Artificial Intelligence in Biomedical Market by Components (Hardware, Services, Software), Technology (Computer Vision, Context-Aware Computing, Machine Learning), Application, End-Users - Global Forecast 2024-2030

Artificial Intelligence in Biomedical Market by Components (Hardware, Services, Software), Technology (Computer Vision, Context-Aware Computing, Machine Learning), Application, End-Users - Global Forecast 2024-2030

The Artificial Intelligence in Biomedical Market size was estimated at USD 4.70 billion in 2023 and expected to reach USD 5.78 billion in 2024, at a CAGR 24.18% to reach USD 21.40 billion by 2030.

Artificial intelligence (AI) in the biomedical market refers to the application of machine learning algorithms, natural language processing, and computer vision techniques on large datasets generated by the biomedical sector. The increasing demand for personalized medicine necessitates advanced data analysis through AI for optimizing drug efficacy and reducing side effects. Rapid advancements in high-throughput technologies have led to an exponential increase in genomics & proteomics, requiring AI-driven analytics for accurate interpretation. Governments worldwide are taking initiatives to promote big data analytics and precision medicine. However, the high cost of implementing AI-powered biomedical solutions may adversely impact their use by the end-use sectors. Moreover, recent advancements in deep learning algorithms for predicting molecular interactions and ongoing research to expand applications of AI in biomedical are anticipated to propel the growth of artificial intelligence (AI) in the biomedical market globally.

Regional Insights

Artificial Intelligence (AI) in the biomedical market is evolving in the Americas owing to the well-established healthcare infrastructure, significant investments in AI-driven biomedical research, and the surge in the adoption of natural language processing (NLP) techniques. The European Union is also heavily investing in AI applications for biomedicine and emphasizing on developing advanced deep-learning techniques to aid in tissue engineering and regenerative medicine. In the Middle East and Africa, there is growing interest in harnessing AI for healthcare innovation to improve healthcare accessibility in resource-constrained settings. The Asia-Pacific region, led by China, Japan, and India, is experiencing rapid AI adoption in the biomedical field with significant funding for AI-driven healthcare technologies and collaborations between academia and industry to develop innovative AI-powered healthcare solutions. Besides, cutting-edge patents and proliferating research activities are expected to enhance operational efficiency, encouraging their adoption by the end-use verticals globally.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Artificial Intelligence in Biomedical Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Increasing digitalization and research in the biomedical sector worldwide
• Surge in drug discovery & development activities
• Rising demand for personalized and customized medicine

Market Restraints

• High cost associated with AI in biomedical

Market Opportunities

• Technological advancements in AI in biomedical solutions
• Favorable investment landscape for the development of AI in biomedical solutions

Market Challenges

• Concerns associated with data privacy and security

Market Segmentation Analysis

• Type: Significant penetration of AI-based biomedical software
• Application: Extensive use in drug discovery & development
• End-Users: Expanding applications of AI-based biomedical solutions in pharmaceutical companies

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Artificial Intelligence in Biomedical Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Artificial Intelligence in Biomedical Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Bionl.AI Launches Innovative Platform for No-Code Biomedical Research

Bionl.ai has recently introduced a new no-code platform for biomedical research, which harnesses the power of Artificial Intelligence. This platform offers a user-friendly interface, empowering researchers to construct and implement AI models in biomedicine swiftly. Its primary objective is to optimize the creation of AI models in biomedical research, thus enhancing efficiency and conserving valuable time and resources.

Epistemic AI launches biomedical GPT at BIO

Epistemic AI introduced GPT-Bio, a cutting-edge natural language generation technology specifically designed for the biomedical field. This advanced technology enables rapid comprehension of extensive biomedical information, facilitating the generation of actionable insights. GPT-Bio is anticipated to significantly expedite biomedical research and development efforts, contributing to breakthrough discoveries and advancements in the field.

NIH launches Bridge2AI program to expand the use of artificial intelligence in biomedical and behavioral research

The National Institute of Health (NIH) has launched the Bridge2AI program to promote using Artificial Intelligence (AI) in biomedical and behavioral research. This program funds initiatives that foster collaboration between technology developers and the biomedical research community. The overarching goal is to advance AI-driven solutions for complex healthcare challenges, including precision medicine, drug discovery, diagnostics, imaging analysis, and addressing health disparities.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Artificial Intelligence in Biomedical Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Artificial Intelligence in Biomedical Market, highlighting leading vendors and their innovative profiles. These include AiCure, LLC, Arterys Inc., Aspen Technology Inc, Atomwise Inc, Augmedix, Inc., Behold.ai Technologies Limited, BenevolentAI SA, BioSymetrics Inc., BPGbio Inc., Butterfly Network, Inc., Caption Health, Inc. by GE Healthcare, Cloud Pharmaceuticals, Inc., CloudMedX Inc., Corti ApS, Cyclica Inc, Deargen Inc, Deep Genomics Incorporated, Euretos Services BV, Exscientia plc, Google, LLC by Alphabet, Inc., Insilico Medicine, Intel Corporation, International Business Machines Corporation, InveniAI LLC, Isomorphic Labs, Novo Nordisk A/S, Sanofi SA, Turbine Ltd., Viseven Europe OU, and XtalPi Inc..

Market Segmentation & Coverage

This research report categorizes the Artificial Intelligence in Biomedical Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Components
• Hardware
• Services
• Software
• Technology
• Computer Vision
• Context-Aware Computing
• Machine Learning
• Natural Language Processing
• Querying Method
• Application
• Clinical Decision Support
• Clinical Trial Coordinators & Investigators
• Drug Discovery & Development
• Genomics & Personalized Medicine
• Medical Imaging & Radiology
• End-Users
• Biotechnology Firms
• Hospitals & Diagnostic Centers
• Pharmaceutical Companies
• Research Institutions
• Region
• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year