The global artificial intelligence (AI) in life sciences market size was estimated at USD 1,560 million in 2022 and is projected to soar USD 9,800 million in 2032, with a double digit CAGR of 20.21% from 2023 to 2032.
The global artificial intelligence (AI) in life sciences market size was estimated at USD 1,560 million in 2022 and is projected to soar USD 9,800 million in 2032, with a double digit CAGR of 20.21% from 2023 to 2032.
The global artificial intelligence in life sciences market is projected to surpass around USD 5,580 million by 2029.
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Factors Shaping AI in the Life Science Industry
The dynamic landscape of novel technologies, spearheaded by artificial intelligence, has catalyzed an escalating demand within the life sciences industry. This surge is attributed to the pressing need to streamline costs and enhance operational efficiencies in drug discovery and clinical trials, fostering global growth in AI implementation.
Driving Forces Behind AI Adoption
The proliferation of data-driven AI, coupled with technological strides in deep learning and the quest for robotic autonomy, constitutes driving forces propelling the integration of AI in life sciences. The inefficiencies plaguing drug discovery, including soaring research and development costs, diminished clinical trial success rates, and a heightened focus on rare diseases, are compelling factors propelling the adoption of AI.
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The Core Technologies Driving AI Advancements
AI comprises several pivotal technologies, with machine learning emerging as the linchpin. Deep learning, neural networks, natural language processing, and computer vision are integral components that synergize to propel AI’s capabilities. However, it is crucial to emphasize that machine learning holds the key to these advancements. Recognizing its potential exemption from patentability under certain legislations, the development of robust policies becomes imperative to safeguard intellectual property rights associated with this transformative technology.
Decoding Artificial Intelligence in the Life Sciences Landscape
Artificial Intelligence, a facet of computer science, encompasses a diverse array of methodologies aimed at enhancing machines’ prowess in making data-driven decisions and accurate event forecasts. This paradigm shift is particularly evident in the realm of life sciences, where the intricate nature and interdisciplinary aspects offer a fertile ground for AI to impact Research and Development (R&D) activities significantly.
AI’s Versatility in Life Sciences Applications
Life sciences span a spectrum of domains, and AI has found integration in various facets, particularly within the vast expanse of Big Data. Noteworthy applications include pharmaceutical research, pharmacology, drug discovery, epidemiology, clinical investigations, designing clinical trials, robotic surgery implementation, advancing radiology tools, facilitating telemedicine, and enhancing the efficiency of clinical trials.
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Machine Learning’s Transformative Impact
Machine learning emerges as a pivotal player, poised to revolutionize candidate recruitment, data storage, and analytics. This transformative technology holds the promise of refining the drug discovery process by optimizing candidate recruitment functions, mitigating errors using medical records, and streamlining clinical trials. The industry anticipates a surge in AI applications, attracting substantial investments from key players in life sciences.
Segmental Outlook
AI in the Life Science Industry is segmented based on Offering, Deployment, and application. Based on the offering, it is further segmented into software, hardware, and services. The software segment holds the major industry share in 2021. The increasing penetration of software due to the increasing demand for storing, managing, analyzing and sharing data in drug discovery and development and clinical trials has led to this segment’s growth.
The increasing demand for big data analytics is driving the demand for AI software in the global Ai in the life sciences industry. Furthermore, the software produces recurring revenue streams for industry participants over time and has thus become the greatest revenue contributor to AI in the life sciences market globally. Services, on the other hand, are predicted to be the fastest-growing segment during the forecast timeframe.
The dearth of expertise among life science specialists in the operation of AI-based hardware and software is increasing the demand for third-party service providers who supply technically qualified professionals to operate expensive AI systems. During the forecast period, this aspect is driving demand for the services sector in the worldwide AI in the life sciences industry.
Based on deployment, the industry is further segmented into on-premise and cloud. The cloud segment holds the major industry share in 2022. The increasing internet penetration, the development of innovative cloud-based services, soaring investments in the advancement of IT and telecommunications infrastructure, and the ease of operation associated with cloud-based servers are the major factors driving the growth of the cloud segment in the AI in the life science industry. This area is predicted to be the fastest-growing segment over the projection period, owing to significant investments in digital technology adoption by leading biotech and life sciences firms.
Based on application, Ai in the life sciences industry is further segmented into medical diagnosis, drug discovery, precision, and personalized medicine, biotechnology, clinical trials, and patient monitoring. The drug discovery segment dominated the industry in 2022. The rising incidence of several chronic and gene-related disorders is dramatically increasing investment in medication discovery and development. Leading pharmaceutical and biotechnology companies are continually involved in drug discovery efforts to produce new and innovative treatments for the treatment of many chronic diseases such as cancer, diabetes, cardiovascular disease, musculoskeletal disease, and infectious diseases.
Furthermore, the increasing demand for advanced and new therapies among patients has resulted in this segment’s domination in the global industry.
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- The global brain computer interface market size to reach an estimated USD 9,445.1 million by 2032 and was estimated to grow from USD 2,130 million in 2022 at 16.7% CAGR between 2023 and 2032.
North America to Soar AI in the Life Sciences Industry
North America dominated AI in the life science Industry in 2021. The United States is the leading nation in AI in the life sciences industry. This rise can be attributed to increased demand for AI technology across all life sciences applications.
According to the Pharmaceutical Research and Manufacturers of America (PhRMA), pharmaceutical companies worldwide spent approximately US$80 billion on research and development in 2018. It was stated that pharmaceutical companies invested approximately 19% of their revenues in research and development.
The numerous pharma companies and clinical research firms in the United States are increasingly investing in the adoption of AI technologies, which will sustain North America’s dominance in the global AI in the life sciences industry for the foreseeable future.
Asia Pacific on the other hand is expected to grow at the fastest rate accounting for increasing investments by various research firms in the adoption of AI software and hardware to improve operational efficiency. The inclusion of several top research organizations in the region is driving industry growth.
Competitive Landscape
Market participants in the AI in the life science industry are increasingly focusing on improving research studies of different body parts using AI and ML. Furthermore, research and development activities are key strategies used by market players to maintain their market position on a global scale. Some of the prominent players include IBM Corporation, Atomwise, Inc., Nuance Communications, Inc., NuMedii, Inc., AiCure LLC., APIXIO, Inc., Insilico Medicine, Inc., Enlitic, Inc. Sensely, Inc., Zebra Medical Vision.
Key Developments
- Pharmaspectra and IBM Watson Health announced a strategic collaboration in September 2020. The new collaboration between the two companies aimed to streamline IBM Watson health’s product portfolio by increasing its focus on innovations and new strategies that help and support IBM’s life science clients through digital transformation.
- NuMedii Inc. launch the world’s first atlas of single-cell sequencing for idiopathic pulmonary fibrosis (IPF) in July 2020 with the research collaboration with Yale School of Medicine, Brigham & Women’s Hospital, and Baylor College of Medicine assistance. The new study aimed to improve knowledge of pulmonary fibrosis by utilizing artificial intelligence.
- The University of Kentucky will collaborate with Atomwise, a leading user of artificial intelligence (AI) for small molecule discovery, to investigate potential therapies for COVID-19 disease in June 2020.
- IBM and EBSCO announced a strategic collaboration in March 2020 to improve clinical decision support for healthcare providers and health systems.
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Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations. We are a global strategy consulting firm that assists business leaders in gaining a competitive edge and accelerating growth. We are a provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations.
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