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Global Artificial Intelligence in Life Sciences Market Size, Share, Trends, Forecast: By Offering: Software, Hardware, Services; By Deployment: On-Premises, Cloud; By Application: Research and Development, Drug Discovery & Clinical Trials, Biotechnology, Others; By End User; Market Dynamics; Regional Analysis; Supplier Landscape; 2024-2032
Global Artificial Intelligence in Life Sciences Market Outlook
The global artificial intelligence in life sciences market size attained a value of USD 1772.6 million in 2023, driven by the rapid technological advancements. The market is expected to grow at a CAGR of 24.67% during the forecast period of 2024-2032 to achieve a value of USD 12990.5 million by 2032.
Artificial Intelligence in Life Sciences Market Analysis
AI-based programs are capable of scrutinising and cross-referencing through large and complex datasets quickly and accurately, resulting in a more precise list of likely drug options in a shorter duration of time. For example, Buoy Health is an AI-based chatbot that listens to patients’ health issues and related symptoms, and through algorithms, suggests the most appropriate therapy.
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Enlitic offers deep learning medical tools that assess unstructured records (images, medical history, blood tests, genome reports, EKGs) and helps doctors address patients’ real-time needs.
Drug development is a tedious, time-consuming, and expensive method that entails screening a large number of probable molecules. Further, it takes several years and a significant amount of money to introduce a new drug to the market. AI helps compile the substantial amounts of data obtained from numerous sources (such as research labs and hospitals) in a compatible format, which, in turn, is propelling the artificial intelligence in life sciences market development further.
AI also helps develop better healthcare networks and protocols, expediting their introduction in the market at a reasonable price. In 2021, EY announced the launch of EY Smart Reviewer, a novel technology-driven solution for the life sciences sector. It leveraged AI and natural language processing to help accelerate and improve the process to review materials employed to market pharmaceutical and medical device products. The EY Smart Reviewer solution enabled pharmaceutical and medical technology companies to automate the MLR process and significantly reduce review and approval timelines for modular content, driving faster speed to market for essential medicines.
Artificial Intelligence in Life Sciences Market Segmentations
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Market Breakup by Offering
- Software
- Hardware
- Services
Market Breakup by Deployment
- On-Premises
- Cloud
Market Breakup by Application
- Research and Development
- Drug Discovery and Clinical Trials
- Biotechnology
- Surgery and Treatment
- Precision and Personalized Medicine
- Medical Diagnosis
- Patient Monitoring
- Others
Market Breakup by End User
- Healthcare Providers
- Pharmaceutical and Biotechnology Companies
- Patients
- Payer
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Artificial Intelligence in Life Sciences Market Overview
The application of AI in medicine includes machine learning (ML) (virtual aspect) and deep learning (DL) (physics aspect); in DL, AI is performed by robots. Robotic surgery is a domain that has been gaining significant interest. Today, surgeries may be carried out at sites that were earlier inaccessible with the help of technology like the da Vinci surgical system. Advancements in technology have enabled interaction between humans and robots that enables human surgeons to operate surgical robots through touchless manipulation. Such manipulation is made possible through hand or head movements, voice and speech recognition, or the surgeon's gaze. These developments are expected to contribute to the artificial intelligence in life sciences market growth in the coming years.
Further, artificial intelligence (AI) is set to transform the pharmaceutical cold chain in the next few years. Companies are seeking to develop applications to utilise machine learning to generate predictive data on environmental hazards in the biopharmaceutical cold chain cycle. AI is expected to play a key role in domains including analytical decision-making (by aggregating and analysing data from several sources, AI-based systems could offer complete visibility with predictive data), supply chain management (SCM), inventory management, warehouse automation, and others.
Artificial Intelligence in Life Sciences Market: Competitor Landscape
The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:
- IBM Corporation
- NuMedii Inc.
- Atomwise Inc
- AiCure LLC
- Nuance Communications Inc.
- Databricks
- IQVIA
- SAS Institute Inc.
