As per a research study published by BCC, the demand for AI in Life Science field is expected to reach $33.5 billion from $9.8 billion by the end of 2029 with a CAGR of 27.9% from 2024 to 2029. The study was published in August 2024.
The advancement in AI technology has shown that insights can be gained from massive amount of data in a very short span of time. AI is now invading every industry and Life Sciences is no exception. As more and more biological data is emerging, so is the need to understand, diagnose and treat a variety of health problems.
The research cites a number of reasons which explains why AI is going to witness metoric rise in the field of Life Sciences.
Rising Implementation of AI Solutions in Drug Discovery and Development: – AI has shown tremendous potential in drug discovery in a short span of time and at relatively low cost than traditional means. AI can quickly analyze the data sets so that potential candidates for drug testing can be identified. Such a fast process will enable pharma research to evaluate the efficacy of their innovative drug. There are other areas where AI can severely expedite the work flow such as in clinical trial designs and in predicting trial outcomes.
Significant demand of Precision Medicine and Tailored Treatment Strategies: – There are times when a treatment has to be tailored considering the characterstics, lifestyle and environment related to the patient. Artificial Intelligence is a quick way to sift through massive amounts of data related to a patient that can help the medical experts tailor treatment with medicine in precise quantity.
AI to have a massive impact on Life Science Products : BCC Research Study
According to research, AI is extremely capable of finding novel drugs as it can screen millions of compounds at a much faster rate than conventional means. This factor alone will transform the drug development process.
The research also suggests that more and more medical supervisors will be able tailor the treatment based on genetic analysis of the patient. AI is also extremely powerful in the analysis of medical images, which can allow for diagnoses thereby reducing considerable time of the doctor.
With the help of machine learning, subtle patterns would get detected much easily, thereby allowing for early detection of the diesease.
