Artificial Intelligence in Life Sciences Market Size to Grow at a CAGR of 24.67% by 2031
The ‘Global Artificial Intelligence in Life Sciences Market Size, Report and Forecast 2023-2031’ by Expert Market Research, gives an extensive outlook of the global artificial intelligence in life sciences market, assessing the market on the basis of its segments like application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Artificial Intelligence in Life Sciences Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2016-2031)
• Forecast CAGR (2023-2031): 24.67%
Growing AI applications in the life sciences sector are anticipated to boost the growth of the global artificial intelligence in life sciences market. While internet giants like Google, Apple, and Amazon have used artificial intelligence (AI) for years, big pharma and the life sciences, notably biomedicine and healthcare, have been increasingly using AI.
The market benefited from the life sciences and biopharma firms’ growing reliance on AI during COVID-19 to choose potential vaccine and medication candidates, organise virtual trials, speed up remote drug research, and improve supply chain resilience.
Artificial Intelligence in Life Sciences Industry Definition and Major Segments
Data mining, engineering, real-time analysis, and algorithmic-driven analysis are made possible by AI and aid in the pharmaceutical industry’s ability to respond to major business value chain disruptions. These areas include AI-driven drug discovery, shortened clinical trial cycle times, supply chain transformation, product failure prediction, risk management, real-time medical device analysis and visualisation, behavioural sciences, improving reporting systems, and developing new drugs.
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By application, the market is segmented into:
• Medical Diagnosis
• Drug Discovery
• Precision and Personalized Medicine
• Clinical Trials
• Patient Monitoring.
The EMR report looks into the regional markets of artificial intelligence in life sciences like:
• North America
• Latin America
• Asia Pacific
• Middle East and Africa
Artificial Intelligence in Life Sciences Market Trends
Machine learning (ML) and deep learning (DL) are two ways that AI is used in medicine. Deep learning (DL) is AI that is carried out by robots. The field of robotic surgery has recently attracted a lot of attention. Surgery can now be performed at locations that were previously unreachable thanks to technology like the da Vinci surgical system.
Technology advancements have made it possible for humans and robots to interact, enabling touchless operation by human surgeons of surgical robots. Through the use of hand or head motions, voice and speech recognition, or the surgeon’s gaze, such manipulation is made possible. In the coming years, these advancements are anticipated to help the market for artificial intelligence in life sciences to flourish.
AI may potentially lower the costs associated with research and development (R&D). To take advantage of the prospects presented by the technology, a number of significant pharmaceutical corporations have teamed with or purchased AI companies; these affiliations concentrate on both clinical trials and drug discovery. Process automation, large-scale data analysis, and stakeholder interaction are all supported by AI technologies.
Government efforts to promote the use of AI in research activities are fueling the market’s steady expansion. The market expansion is anticipated to be supported by increased investments made by life sciences businesses in artificial intelligence, cognitive computing developments, and machine learning techniques.
Key Market Players
The major players in the global artificial intelligence in life sciences market are:
- IBM Corporation
- NuMedii Inc
- Atomwise Inc
- AiCure LLC
- Nuance Communications Inc
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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