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Artificial Intelligence (AI) in Life Sciences Market - Forecasts from 2024 to 2029

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    Report

  • 119 Pages
  • October 2024
  • Region: Global
  • Knowledge Sourcing Intelligence LLP
  • ID: 6014288
The AI in life sciences market is projected to witness a CAGR of 25.23% during the forecast period to reach a market size of US$4.352 billion by 2029, from US$1.413 billion in 2024.

Life sciences is one of the industries witnessing a push toward more productive methods in response to escalating costs. In the life sciences industry, Artificial Intelligence (AI) typically helps to identify relationships from read-across data or generate mechanistic insight about how a tool is working. The substantial growth of AI in the life sciences market is due to the increasing volume of data generated in this sector. This data assists in producing predictable and accurate insights across various applications within the life sciences field.

In addition, growing investments in medical research are driving the creation of new treatments that rely upon faster and more efficient means for researchers to reach essential data sets by making them easily accessible. This, in turn, is fueling an increasing adoption of AI services to analyze unstructured data and draw insights related to the specific requirements of the projects, propelling the market expansion.

AI IN LIFE SCIENCES MARKET DRIVERS:

  • Growing expenditure on drug discovery is predicted to accelerate the demand for AI in life science globally.
Additionally, the high costs of drug discovery are further supporting the use of AI in life sciences. Life sciences market players, therefore, deploy artificial intelligence technology to lower costs and increase the likelihood of success for drug discovery. Discovery consumes a significantly high proportion of the costs associated with it. Hence, decreasing cost and time in drug discovery & increasing clinical trial success rates are necessary and broadly influencing the usage of AI technology in this industry.
For instance, in October 2023, Insmed, a worldwide biopharmaceutical corporation, collaborated with Google Cloud to revolutionize the life sciences sector by employing generative AI. The association focuses on decreasing time and incrementing effectiveness in creating and delivering new medications to patients. Insmed's expertise in serious and rare illnesses will be utilized to progress the method. The collaboration will aim at four key life sciences industry angles: drug discovery, development, commercialization, and empowering capacities. Projects are anticipated to be completed within the following 18 months.

AI in Life Sciences Market Geographical Outlook:

  • The North American region is anticipated to hold a substantial AI in life sciences market share.
North America shows significant growth in the global AI in life sciences market due to the early adoption of advanced technologies and the presence of key players in the U.S. The country is experiencing a growing surge in demand for AI solutions within life sciences end-user verticals. The existence of global pharmaceutical companies such as Pfizer and Johnson & Johnson in the country is expected to be a key driver for the proliferation of AI solutions for R&D in drug development and discovery. These companies are creating their own AI departments or partnering with multiple AI start-ups, which could assist them in drug discovery and patient monitoring.
Additionally, the market in the regions will experience upliftment due to increased funding of AI technology and supportive government policies for better adoption of this technology in the life sciences industry, such as the USA and Canada. The US government is promoting data sharing, which gives its healthcare AI companies an edge and can be utilized for the manufacturing of personalized medication and treatment.

Reasons for buying this report::

  • Insightful Analysis: Gain detailed market insights covering major as well as emerging geographical regions, focusing on customer segments, government policies and socio-economic factors, consumer preferences, industry verticals, other sub- segments.
  • Competitive Landscape: Understand the strategic maneuvers employed by key players globally to understand possible market penetration with the correct strategy.
  • Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape up future market developments.
  • Actionable Recommendations: Utilize the insights to exercise strategic decision to uncover new business streams and revenues in a dynamic environment.
  • Caters to a Wide Audience: Beneficial and cost-effective for startups, research institutions, consultants, SMEs, and large enterprises.

What do businesses use our reports for?

Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive Intelligence

Report Coverage:

  • Historical data & forecasts from 2022 to 2029
  • Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
  • Competitive Positioning, Strategies, and Market Share Analysis
  • Revenue Growth and Forecast Assessment of segments and regions including countries
  • Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

Market Segmentation:

The AI in Life Sciences Market is segmented and analyzed as below:
  • By Offering
    • Hardware
    • Software
    • Services
  • By Application
    • Drug Discovery
    • Clinical Trials
    • Medical Diagnosis
    • Personalized Medicine
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • Israel
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • Australia
      • India
      • Others

Table of Contents

1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base and Forecast Years Timeline
1.8. Key benefits for the stakeholders
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Research Process
3. EXECUTIVE SUMMARY
3.1. Key Findings
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
4.5. Analyst View
5. AI IN LIFE SCIENCES MARKET BY OFFERING
5.1. Introduction
5.2. Hardware
5.3. Software
5.4. Services
6. AI IN LIFE SCIENCES MARKET BY APPLICATION
6.1. Introduction
6.2. Drug Discovery
6.3. Clinical Trials
6.4. Medical Diagnosis
6.5. Personalized Medicine
6.6. Others
7. 6. AI IN LIFE SCIENCES MARKET BY GEOGRAPHY
7.1. Introduction
7.2. North America
7.2.1. By Offering
7.2.2. By Application
7.2.3. By Country
7.2.3.1. USA
7.2.3.2. Canada
7.2.3.3. Mexico
7.3. South America
7.3.1. By Offering
7.3.2. By Application
7.3.3. By Country
7.3.3.1. Brazil
7.3.3.2. Argentina
7.3.3.3. Others
7.4. Europe
7.4.1. By Offering
7.4.2. By Application
7.4.3. By Country
7.4.3.1. Germany
7.4.3.2. France
7.4.3.3. United Kingdom
7.4.3.4. Spain
7.4.3.5. Others
7.5. Middle East and Africa
7.5.1. By Offering
7.5.2. By Application
7.5.3. By Country
7.5.3.1. Saudi Arabia
7.5.3.2. Israel
7.5.3.3. UAE
7.5.3.4. Others
7.6. Asia Pacific
7.6.1. By Offering
7.6.2. By Application
7.6.3. By Country
7.6.3.1. China
7.6.3.2. Japan
7.6.3.3. South Korea
7.6.3.4. Australia
7.6.3.5. India
7.6.3.6. Others
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Market Share Analysis
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Competitive Dashboard
9. COMPANY PROFILES
9.1. IBM Corporation
9.2. Google
9.3. Microsoft Corporation
9.4. Concerto HealthAI
9.5. Atomwise, Inc.
9.6. CytoReason
9.7. Accenture
9.8. IKTOS
9.9. AiCure
9.10. NuMedii Inc
9.11. NVIDIA Corporation
9.12. A2A Pharma

Companies Mentioned

Some of the key companies profiled in this Artificial Intelligence (AI) in Life Sciences Market report include:
  • IBM Corporation
  • Google
  • Microsoft Corporation
  • Concerto HealthAI
  • Atomwise, Inc.
  • CytoReason
  • Accenture
  • IKTOS
  • AiCure
  • NuMedii Inc
  • NVIDIA Corporation
  • A2A Pharma

Methodology

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Table Information