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Global Artificial Intelligence in Life Sciences Market: By Application: Medical Diagnosis, Biotechnology, Drug Discovery, Precision and Personalized Medicine, Clinical Trials, Patient Monitoring; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics: SWOT Analysis; Competitive Landscape; Industry Events and Developments
Global Artificial Intelligence in Life Sciences Market Outlook
The global artificial intelligence in life sciences market is expected to grow at a CAGR of 28.7% during the forecast period of 2023-2028.
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Solutions Enabling Better Analysis of Data, Recommending Appropriate Treatment, and Assisting the Introduction of New Drugs Expected to Drive the Market
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.
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 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.
Applications in Robotic Assisted Surgery, along with Logistics and Supply Chain Management Expected to Boost Market Growth
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.
Market Segmentation
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By application, the market is segmented into:
- Medical Diagnosis
- Biotechnology
- Drug Discovery
- Precision and Personalized Medicine
- Clinical Trials
- Patient Monitoring
By region, the market is classified into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Players in the Global Market for Artificial Intelligence in Life Sciences
The report presents a detailed analysis of the following key players in the global artificial intelligence in life sciences market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- IBM Corporation
- NuMedii Inc.
- Atomwise Inc
- AiCure LLC
- Nuance Communications Inc.
- Others
The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*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
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Application
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Artificial Intelligence in Life Sciences Market Analysis
8.1 Key Industry Highlights
8.2 Global Artificial Intelligence in Life Sciences Historical Market (2018-2022)
8.3 Global Artificial Intelligence in Life Sciences Market Forecast (2023-2028)
8.4 Global Artificial Intelligence in Life Sciences Market by Application
8.4.1 Medical Diagnosis
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Biotechnology
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Drug Discovery
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Precision and Personalized Medicine
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2022)
8.4.4.3 Forecast Trend (2023-2028)
8.4.5 Clinical Trials
8.4.5.1 Market Share
8.4.5.2 Historical Trend (2018-2022)
8.4.5.3 Forecast Trend (2023-2028)
8.4.6 Patient Monitoring
8.4.6.1 Market Share
8.4.6.2 Historical Trend (2018-2022)
8.4.6.3 Forecast Trend (2023-2028)
8.5 Global Artificial Intelligence in Life Sciences Market by Region
8.5.1 North America
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Europe
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Asia Pacific
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Latin America
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2022)
8.5.4.3 Forecast Trend (2023-2028)
8.5.5 Middle East and Africa
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2018-2022)
8.5.5.3 Forecast Trend (2023-2028)
9 North America Artificial Intelligence in Life Sciences Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Artificial Intelligence in Life Sciences Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Artificial Intelligence in Life Sciences Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Artificial Intelligence in Life Sciences Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Artificial Intelligence in Life Sciences Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 IBM Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 NuMedii Inc.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Atomwise Inc
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 AiCure LLC
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Nuance Communications Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Others
16 Key Trends and Developments in the Market
List of Figures and Tables
1. Global Artificial Intelligence in Life Sciences Market: Key Industry Highlights, 2018 and 2028
2. Global Artificial Intelligence in Life Sciences Historical Market: Breakup by Application (USD Million), 2018-2022
3. Global Artificial Intelligence in Life Sciences Market Forecast: Breakup by Application (USD Million), 2023-2028
4. Global Artificial Intelligence in Life Sciences Historical Market: Breakup by Region (USD Million), 2018-2022
5. Global Artificial Intelligence in Life Sciences Market Forecast: Breakup by Region (USD Million), 2023-2028
6. North America Artificial Intelligence in Life Sciences Historical Market: Breakup by Country (USD Million), 2018-2022
7. North America Artificial Intelligence in Life Sciences Market Forecast: Breakup by Country (USD Million), 2023-2028
8. Europe Artificial Intelligence in Life Sciences Historical Market: Breakup by Country (USD Million), 2018-2022
9. Europe Artificial Intelligence in Life Sciences Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Asia Pacific Artificial Intelligence in Life Sciences Historical Market: Breakup by Country (USD Million), 2018-2022
11. Asia Pacific Artificial Intelligence in Life Sciences Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Latin America Artificial Intelligence in Life Sciences Historical Market: Breakup by Country (USD Million), 2018-2022
13. Latin America Artificial Intelligence in Life Sciences Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Middle East and Africa Artificial Intelligence in Life Sciences Historical Market: Breakup by Country (USD Million), 2018-2022
15. Middle East and Africa Artificial Intelligence in Life Sciences Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Global Artificial Intelligence in Life Sciences Market Structure
Key Questions Answered in the Report
The global artificial intelligence in life sciences market is projected to grow at a CAGR of 28.7% between 2023 and 2028.
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 industry trends propelling the market's growth.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major applications are medical diagnosis, biotechnology, drug discovery, precision and personalised medicine, clinical trials, and patient monitoring.
The major players in the industry are IBM Corporation, NuMedii Inc., Atomwise Inc, AiCure LLC, and Nuance Communications Inc., among others.
Analyst Review
The global artificial intelligence in life sciences market was driven by the high demand for AI solutions in the historical period. Aided by the growing investment in technologies and an increase in the amount of health and “omics-related” data generated and stored, the market is expected to grow at the CAGR of 28.7% in the forecast period of 2023-2028.
EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The major applications are medical diagnosis, biotechnology, drug discovery, precision and personalised medicine, clinical trials, and patient monitoring. The major regional markets for artificial intelligence in life sciences are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. The major players in the industry are IBM Corporation, NuMedii Inc., Atomwise Inc, AiCure LLC, and Nuance Communications Inc., among others.
EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.
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