Global Artificial Intelligence in Life Sciences Market Report and Forecast 2024-2032

Global Artificial Intelligence in Life Sciences Market Outlook

The global artificial intelligence in life sciences market size attained a value of USD 2,209.90 million in 2023, driven by the rapid technological advancements. The market is expected to grow at a CAGR of 24.7% during the forecast period of 2024-2032 to achieve a value of USD 16,077.94 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