AI In Life Science Analytics Market To Reach $3.6 Billion By 2030

AI in Life Science Analytics Market Growth & Trends

The global AI in life science analytics market size is anticipated to reach USD 3.6 billion by 2030 and is projected to grow at a CAGR of 10.9% from 2024 to 2030. According to a new report by Grand View Research, Inc. Key factors driving market growth include the increase in clinical trials, drug discovery, and a growing focus on rare diseases. In addition, advancements in deep learning and artificial intelligence are significantly contributing to market expansion. Rapid developments in AI within the healthcare sector and the increasing adoption of these tools by healthcare institutions to streamline workflows are anticipated to be major growth drivers. For example, in February 2024, Trinity, a global leader in life sciences commercialization, launched 'Brand Insights AI.' This new tool facilitates the development, sharing, and refinement of insights across biopharmaceutical brand research. Developed by experts with extensive technical and life sciences expertise, it enables insights and analytics teams to efficiently address brand-related questions.

“GenAI is poised to revolutionize how insights leaders harness the collective power of all their research investments to make quick, informed decisions. The deep investments Trinity has made in the latest AI innovations allow us to put the power in the hands of our clients to efficiently unearth insights from trusted past research. Brand Insights AI represents the intersection of AI and our biopharma-specific market research expertise, combined to supercharge a brand’s insights.”

-Senior Partner and Head of Insights at Trinity

Artificial intelligence is used improve supply chain, validate genetic targets and create novel compounds. The tools are used to enhance clinical trials and improve operational efficiencies while controlling the costs of the processes which is expected to positively contribute to the market growth.

Rising demand for correct and accurate diagnosis of diseases among the population is expected to drive the demand for the adoption of these models. Moreover, companies such as IBM, DeepMind and P1vital Products are working towards development of solutions for accurate diagnosis of diseases such as cancer, central nervous system disorders which is projected to boost the market growth. Moreover, with AI models the drug discovery and development process can be fast tracked which is expected to contribute to the market growth.

COVID-19 pandemic has shown positive impact on adoption of technologically advanced tools in life sciences, thereby boosting the growth of the market. The amount of data generated every day by research and development is unfathomable; thus, AI plays an important role in interpreting data, assisting in the analysis and drawing of relevant information more quickly.AI offers reliable and big data in life science, assisting companies in revamping business model and streamlining biopharma manufacturing.

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AI In Life Science Analytics Market Report Highlights

• Based on the component, the services segment led the market with the largest revenue share of 37.7% in 2023. Factors contributing to the growth include increasing adoption of digitalized services for streamlining of processes in life sciences industry

• Based on deployment, the cloud segment led the market with the largest revenue share of 51.1% in 2023. Development of cloud-based services, improvement in internet connectivity and increasing digital literacy are the important factors that contribute to the growth of cloud segment

• Based on application, the sales and marketing segment led the market with the largest revenue share of 33% in 2023, owing to increased incorporation of these tools for automation, personalization and reducing errors

• Based on end use, the pharmaceutical segment led the market with the largest revenue share of 46.3% in 2023, owing to the increased adoption of the artificial intelligence tools in drug discovery and clinical trials

• North America dominated the market with the largest revenue share of 50.23% in 2023. High digital literacy among the healthcare providers and favourable government initiatives contributed to the market growth 

AI In Life Science Analytics Market Segmentation

Grand View Research has segmented the global AI in life science analytics market report based on component, deployment, application, end-use, and region:

AI In Life Science Analytics Delivery Outlook (Revenue in USD Million, 2018- 2030)

• Cloud

• On-premise

AI In Life Science Analytics Component Outlook (Revenue in USD Million, 2018- 2030)

• Software

• Hardware

• Services

AI In Life Science Analytics Application Outlook (Revenue in USD Million, 2018- 2030)

• Research and Development

• Sales and Marketing Support

• Supply Chain Analytics

• Others

AI In Life Science Analytics End -use Outlook (Revenue in USD Million, 2018- 2030)

• Medical Devices

• Pharmaceutical

• Biotechnology

• Others

AI In Life Science Analytics Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain 

  • Sweden

  • Denmark

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • South Korea

    Singapore

  • Australia

  • Thailand

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of key players In AI in Life Science Analytics Market

• Indegene

• Lexalytics

• Databricks

• SAS Institute, Inc.

• IQVIA

• IBM

• Sorcero

• Axtria