has seen an enormous growth in the past few years. Its size is projected to rise from $2.92 billion in 2024 to $3.61 billion in 2025, with a compound annual growth rate of 23.7%. The substantial growth in the historic period is due to factors such as an increase in clinical trials, a greater use of AI in research and development fields, and an intensified focus on the creation of precision medicine and personalized drugs.
The market size of artificial intelligence in life sciences is projected to witness significant expansion in the coming years. It's estimated to reach a value of $8.45 billion by 2029, with a compound annual growth rate (CAGR) of 23.7%. The anticipated growth during the forecast period is due to the rising interest in remote patient monitoring systems in real-time, the surging demand for AI in drug discovery, and the growing adoption of AI in the analysis of medical images. Key trends expected during the forecast period include strategic alliances, product innovation, technological progress, investment, and research and development.
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What Are the Different Artificial Intelligence In Life Sciences Market 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
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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What Are the Primary Drivers Shaping the Artificial Intelligence In Life Sciences Market?
The spike in attention towards real-time remote patient monitoring (RPM) systems is anticipated to fuel the expansion of artificial intelligence within the life sciences market. A remote patient monitoring system is a technologically advanced healthcare solution created to keep track of a patient's health beyond the conventional healthcare environment. AI plays a significant role in life sciences by offering constant, personalized, and data-based insights for better healthcare management. To illustrate, a survey carried out by Livelink, a digital healthcare company from the US, in August 2023 revealed a 20% rise in the use of RPM by clinicians, moving from 81% in 2021 to a staggering 305% increase in 2022. Consequently, the growing interest in real-time RPM systems is fueling the expansion of artificial intelligence in the life sciences market.
Which Companies Are Leading 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 Major Trends Shaping the Artificial Intelligence In Life Sciences Market?
Leading corporations in the life sciences' artificial intelligence market are emphasizing the innovation and technological advancement of products like drug discovery software to maintain their market stance. This software, in a nutshell, is an assortment of digital programs and applications aiding pharmaceutical and biotech researchers to discover novel drugs. For example, in December 2023, Merck, a science and technology business based in Germany, introduced AIDDISON, an innovative drug discovery software. This pioneering application flawlessly links virtual molecule design with actual manufacturability, utilizing generative AI, machine learning, and computer-assisted drug design. AIDDISON can accurately pinpoint drug prospects from a wide array of options, taking into account critical characteristics such as non-toxicity and solubility. Its unique capability to serve as a bridge between virtual molecule conception and actual manufacturability showcases an impressive application of artificial intelligence in the life sciences domain.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Artificial Intelligence In Life Sciences Market?
2. What is the CAGR expected in the Artificial Intelligence In Life Sciences Market?
3. What Are the Key Innovations Transforming the Artificial Intelligence In Life Sciences Industry?
4. Which Region Is Leading the Artificial Intelligence In Life Sciences Market?
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