Market Overview

The global artificial intelligence in life sciences market size reached USD 2.9 Billion in 2024 and is projected to reach USD 16.7 Billion by 2033, growing at a CAGR of 21.5% during 2025-2033. The market growth is driven by the rising prevalence of complex diseases, increased AI adoption in medical imaging, integration of AI in genomics research, and its convergence with emerging technologies.

Study Assumption Years

• Base Year: 2024

• Historical Years: 2019-2024

• Forecast Period: 2025-2033

Artificial Intelligence in Life Sciences Market Key Takeaways

• Current Market Size: USD 2.9 Billion in 2024

• CAGR: 21.5%

• Forecast Period: 2025-2033

• AI's surge in biomedical data from genomic sequences and electronic health records necessitates advanced AI tools for management and analysis.

• AI accelerates drug discovery and development, significantly lowering time and costs.

• Increased regulatory support and advancements in machine learning algorithms propel market growth.

• The integration of AI with cloud computing and IoT enhances data accessibility and real-time analysis.

• North America dominates the market due to strong investment and advanced healthcare infrastructure.

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Market Growth Factors

Artificial intelligence in life sciences is primarily driven by the ever-increasing volume of biomedical data generated from genomic sequences and electronic health records. This growth in data complexity necessitates the incorporation of powerful AI tools that enable effective management, interpretation, and analysis. AI technologies are thus instrumental in unlocking valuable insights from vast biological datasets, helping advance research in genomics, proteomics, and clinical data.

Another key growth driver is AI's critical role in accelerating drug discovery and development processes. By utilizing machine learning algorithms to analyze extensive biological, chemical, and clinical trial data, AI identifies promising drug candidates rapidly and accurately. This capability significantly reduces the time and cost associated with traditional drug development, making the process more efficient and affordable. Furthermore, AI supports drug repurposing, enabling existing medications to find new therapeutic applications through biological data analysis.

Regulatory frameworks and technological advancements also bolster artificial intelligence adoption in life sciences. Growing regulatory support for AI integration in clinical settings provides clearer approval pathways, fostering greater commercial confidence. Concurrently, advancements in AI methodologies, including machine learning and computational algorithms, enhance AI systems' performance in tasks such as medical imaging, disease prediction, and personalized medicine. These combined factors stimulate market expansion and innovation.

Market Segmentation

By Offering:

• Software: The largest segment, encompassing AI tools and applications to analyze vast biological datasets, including genomics, proteomics, and clinical data, enabling precise drug discovery and patient care.

• Hardware

• Services

By Deployment:

• On-premises

• Cloud-based: The dominant segment offering scalability, flexibility, cost-effectiveness, and enabling remote collaboration and real-time data sharing.

By Application:

• Drug Discovery: The largest application segment where AI accelerates drug candidate identification, predicts pharmacokinetics and toxicity profiles, mitigates risks, and supports drug repurposing.

• Medical Diagnosis

• Biotechnology

• Clinical Trials

• Precision and Personalized Medicine

• Patient Monitoring

Regional Insights

North America leads the artificial intelligence in life sciences market with the largest share, propelled by substantial investments in AI research and development, supportive regulatory frameworks, and a highly advanced healthcare infrastructure. The region benefits from government initiatives, private sector funding, and robust intellectual property protections, making it a favorable environment for innovation and commercialization. Its extensive electronic health records and pharmaceutical industries offer a prime testing ground for AI-driven healthcare solutions.

Recent Developments & News

In 2024, Atomwise showcased the AtomNet AI Platform’s success in discovering novel chemical matter for 235 out of 318 targets, publishing findings in Nature Scientific Reports and presenting AtomNet as an alternative to high-throughput screening. In the same year, IBM partnered with the Government of Canada and Quebec, investing around CAD 187 million to enhance Canada’s semiconductor industry focusing on chip packaging and boosting R&D at IBM Canada's Bromont plant — a move expected to create high-paying jobs and strengthen supply chains.

Key Players

• AiCure LLC

• Apixio Inc. (Centene Corporation)

• Atomwise Inc

• Enlitic Inc.

• International Business Machines Corporation

• Insilico Medicine Inc.

• Nuance Communications Inc.

• NuMedii Inc.

• Sensely Inc.

• Sophia Genetics SA

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