IMARC Group’s report titled “Artificial Intelligence in Life Sciences Market Report by Offering (Software, Hardware, Services), Deployment (On-premises, Cloud-based), Application (Drug Discovery, Medical Diagnosis, Biotechnology, Clinical Trials, Precision and Personalized Medicine, Patient Monitoring), and Region 2024-2032“, Offers a comprehensive analysis of the industry, which comprises insights on the artificial intelligence in life sciences market share. The global artificial intelligence in life sciences market size reached US$ 2.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 15.4 Billion by 2032, exhibiting a growth rate (CAGR) of 22.4% during 2024-2032.
Industry Overview of Artificial Intelligence in Life Sciences
Artificial intelligence (AI) in life sciences analyzes vast datasets, such as patient records, genomic data, and clinical trial information, for extracting valuable insights and improving decision-making processes. It can analyze molecular structures, predict the properties of chemical compounds, and identify potential drug candidates more efficiently as compared to traditional methods. It can also optimize the design and management of clinical trials, identify suitable patient populations, and streamline the research process. It plays a pivotal role in drug discovery, disease diagnosis, and the optimization of healthcare operations. It enables the development of personalized treatment plans that help in improving treatment efficacy and reducing adverse effects by analyzing genetic data, medical histories, and treatment responses of patients. It enhances the drug discovery process, reduces costs, and increases the chances of finding effective treatments for diseases. It benefits in the early and accurate diagnosis of diseases by analyzing medical images, such as x-rays, magnetic resonance imaging (MRIs), and computed tomography (CT) scans. It assists healthcare professionals in identifying anomalies and patterns indicative of diseases, leading to faster and more precise diagnoses. It aids in monitoring the safety of drugs by analyzing adverse event reports and identifying potential safety concerns. Besides this, it provides enhanced patient experience by offering timely interventions. As it is beneficial for healthcare providers in optimizing resource allocation, predicting patient admissions, and recommending treatment plans, the demand for AI is increasing in life sciences across the globe.
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Leading Companies Operating in the Global Artificial Intelligence in Life Sciences Industry:
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AiCure LLC
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Apixio Inc. (Centene Corporation)
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Atomwise Inc
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Enlitic Inc.
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International Business Machines Corporation
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Insilico Medicine Inc.
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Nuance Communications Inc.
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NuMedii Inc.
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Sensely Inc.
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Sophia Genetics SA
What are the growth prospects and trends in the artificial intelligence in life sciences industry?
At present, the rising demand for data-driven decision-making among healthcare providers represents one of the significant factors strengthening the growth of the market. Apart from this, the increasing adoption of AI in life sciences, as it assists in identifying optimal drug combinations for complex diseases, is supporting the market growth.
Additionally, there is a rise in the demand for personalized treatment solutions among patients. This, coupled with the increasing employment of AI-driven tools for target identification, lead optimization, and clinical trial design, is offering lucrative growth opportunities to industry investors. In line with this, the growing utilization of genomics for disease diagnosis and treatment, along with the rising reliance on AI to analyze patient-specific data, tailor treatment plans, and improve therapeutic outcomes, is positively influencing the market.
Moreover, the increasing focus on AI-driven drug repurposing as a cost-effective approach to identifying new uses for existing medications is contributing to the growth of the market. Besides this, the escalating demand for AI in life sciences due to the improved healthcare infrastructure around the world is offering a positive market outlook. In addition, the rising awareness about the importance of telemedicine and remote patient monitoring is propelling the growth of the market. The increasing adoption of AI in life sciences to optimize resource allocation and reduce operational expenses is also bolstering the market growth.
Artificial Intelligence in Life Sciences Market Report Segmentation:
Breakup by Offering:
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Software
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Hardware
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Services
Breakup by Deployment:
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On-premises
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Cloud-based
Breakup by Application:
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Drug Discovery
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Medical Diagnosis
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Biotechnology
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Clinical Trials
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Precision and Personalized Medicine
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Patient Monitoring
Regional Insights:
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North America (United States, Canada)
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Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
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Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
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Latin America (Brazil, Mexico, Others)
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Middle East and Africa
Key Highlights of the Report:
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Market Performance (2018-2023)
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Market Outlook (2024-2032)
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Porter’s Five Forces Analysis
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Market Drivers and Success Factors
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SWOT Analysis
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Value Chain
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Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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