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Artificial Intelligence (AI) in Life Sciences Market Size to Hit US$ 6.7 Billion by 2030
According to Precedence Research, the global Artificial Intelligence (AI) in Life Sciences market size was valued at US$ 1.3 billion in 2021 and it is expected to reach around US$ 6.7 billion by 2030 with a registered CAGR of 20% from 2022 to 2030.
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The rising technological advances and rapid emergence of the novel technologies like artificial intelligence and its rising applications across various industries has led to the increased demand for the AI in the life sciences industry. The rising need for controlling costs and enhancing the operational efficiencies in the drug discovery and clinical trials is fostering the growth of the AI in life sciences market across the globe.
The rapidly emerging data based AI, technological advances in the deep learning, and growing need for achieving autonomy in robotics are expected to boost the demand for the AI technology in the life sciences industry. The inefficiency of the drug discovery process due to factors such as high costs of research and development, low success rate in clinical trials, and growing focus on rare diseases is fueling the adoption of the AI in life sciences to improve efficiency and reduce costs. The machine learning technology can enhances the candidate recruitment functions, data, storage, and data analytics, which is anticipated to fuel the market growth during the forecast period.
Report Scope of the Artificial Intelligence (AI) in Life Sciences Market
|Market Size by 2030||USD 6.7 Billion|
|Growth Rate from 2022 to 2030||CAGR of 20%|
|Largest Market||North America|
|Fastest Growing Region||Europe|
|Forecast Period||2022 to 2030|
|Segments Covered||Offering, Deployment, Application, Geography|
- By offering, the software segment dominated the market, owing to the rising adoption of the software among the life science companies. This is attributed to the rising importance and need for data collection, processing, management, and analytics. The software can offer various benefits related to the data.
- By deployment, the cloud segment dominated the market. The rising penetration of internet and rising advances in the IT and telecommunications industry has led to the development of advanced cloud based servers that can improve the operations of the organization as per their requirements and can easily store, manage, and share data.
- Based on application, the drug discovery segment dominated the market owing to the rising adoption of Ai in the drug discovery process. The AI can efficiently control costs and improve the operational efficiency in the drug discovery activities.
North America led the global AI in life sciences market. US was the major driver of the North America AI in life sciences market in 2021. The US is known to be the home of the several leading biotech and pharma companies that are the major investors in the research and development, drug discovery, and clinical trial activities. The increased demand for the AI technology among the research organizations and the pharmaceutical companies has led to the dominance of North America in the AI in life sciences market. Approximately US$80 billion was invested on research and development by the pharmaceutical companies in 2018 across the globe, as per the data of Pharmaceutical Research and Manufacturers of America (PhRMA). US leads the globe in terms of new drug discovery and development and it holds the property rights of the majority of the drugs that has been recently developed.
Asia Pacific is the home to several top research organizations that are the major drivers of the AI in life sciences market in Asia Pacific. The presence of top research institutions and rising investments in the research studies of various diseases and its treatment has bolstered the demand for the AI hardware and software in Asia Pacific region. The growing government investments towards advancing the medical infrastructure and rising pharma FDIs in the region is expected to boost the growth of the market in the forthcoming years.
Some of the prominent players in the global AI in life sciences market include:
- IBM Corporation
- Atomwise, Inc.
- Nuance Communications, Inc.
- NuMedii, Inc.
- AiCure LLC.
- APIXIO, Inc.
- Insilico Medicine, Inc.
- Enlitic, Inc.
- Sensely, Inc.
- Zebra Medical Vision
Segments Covered in the Report
- On Premise
- Medical Diagnosis
- Drug Discovery
- Precision and Personalized Medicine
- Clinical Trials
- Patient Monitoring
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
- North America [United States, Canada, Mexico]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
- Middle East & Africa [GCC, North Africa, South Africa]
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