The AI in Biopharmaceutical Development Market Size is valued at USD 772.22 Million in 2023 and is predicted to reach USD 5967.49 Million by the year 2031 at a 29.25% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The need to reduce time in drug development and facilitation of editing gene structures is driving the artificial intelligence (AI) in biopharmaceutical market.
- The driving factors of artificial intelligence (AI) in the biopharmaceutical market are the increasing investments in research and development and growing healthcare demands.
- North America dominated the market and accounted for a global revenue share in 2023.
- The challenge for AI in the biopharmaceutical development market lies in accessing large sets of high-quality data necessary for achieving desired outcomes.
Artificial intelligence (AI) is a technology-based system that utilizes various advanced tools and networks to simulate human intelligence. Simultaneously, it does not appear to be on the verge of totally replacing human physical presence. With greater automation, Artificial Intelligence can manage massive volumes of data. AI employs systems and software that can read and learn from input data to make autonomous decisions to achieve specified goals. In the pharmaceutical industry, its uses are constantly being expanded.
AI encompasses a variety of approach domains, including reasoning, knowledge representation, solution search, and machine learning (ML). It can help with rational drug development, decision-making, determining the best treatment for a patient, including tailored medicines, and managing clinical data for future drug development. In the case of drug discovery, AI can distinguish hit and lead compounds, allowing for faster therapeutic target validation and structural design optimization. The pharma industry faces challenges in overcoming the high attrition rates in drug development. The pharma industry is collaborating with AI industries to overcome challenges, and AI will improve the efficiency of the drug development process.
The biopharma industry has been changed by continuous medical and scientific innovation. New business models have emerged due to the growing demand for greater patient involvement and experience. As a result, AI is becoming increasingly common in the biopharmaceutical business, resulting in market expansion. Also, increasing drug development expenditure and awareness about AI’s capacity to work are significant reasons to elevate the market growth in the upcoming years. In 2021, Health-tech giant Nvidia collaborated with AstraZeneca and the University of Florida’s academic health centre, UF Health, on new artificial intelligence research projects to accelerate drug discovery and improve patient care.
The deficiency of skilled workers is a significant challenge in front of this market. Apart from this, a lack of regulations and ethical issues will hamper the market growth. Increasing use will affect unemployment and rise in competition. In addition, the cost of artificial intelligence devices, applications, and software are the most prominent issues in this AI-based biopharmaceutical development market.
Competitive Landscape
Some Of The Key Players In The AI in Biopharmaceutical Development Market:
- IBM Watson Health
- Google (Alphabet Inc.)
- Concreto HealthAI
- Nvidia Corporation
- PathAI
- Atomwise, Inc.
- Deep Genomics
- Cloud Pharmaceuticals, Inc.
- Ai-biopharma S.A.S.
- Microsoft Corporation
- Others
Market Segmentation
The AI in the biopharmaceutical development market is segmented by type, application and end-user. Based on the types of the market includes monoclonal antibodies, vaccines, and recombinant proteins. Among these, monoclonal antibodies and vaccines type will lead the segment due to maximum usage of AI-based technologies and increasing investments in their research. While by applications, the market comprises research and discovery, clinical development, manufacturing & supply chain and other subsegments. At last End-User subsegment contains biopharmaceutical manufacturers, contract manufacturing organizations or contract research organizations (CRO), and academic & government research institutes. CROs and CMOs are expected to lead the market due to increased demand for their services regarding therapeutic developments.
By region, Asia Pacific is likely to account for the majority shares in the coming forecasting period 2024-2031 because of the growing software and services industry and funding for their development.
Recent Developments:
- In March 2024, NVIDIA introduced over twenty new microservices, enabling healthcare organizations globally to leverage cutting-edge generative AI advancements from any location and on any cloud platform.
The AI in Biopharmaceutical Development Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 772.22 Million |
|
Revenue Forecast In 2031 |
USD 5967.49 Million |
|
Growth Rate CAGR |
CAGR of 29.25% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, By Application, By End-User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
IBM Watson Health, Google (Alphabet Inc.), Concreto HealthAI, Nvidia Corporation, PathAI, Atomwise, Inc., Deep Genomics, Cloud Pharmaceuticals, Inc., Ai-biopharma S.A.S., and Microsoft Corporation, others |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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