Artificial Intelligence (AI) in Life Sciences Market Size to Worth US$ 6.7 Bn by 2030

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Ottawa, June 22, 2022 (GLOBE NEWSWIRE) —

The global artificial intelligence in life sciences market size was accounted at US$ 1.3 billion in 2021. 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.

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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 Highlights

  • 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.

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Scope of the Report

Report Attributes Details
Market Size in 2021 USD 1.3 Billion
Revenue Forecast by 2030 USD 6.7 Billion
CAGR 20% from 2022 to 2030
Base Year 2021
Forecast Year 2022 to 2030
Key Players IBM Corporation, Atomwise, Inc., Nuance Communications, Inc., NuMedii, Inc., AiCure LLC., APIXIO, Inc., Insilico Medicine, Inc., Enlitic, Inc., Sensely, Inc., Zebra Medical Vision

Regional Snapshot

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.

Market Dynamics

Driver

Growing need for clinical trials and drug discovery

Drug discovery and clinical trials are expensive affairs that involve huge recurring costs. The research, development, candidate recruitment, candidate retention, and various phases of clinical trials, each of them are very costly and the low success rate of these activities increases the costs for the company at a significant level. As per the Pharmaceutical Research and Manufacturers of America (PhRMA), the pharma companies spends around 19 % of their revenue, on an average, in the research. Therefore, the growing the growing need for controlling costs and improving outcomes is boosting the adoption of AI in life sciences field.

Restraints

Huge capital investments

The artificial intelligence is an expensive and latest technology that has gained a rapid traction across the globe and across various industry verticals. The rising need for data analytics, deep learning, machine learning, and natural language processing are the major drivers of the AI technology. However, the high capital investments in the deployment of AI in the life sciences companies may hinder the market growth during the forecast period.

Opportunity

Lack of AI experts

AI is a new technology and there is a dearth of experts and skilled staffs that can efficiently handle the AI based software and hardware systems. This automatically increases the third party services provided by the AI in life sciences market players, which increases the revenues of the AI in life sciences market players. This factor is offering the market players to generate huge revenues on recurring basis.

Challenge

Data privacy and cybersecurity

With the growing adoption of the digital technologies, the risks of malware and cyberattacks has significantly increased across the globe. The growing number of cyberattacks and rising concerns regarding the data privacy is the major challenge for the market players.

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Recent Developments

  • In June 2020, The University of Kentucky andAtomwise, entered into a strategic collaboration for small molecule discovery, to discover potential therapies for COVID-19.

Market Segmentation

By Offering

  • Software
  • Hardware
  • Services

By Deployment

  • On Premise
  • Cloud

By Application

  • Medical Diagnosis
  • Drug Discovery
  • Precision and Personalized Medicine
  • Biotechnology
  • Clinical Trials
  • Patient Monitoring

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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