Global Ai In Pharmaceutical Market Size By Type (Software and Services), By Application (Drug Discovery, Clinical Trial, Laboratory Automation), By Geography Scope And Forecast

Ai In Pharmaceutical Market Size And Forecast

Ai In Pharmaceutical Market size was valued at USD 942.73 Million in 2021 and is projected to reach USD 8932. 54 Million by 2030, growing at a CAGR of 30.8% from 2023 to 2030.

For the last few years, AI has really been shaking things up in the global pharmaceutical industry. More and more, these companies are embracing AI solutions for everything from discovering new drugs in the early stages to figuring out the best treatment options. AI is a major force in sparking innovation in how drugs are developed. Plus, it helps move the review process along faster, so new drugs can reach patients who need them sooner. If you want a complete picture of this market, check out the Global AI in Pharmaceutical Market report. It gives you a deep dive into the important segments, trends, what's driving growth, what's holding it back, the competitive scene, and all the other key factors that are shaping the market.

Global Ai In Pharmaceutical Market Definition

Over the past few years, the use of Ai is growing rapidly in the Pharmaceutical industry. Ai can be implemented across every aspect of the Pharmaceutical industry from drug discovery to drug development and marketing. By adopting Ai in the Pharmaceutical industry, pharma companies can make all business operations cost-effective, efficient, and hassle-free. From research and development activities, early stage of drug development to prescribing treatment options, the use of AI is growing steadily within the pharma industry.

Some of the ways AI is being applied in the Pharmaceutical industry are manufacturing process improvement, drug discovery and design, processing biomedical and clinical data, rare diseases and personalized medicine, identifying clinical trial candidates, predicting treatment results, predictive biomarkers, drug repurposing, drug adherence and dosage among others.

AI in pharmaceuticals is also useful for data mining based on the huge Pharmaceutical data and machine learning process. Furthermore, Ai is used in the pharma industry to manage clinical trials, and AI help in the process of drug development by making it more efficient and effective.

Global Ai In Pharmaceutical Market Overview

The rapid drug development across the globe is one of the key factors that is boosting the adoption of AI in the Pharmaceutical industry. For instance, according the IQVIA, an American multinational company serving the combined industries of health information technology and clinical research, a total of 300 new drugs are expected to be launched over the next three years to 2026. Therefore, there is a rising demand for advanced technologies to manage drug development efficiently. By embracing the AI solution, pharma companies are effectively lowering the cost of drug development.

The increasing use of AI by Pharmaceutical and healthcare companies is really helping the market grow! For example, a study by USM, a company that knows its stuff when it comes to things like Mobile App Development, AI, and Machine Learning, suggests that around half of all healthcare companies worldwide will be using AI in their strategies by 2025. That's huge! But, it's worth keeping in mind that the high cost of bringing AI into pharmaceutical processes might slow things down a bit. Plus, finding enough skilled people to work with AI could also be a challenge for the market in the years to come.

Finding the perfect person with the right experience can be a real struggle in the pharma world. And even though AI offers a lot, companies are wrestling with massive amounts of data that's constantly growing, changing, and sometimes just plain uncertain. But, the potential for AI in Pharmaceuticals is huge! It can help with everything from compliance to making things run smoother. That's why pharmaceutical companies are pumping more money into things like AI, hoping to discover new ways to tackle tough problems like diabetes, cancer, and chronic kidney disease. So, with all this investment in cutting-edge tech, we're expecting some exciting growth in the years to come.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global Ai In Pharmaceutical Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in global Ai In Pharmaceutical Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Global Ai In Pharmaceutical Market Segmentation Analysis

The Global Ai In Pharmaceutical Market is Segmented on the basis of Type, Application, And Geography.

Ai In Pharmaceutical Market, By Type

• Software
• Services

Based on Type, The market is segmented into Software and Services. The software segment accounted for a significant market share in the global AI in the Pharmaceutical Market in the year 2021. There is a variety of Ai software available in the market that can fulfill different industry needs. The service segment is growing at a significant growth rate over the forecast period. Many Ai companies offer AI services to the pharma industry including data analysis and processing, predictive analytics, image analysis and recognition, and AI virtual agents among others.

Ai In Pharmaceutical Market, By Application

• Drug Discovery
• Clinical Trial
• Laboratory Automation
• Others

Looking at how AI is being used, the market breaks down into areas like Drug Discovery, Clinical Trials, Laboratory Automation, and, well, Others. Drug discovery really took the lead in 2021, grabbing the biggest piece of the AI pie. You see, AI is helpful throughout the whole drug creation process, from research and development to figuring out drug design, whipping up chemical compounds, and screening potential medications. And because of AI, drug discovery is getting faster, cheaper, and more effective—we're talking predictable drug synthesis, automated compound creation, and even focusing on those rare diseases. Plus, with COVID-19 showing us the need for speed, it's no wonder the pharma industry is really paying attention to what AI can do.

Ai In Pharmaceutical Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

When we look at the world map, the AI market in the pharmaceutical industry breaks down into North America, Europe, Asia Pacific, and everywhere else. And guess what? North America was the big cheese in 2021. They grabbed the biggest piece of the pie! It's likely because they've got a super advanced pharmaceutical industry and aren't afraid to jump on new tech. Plus, you've got giants like Bristol Myers Squibb, Pfizer, and Johnson & Johnson doing major AI deals, which really fuels the whole market.

Besides, the Europe region also held a significant market share in the global AI in the Pharmaceutical Market in the year 2021. The growing adoption of advanced technologies in the pharma industry is propelling the growth of the market. The Asia Pacific region is anticipated to grow at the highest CAGR over the forecast period. Ai companies are making their way to the Asia-Pacific Pharmaceutical Market over the last few years, especially in China, India, and Japan.

Key Players

The “Global Ai In Pharmaceutical Market” study report will provide valuable insight with an emphasis on the global market including some of the major players BenevolentAI, Atomwise, Inc., Cloud Pharmaceuticals, Inc., Microsoft Corporation, Euretos, Exscientia, IBM Corporation, Insilico Medicine, BioSymetrics, NVIDIA Corporation, and Deep Genomics, among others., among others.

Our market analysis also entails a section solely among others. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Development

• In September 2022, Microsoft Corporation announced the partnership with Novo Nordisk to expedite the discovery and development of drugs leveraging Ai (AI) and big data. Under this partnership, the Microsoft Cloud and Ai (AI), and computational services, will be merged with the drug discovery, development, and data science expertise of Novo Nordisk.
• In August 2022, Atomwise announced that the company has entered a strategic and exclusive research partnership with Sanofi to use Atomwise’s Ai (AI)-driven AtomNet platform to discover and research up to five drug targets computationally.
• In January 2022, Exscientia announced the research partnership and license agreement with Sanofi for the development of up to 15 new small-molecule medicines across oncology and immunology with an end-to-end Ai (AI) driven platform of Exscientia.
• In March 2023, Mitsui & Co., Ltd., one of Japan’s largest business conglomerates, announced the collaboration with NVIDIA on Tokyo-1 — an initiative to supercharge the nation’s Pharmaceutical leaders with technology, including generative AI models and high-resolution molecular dynamics simulations for drug discovery.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

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