- Sorcero
- Indegene
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Offering |
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| Breakup by Deployment |
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| Breakup by Application |
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| Breakup by End User |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
1.1 Objectives of the Study
1.2 Key Assumptions
1.3 Report Coverage – Key Segmentation and Scope
1.4 Research Methodology
2 Executive Summary
3 Global Artificial Intelligence in Life Sciences Market Overview
3.1 Global Artificial Intelligence in Life Sciences Market Historical Value (2017-2023)
3.2 Global Artificial Intelligence in Life Sciences Market Forecast Value (2024-2032)
4 Global Artificial Intelligence in Life Sciences Market Landscape
4.1 Global Artificial Intelligence in Life Sciences Developers Landscape
4.1.1 Analysis by Year of Establishment
4.1.2 Analysis by Company Size
4.1.3 Analysis by Region
4.2 Global Artificial Intelligence in Life Sciences Product Landscape
4.2.1 Analysis by Offering
4.2.2 Analysis by Deployment
4.2.3 Analysis by Application
5 Global Artificial Intelligence in Life Sciences Market Dynamics
5.1 Market Drivers and Constraints
5.2 SWOT Analysis
5.3 Porter’s Five Forces Model
5.4 Key Demand Indicators
5.5 Key Price Indicators
5.6 Industry Events, Initiatives, and Trends
5.7 Value Chain Analysis
6 Global Artificial Intelligence in Life Sciences Market Segmentation
6.1 Global Artificial Intelligence in Life Sciences Market by Offering
6.1.1 Market Overview
6.1.2 Software
6.1.3 Hardware
6.1.4 Services
6.2 Global Artificial Intelligence in Life Sciences Market by Deployment
6.2.1 Market Overview
6.2.2 On-Premises
6.2.3 Cloud
6.3 Global Artificial Intelligence in Life Sciences Market by Application
6.3.1 Market Overview
6.3.2 Research and Development
6.3.3 Drug Discovery & Clinical Trials
6.3.4 Biotechnology
6.3.5 Surgery and Treatment
6.3.6 Precision and Personalized Medicine
6.3.7 Medical Diagnosis
6.3.8 Patient Monitoring
6.3.9 Others
6.4 Global Artificial Intelligence in Life Sciences Market by End User
6.4.1 Market Overview
6.4.2 Healthcare Providers
6.4.3 Pharmaceutical & Biotechnology Companies
6.4.4 Patients
6.4.5 Payer
6.4.6 Others
6.5 Global Artificial Intelligence in Life Sciences Market by Region
6.5.1 Market Overview
6.5.2 North America
6.5.3 Europe
6.5.4 Asia Pacific
6.5.5 Latin America
6.5.6 Middle East and Africa
7 North America Artificial Intelligence in Life Sciences Market
7.1 Market Share by Country
7.2 United States of America
7.3 Canada
8 Europe Artificial Intelligence in Life Sciences Market
8.1 Market Share by Country
8.2 United Kingdom
8.3 Germany
8.4 France
8.5 Italy
8.6 Others
9 Asia Pacific Artificial Intelligence in Life Sciences Market
9.1 Market Share by Country
9.2 China
9.3 Japan
9.4 India
9.5 ASEAN
9.6 Australia
9.7 Others
10 Latin America Artificial Intelligence in Life Sciences Market
10.1 Market Share by Country
10.2 Brazil
10.3 Argentina
10.4 Mexico
10.5 Others
11 Middle East and Africa Artificial Intelligence in Life Sciences Market
11.1 Market Share by Country
11.2 Saudi Arabia
11.3 United Arab Emirates
11.4 Nigeria
11.5 South Africa
11.6 Others
12 Patent Analysis
12.1 Analysis by Type of Patent
12.2 Analysis by Publication year
12.3 Analysis by Issuing Authority
12.4 Analysis by Patent Age
12.5 Analysis by CPC Analysis
12.6 Analysis by Patent Valuation
12.7 Analysis by Key Players
13 Grants Analysis
13.1 Analysis by year
13.2 Analysis by Amount Awarded
13.3 Analysis by Issuing Authority
13.4 Analysis by Grant Application
13.5 Analysis by Funding Institute
13.6 Analysis by NIH Departments
13.7 Analysis by Recipient Organization
14 Funding Analysis
14.1 Analysis by Funding Instances
14.2 Analysis by Type of Funding
14.3 Analysis by Funding Amount
14.4 Analysis by Leading Players
14.5 Analysis by Leading Investors
14.6 Analysis by Geography
15 Partnership and Collaborations Analysis
15.1 Analysis by Partnership Instances
