Global Artificial Intelligence (AI) In Life Sciences Market to expand at a CAGR of 29.3% by 2030

Introduction

Artificial intelligence (AI) is described as a highly data-driven technology. In the life sciences industry, it is often deployed in the R&D capacities to give valuable insights from loosely connected data. Although the adoption of AI in the life sciences industry is still in its early stages, early adopters are expected to benefit from it because it will enable them to build strategic technological skills for gaining a competitive edge.

Furthermore, AI technology is gradually making its way into the public through mobile healthcare applications. The smartphone application, such as Sensely, stands to be an outstanding illustration of the commercial success of such applications. This scenario may lead to a new area of artificial intelligence that is more suitable to be applied on mobile platforms. Although the penetration of AI for voice recognition and image processing is relatively high on mobile platforms, the life sciences sector is predicted to benefit significantly from the technology.

Market Dynamics

High Emphasis on the Development of Precision Medicine and Personalized Drugs to Drive the Global Artificial Intelligence (AI) In Life Sciences Market

The influence of AI on medication development and personalized medicine is beneficial. Unlike mechanistic assumptions or predictive modeling, AI can logically create optimal drug combinations that are successful and based on genuine experimental evidence by efficiently analyzing small datasets that are particular to the disease of interest. In addition, machine learning and predictive analytics research are being conducted to tailor treatment to an individual's unique health history. Currently, the emphasis is on supervised learning, where clinicians can utilize genetic information and symptoms to narrow down diagnostic options or make an educated guess about a patient's risk, eventually leading to more effective preventive measures.

Many startups are also investing in creating applications that consider behavioral change. In addition, new cooperation between the University of Illinois at Urbana-Champaign (UIUC) and Infosys would integrate advanced machine learning technologies with advanced biocomputing and genomic applications to improve precision medicine and preventive care. The alliance intends to enhance the predictability of future disease treatment results.

Increasing Demand for AI in Drug Discovery to Provide Opportunities for the Global Artificial Intelligence (AI) In Life Sciences Market

Pharmaceutical companies are investing in artificial intelligence to improve disease target identification, chemical screening, medication design from scratch, and potency/toxicity predictions. Deep learning is ideally suited for drug development due to its unparalleled capacity to extract significant features from unprocessed raw data, regardless of the size of the data set. Consequently, this can be highly beneficial for identifying new disease targets, generating fresh leads, and predicting treatment outcomes.

AI can help expand the field of drug discovery by making predictions in newer fields of biology and chemistry. With limited data, AI can quickly identify pertinent information by extracting text from scientific articles and frequently establish connections between biomedical entities, such as drugs and proteins. In the case of amyotrophic lateral sclerosis, 50 clinical trials conducted over the past two decades have shown negative results, leaving only two licensed medications on the market that have demonstrated relatively small advantages for patients. Hence, AI has the potential to drastically revolutionize drug discovery strategies by saving enterprises vast amounts of money.

Regional Analysis

North America is the most significant shareholder in the global artificial intelligence (AI) in life sciences market and is estimated to grow at a CAGR of 26.6% during the forecast period. Almost all life science applications have a considerable demand for AI solutions, which has made the US the largest market. For applications in biotechnology, precision medicine, and drug development, there is a high need in the nation for AI solutions.

Asia-Pacific is expected to grow at a CAGR of 30.2%, generating USD 3,775 million during the forecast period. The biotechnology industry in China has seen double-digit growth, making it one of the countries with the quickest adoption rates. Additionally, significant businesses are concentrating on constructing a medication development facility in China to support market expansion.

The fastest-growing region is Europe, with Germany representing the biggest regional market for AI in the life sciences. The country has some of the best research facilities in the world, providing a suitable environment for the growth of clinical trials. According to Lymphoma Coalition, Germany recorded the highest number of clinical trials in 2018, at 120, closely followed by Italy, which conducted 119 trials. The German government is interested in the industry since it offers financial assistance for AI on a national level, including anticipated investments totaling EUR 3 billion by 2025. It also helps to employ technology advancement for the betterment of society and healthcare.

Key Highlights

• The global artificial intelligence (AI) in life sciences market was valued at USD 1,622 million in 2021. It is expected to reach USD 12,670 million by 2030, growing at a CAGR of 29.3% during the forecast period (2022-2030).
• Based on application, the market is segmented into drug discovery, biotechnology, clinical trials, medical diagnosis, precision and personalized medicine, and patient monitoring. The drug discovery segment holds a significant market share and is estimated to grow at a CAGR of 30.2% during the forecast period.
• North America is the most significant shareholder in the global artificial intelligence (AI) in life sciences market and is estimated to grow at a CAGR of 26.6% during the forecast period.

Competitive Players

1. NuMedii Inc.
2. Atomwise Inc.
3. IBM Corporation
4. AiCure LLC
5. Nuance Communications Inc.
6. Sensely Inc.
7. Sophia Genetics SA
8. Insilico Medicine Inc.
9. Enlitic Inc.
10. Apixio Inc.
11. Zebra Medical Vision
12. twoXAR Inc.

Recent Developments

• January 2024 - Deepcell, a leader in single-cell analysis driven by artificial intelligence (AI) to support profound biological discoveries, announced a research partnership with NVIDIA to expedite the creation and uptake of cutting-edge computer vision solutions in the life sciences.
• March 2024 - Klick Health introduced Klick Comment Moderator+AI (KCM+AI), the first artificial intelligence-powered social media comment moderator for the life sciences sector. With the use of Microsoft Azure AI and a proprietary Klick model that was trained on nearly 400,000 historical comments, KCM+AI improves PV identification and reporting while also boosting community management's effectiveness and interactivity.

Segmentation

1. By Technology
   1. Machine Learning (ML)
   2. Deep Learning (DL)
   3. Natural Language Processing (NLP)
   4. Others
2. By Application
   
   1. Drug Discovery
   2. Medical Diagnosis
   3. Biotechnology
   4. Clinical Trials
   5. Precision and Personalized Medicine
   6. Patient Monitoring
   7. Novel Drug Candidates
   8. Drug Optimization and Repurposing Preclinical Testing and Approval
   9. Drug Monitoring
   10.  Finding New Diseases Associated Targets and Pathways
   11.  Understanding Disease Mechanisms
   12.  Aggregating and Synthesizing Information
   13.  Formation & Qualification of Hypotheses
   14.  De Novo Drug Design
   15.  Finding Drug Targets of an Old Drug
3. By Drug Type
   1. Small Molecule
   2. Large Molecule
4. By Offering
   1. Software
   2. Services
5. By Indication
   1. Immuno-Oncology
   2. Neurodegenerative Diseases
   3. Cardiovascular Diseases
   4. Metabolic Diseases
   5. Others
6. By End user
   1. Pharmaceutical & Biotechnology Companies
   2. Contract Research Organizations (CROs)
   3. Research Centres And Academic Institutes
   4. Others