AI In Life Science Analytics Market: Enhancing Precision Medicine

The global market for AI in life science analytics was valued at USD 1,731.7 million in 2023 and is expected to grow to USD 3,608.1 million by 2030, reflecting a CAGR of 11.1% from 2024 to 2030. This significant growth is fueled by advancements in AI and machine learning technologies, which have improved the analysis of complex, large-scale datasets, resulting in enhanced drug discovery, personalized medicine, and patient care.

Moreover, increased investments from pharmaceutical companies and government initiatives that promote AI research and development are further driving market growth. AI’s ability to streamline clinical trials, optimize supply chain management, and enhance decision-making processes is accelerating its adoption in the life sciences sector.

Industries within life sciences concentrate on improving health through innovative medical solutions, including drug development, treatments for critical diseases, and minimally invasive surgical tools that enhance patient outcomes and recovery times. Companies are actively pursuing AI innovation in this field. For instance, in October 2023, Fujitsu Limited and RIKEN's HPC- and AI-driven Drug Development Platform Division unveiled a new AI technology capable of predicting protein structural changes from electron microscope images, generating 3D density maps using generative AI.

Key Market Trends & Insights

• In terms of region, North America was the largest revenue generating market in 2023.

• In terms of segment, cloud accounted for a revenue of USD 1,731.7 million in 2023.

• Cloud is the most lucrative delivery segment registering the fastest growth during the forecast period.

Order a free sample PDF of the AI In Life science Analytics Market Intelligence Study, published by Grand View Research.

Market Size & Forecast

• 2023 Market Size: USD 1,731.7 Million

• 2030 Projected Market Size: USD 3,608.1 Million

• CAGR (2024-2030): 11.1%

• North America: Largest market in 2023

Key Companies & Market Share Insights

The market is extremely competitive, with many companies globally investing in AI-based tools to deliver more effective analytical solutions. For instance, in September 2021, IQVIA introduced the AI-driven MI Contact Center for life sciences. This solution allows companies to disseminate information via new virtual agents, working alongside human experts to prioritize and address inquiries more efficiently.

Key Players

• Indegene

• Lexalytics

• Databricks

• SAS Institute, Inc.

• IQVIA

• IBM

• Sorcero

• Axtria

Browse Horizon Databook for Global AI In Life science Analytics Market Size & Outlook

Conclusion

AI in life science analytics market growth is driven by advancements in AI and machine learning, enhancing drug discovery, personalized medicine, and patient care. Increased investments from pharmaceutical companies and government support for AI research are also contributing to this expansion. Additionally, AI streamlines clinical trials and optimizing supply chain management. Notably, Fujitsu Limited and RIKEN recently introduced AI technology that predicts protein structural changes from electron microscope images, showcasing ongoing innovation in this sector.