15.2 Analysis by Type of Partnership
15.3 Analysis by Leading Players
15.4 Analysis by Geography
16 Regulatory Framework
16.1 Regulatory Overview
16.1.1 US FDA
16.1.2 EU EMA
16.1.3 INDIA CDSCO
16.1.4 JAPAN PMDA
16.1.5 Others
17 Supplier Landscape
17.1 IBM Corporation
17.1.1 Financial Analysis
17.1.2 Product Portfolio
17.1.3 Demographic Reach and Achievements
17.1.4 Mergers and Acquisitions
17.1.5 Certifications
17.2 NuMedii Inc.
17.2.1 Financial Analysis
17.2.2 Product Portfolio
17.2.3 Demographic Reach and Achievements
17.2.4 Mergers and Acquisitions
17.2.5 Certifications
17.3 Atomwise Inc
17.3.1 Financial Analysis
17.3.2 Product Portfolio
17.3.3 Demographic Reach and Achievements
17.3.4 Mergers and Acquisitions
17.3.5 Certifications
17.4 AiCure LLC
17.4.1 Financial Analysis
17.4.2 Financial Portfolio
17.4.3 Demographic Reach and Achievements
17.4.4 Mergers and Acquisitions
17.4.5 Certifications
17.5 Nuance Communications Inc.
17.5.1 Financial Analysis
17.5.2 Product Portfolio
17.5.3 Demographic Reach and Achievements
17.5.4 Mergers and Acquisitions
17.5.5 Certifications
17.6 Databricks
17.6.1 Financial Analysis
17.6.2 Product Portfolio
17.6.3 Demographic Reach and Achievements
17.6.4 Mergers and Acquisitions
17.6.5 Certifications
17.7 IQVIA
17.7.1 Financial Analysis
17.7.2 Product Portfolio
17.7.3 Demographic Reach and Achievements
17.7.4 Mergers and Acquisitions
17.7.5 Certifications
17.8 SAS Institute Inc.
17.8.1 Financial Analysis
17.8.2 Product Portfolio
17.8.3 Demographic Reach and Achievements
17.8.4 Mergers and Acquisitions
17.8.5 Certifications
17.9 Sorcero
17.9.1 Financial Analysis
17.9.2 Product Portfolio
17.9.3 Demographic Reach and Achievements
17.9.4 Mergers and Acquisitions
17.9.5 Certifications
17.10 Indegene
17.10.1 Financial Analysis
17.10.2 Product Portfolio
17.10.3 Demographic Reach and Achievements
17.10.4 Mergers and Acquisitions
17.10.5 Certifications
18 Global Artificial Intelligence in Life Sciences Market - Distribution Model (Additional Insight)
18.1 Overview
18.2 Potential Distributors
18.3 Key Parameters for Distribution Partner Assessment
19 Key Opinion Leaders (KOL) Insights (Additional Insight)
20 Company Competitiveness Analysis (Additional Insight)
20.1 Very Small Companies
20.2 Small Companies
20.3 Mid-Sized Companies
20.4 Large Companies
20.5 Very Large Companies
21 Payment Methods (Additional Insight)
21.1 Government Funded
21.2 Private Insurance
21.3 Out-of-Pocket
*Additional insights provided are customisable as per client requirements.
Key Questions Answered in the Report
The market attained a value of USD 1772.6 million in 2023, driven by the rising technological advancements in the market.
The market is expected to grow at a CAGR of 24.67% to attain a value of USD 12990.5 million by 2032.
The major drivers of the market include the growing investment in technologies, increasing number of clinical trials, invest in R&D activities, and rising application in initiating drug discovery and development.
The high demand for AI solutions and an increase in the amount of health and “omics-related” data generated and stored are the key trends propelling the market's growth.
The offerings in the market include software, hardware, and services.
The deployment modes in the market can be categorised into on-premises and cloud.
The technology finds wide applications in research and development, drug discovery and clinical trials, biotechnology, surgery and treatment, precision and personalized medicine, medical diagnosis, and patient monitoring, among others.
The end-users can be categorised into healthcare providers, pharmaceutical and biotechnology companies, patients, and payer, among others.
The regional markets can be categorised into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
The key players can be categorised into IBM Corporation, NuMedii Inc., Atomwise Inc, AiCure LLC, Nuance Communications Inc., Databricks, IQVIA, SAS Institute Inc., Sorcero, and Indegene.
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