Global Artificial Intelligence in Life Sciences Market to Reach US$ 15.4 Billion by 2032, Impelled by Increasing Need for Drug Discovery and Development

August 21, 2023 | Healthcare

According to the latest report by IMARC Group, titled “Artificial Intelligence in Life Sciences Market Report by Offering (Software, Hardware, Services), Deployment (On-premises, Cloud-based), Application (Drug Discovery, Medical Diagnosis, Biotechnology, Clinical Trials, Precision and Personalized Medicine, Patient Monitoring), and Region 2024-2032,” the global artificial intelligence in life sciences market size reached US$ 2.4 Billion in 2023. Artificial intelligence (AI) in life sciences represents a transformative integration of cutting-edge technologies in the healthcare and biotechnology sectors. AI leverages advanced algorithms and data analytics to analyze complex biological data, identify patterns, and make data-driven predictions, revolutionizing research, diagnostics, and treatments. In life sciences, AI is deployed for various purposes, including drug discovery, genomics research, medical imaging analysis, personalized medicine, and disease diagnosis. Its ability to process vast amounts of data quickly and accurately enables researchers and healthcare professionals to uncover novel insights, develop targeted therapies, and enhance patient outcomes. Integrating AI in life science can revolutionize research and healthcare, making processes more efficient, cost-effective, and personalized. As AI continues to advance, it holds the potential to drive innovation, improve healthcare efficiency, and address some of the most challenging medical problems, making it a pivotal tool in the progression of the global life sciences market.

Global Artificial Intelligence in Life Sciences Market Trends:

The growing need for efficient drug discovery processes is driving the market growth. AI-powered algorithms can analyze extensive biological and chemical data, accelerating the identification of potential drug candidates and expediting the drug development timeline. In line with this, increasing investments in AI applications by pharmaceutical companies to streamline their research and development (R&D) efforts is positively impacting the market growth. Moreover, the growing demand for personalized medicine, owing to its ability to process individual patient data, including genetic information and medical history, to optimize therapeutic outcomes and reduce the risk of adverse reactions, is creating a positive outlook for the market growth. Additionally, the increasing application of AI in medical imaging analysis and processing tools aiding in diagnosing diseases, detecting anomalies, and interpreting medical images with high accuracy is strengthening the market growth. Furthermore, the growing utilization of AI for genomics research and analysis with advanced analytical tools to uncover insights into genetic factors related to diseases and potential therapeutic targets is propelling the market growth. Besides this, the widespread integration of AI with emerging technologies like the Internet of Things (IoT) and blockchain fosters innovation in the life sciences sector, enabling real-time data collection, remote patient monitoring, and more comprehensive healthcare solutions. This, in turn, is providing a thrust to the market growth. In line with this, the growing AI-powered blockchain applications enhance data security, interoperability, and traceability, providing remunerative growth opportunities. Looking forward, the market value is projected to reach US$ 15.4 Billion by 2032, expanding at a CAGR of 22.4% during 2024-2032.

Market Summary:

  • Based on the offering, the market has been segmented into hardware, software, and services.
  • On the basis of the deployment, the market has been divided into on-premises and cloud-based.
  • Based on the application, the market has been categorized into drug discovery, medical diagnosis, biotechnology, clinical trials, precision and personalized medicine, and patient monitoring.
  • Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being AiCure LLC, Apixio Inc. (Centene Corporation), Atomwise Inc, Enlitic Inc., International Business Machines Corporation, Insilico Medicine Inc., Nuance Communications Inc., NuMedii Inc., Sensely Inc. and Sophia Genetics SA.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Offering, Deployment, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered AiCure LLC, Apixio Inc. (Centene Corporation), Atomwise Inc, Enlitic Inc., International Business Machines Corporation, Insilico Medicine Inc., Nuance Communications Inc., NuMedii Inc., Sensely Inc. and Sophia Genetics SA.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
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Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Artificial Intelligence in Life Sciences Market to Reach US$ 15.4 Billion by 2032, Impelled by Increasing Need for Drug Discovery and Development
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