Global Artificial Intelligence (AI) in Pharmaceutical Market Poised to Grow
Artificial intelligence (AI) in pharmaceutical refers to the use of advanced data analytics and cognitive tools to emulate human cognition in the decision-making processes in pharmaceuticals. AI tools such as machine learning, natural language processing and computer vision are being increasingly used in drug discovery, clinical trials, drug manufacturing and precision medicine applications. The pharmaceutical industry relies on AI to analyze large and complex healthcare datasets in order to develop personalized treatments for patients. AI tools are being used to accelerate drug discovery by predicting the effectiveness of potential drug candidates and their interactions with the human body at a molecular level. This saves significant time and costs compared to traditional research methods.
The Global artificial intelligence (AI) in pharmaceutical market is estimated to be valued at USD 1,108.1 Mn in 2024 and is expected to reach USD 7,776.2 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 32.1% from 2024 to 2031.
Key Takeaways
Key players operating in the Global Artificial Intelligence (AI) in Pharmaceutical market are NVIDIA Corporation, IBM Corporation, Exscientia, Insilico Medicine, Atomwise, Inc., Cloud Pharmaceuticals, Inc., Cyclica Inc., Envisagenics, Inc., Numerate, Inc., Schrödinger, Inc., Standigm, Turbine.ai, BenevolentAI, Recursion Pharmaceuticals, Owkin, Inc., XtalPi Inc., Valo Health, Absci. The companies are investing heavily in developing new AI-powered tools and platforms for drug discovery. Key players are also partnering with pharmaceutical companies and research institutes to leverage their expertise in AI and healthcare.
The Global Artificial Intelligence (AI) In Pharmaceutical Market Demand is creating new opportunities for AI providers to develop tailored treatment plans for patients. AI is allowing for more predictive, preventive, participatory and evidence-based personalized healthcare. Pharmaceutical companies are utilizing AI techniques like predictive analytics and machine learning to better understand treatment response variability and identify biomarkers for patient stratification.
North America dominated the AI in pharmaceutical market in 2021 owing to extensive investments in developing AI algorithms for healthcare applications by tech companies and research organizations in the US. However, Asia Pacific is expected to grow at a high CAGR during the forecast period with increasing investments by Chinese and Indian governments in AI and healthcare sectors. Major players are also expanding into Asia to tap the growing opportunities in drug discovery and clinical trials.
Market Drivers
Global Artificial Intelligence (AI) In Pharmaceutical Market Size And Trends and big data analytics to boost R&D productivity and efficiency. AI can analyze huge genomic and clinical datasets faster than humans to accelerate drug development processes.
Rising focus on developing personalized medicines tailored to individual patient's genetic profile and treatment history using AI techniques like machine learning. AI methods allow for data-driven precision in medicine by understanding treatment response variability among patients.
Market Restrain
Limited labeled healthcare data availability for training advanced AI models. Medical datasets involve privacy concerns which restrict their use for commercial applications.
Regulatory challenges around the approval of AI-based healthcare products and ensuring their safety, efficacy and quality. Complex regulations and lack of industry-wide standards can slow the adoption of AI.
Concerns around AI models exhibiting unintended biases if the training data is not diverse and balanced enough. In healthcare, even small biases can significantly impact treatment outcomes.
Segment Analysis
Artificial intelligence in pharmaceutical market is dominated by deep learning and machine learning sub segments. Deep learning AI tools help analyze huge amount of medical data like medical records, pathogenesis, medical images to derive insights. They are widely adopted by pharmaceutical companies to speed up drug discovery process and for personalized treatment recommendations. Machine learning tools assist in compound screening, toxicology analysis and clinical trial monitoring. Rise in healthcare and genomic data and need for deriving insights from it is driving demand for deep learning and machine learning based AI technologies in pharma industry.
Global Analysis
North America dominates global AI in pharmaceutical market owing to presence of major pharmaceutical companies, AI technology providers and funding for AI drug development research in the region. Growing pharma R&D investments and deployments of AI for accelerating drug discovery are contributing to North America's leading position. Asia Pacific is fastest growing region for AI in pharma driven by increasing healthcare expenditures, government initiatives for precision medicine and expanding pharma industry in major countries like China and India. Increasing focus on AI driven drug repositioning and clinical trials in Asia Pacific is a key factor for its rapid growth. Europe too is a prominent regional market driven by government funding for AI in life sciences domain.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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