AI in the Pharmaceutical Market Size to Worth Around USD 9.24 Bn by 2030
The global AI in pharmaceutical market size is expected to be worth around USD 9.24 billion by 2030 from valued at USD 905.91 million in 2021 with a CAGR of 29.4% from 2021 to 2030.
Adoption of AI and machine learning is rapidly growing across the pharmaceutical industry, as it offers technological decision making capabilities, improve production efficiency and it helps to improve efficiency of clinical trials. Real time data output is an additional market driving factor in pharmaceutical industry.
It has wider benefits in research and development for instance the machine learning algorithms helps to analyze the wider range of data which offers the real-time data output with respect to historical data. The application of data sciences and machine leaning helps to analyze the big data which enables the rapid development of new product.
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In addition, its benefits in operation and the supply chain making it more popular across the industry, AI generated data can help the companies to decrease their work Burdon as well as in improving production capabilities. And the cost optimization is also a key factor offering growth to the market.
Perfect predictive analysis can be achieving with helps of data analysis with the AI, which can help to communicate between the key player and end user. The analysis of historical data also helps to increases the sales for pharmaceuticals companies. As data automation is one of the major benefits of AI and machine learning the automated data can help to make data driven decision for the market player. Also a rapid growth in adoption of advance technology worldwide which is why the AI witnessing the higher growth and demand.
The AI in pharma market is segmented based on technology natural language processing, querying method, deep learning and other technologies. Deep learning hold the highest market share accounted for around 34% of the market share. The false rejection can be reduced with the help of deep learning models. Deep learning technology allows pharma companies to reduce both rejection rate and re-inspection which is not so necessary, and it also decrease the total cost of ownership.
The AI in pharma market segmented by based on application, clinical trial research, drug discovery, R&D and others. Drug discovery is accounted highest market share. Manually analyzing data can create lots of manual error, but it can be achieved perfectly with the artificial intelligence. The combination for trial and error method can be analyzed in AI with high perfection and data output has almost no error. This can help in discovery of new drugs with faster rate.
Based on the region the North America holds the highest market share, also strong presence of market player contributing towards the regional growth. Asia-Pacific expected to grow at faster rate owing to developing information & technology infrastructure. The adoption of advance technology is significantly high in this region which majorly driving the market across the region.
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Looking at the overall scenario in the pharma industry, AI offers wide range of benefits including quality control, root cause analysis, predictive analysis, and waste reduction. It also makes the total production process smooth and errorless. It can also be used to optimize the automation process.With respect to inspection; these artificial intelligence technologies offer best results. It can also enable the companies to improve the quality inspection process, enhance detection performance, and reduce waste and costs.
Development in the market place:
- January 2022- PostEra is one of the leading a biotechnology company with specialization in machine learning for drug discovery collaboratedwith Pfizer to expand AI Lab.
- November 2021- Cyclica and Bayer have collaborated together, under this collaboration they will develop and AI integrated network to achieve advancement in drug discovery.
- May 2018- Pfizer has launched new collaboration with XtalPi for AI drug modeling.
The leading players operating in the global AI in pharmaceutical market are IBM Corporation, Exscientia, Deep Genomics, Cloud Pharmaceuticals, Inc., Microsoft Corporation, NVIDIA Corporation, Insilico Medicine, Alphabet Inc., Atomwise, Inc., Biosymetrics, Euretos, BenevolentAI.
Segments Covered in the Report
- Natural Language Processing
- Context-Aware Processing
- Deep Learning
- Querying Method
By Drug Type
- Large Molecules
- Small Molecules
- Drug Discovery
- Clinical Trial
- Research & Development
- North America
- Asia Pacific
- Latin America
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