AI In Pharma
What combination of drivers is leading to accelerated growth in the ai in pharma market?
Government encouragement towards AI progression is anticipated to boost the AI in pharma market’s expansion. Government bodies are increasingly recognizing AI’s capacity to transform the pharmaceutical industry, and as a result, they are implementing strategies to accelerate its adoption. Several nations have established nationwide AI blueprints focusing on healthcare and pharmaceutical related applications. These strategies are designed to spur the creation and consumption of AI innovation to facilitate scientific advancements and address real challenges within the country. For instance, in April 2022, the Australian government declared a funding scheme worth AUD44 million ($29.61 million) in aid of AI research in small and medium-sized enterprises (SMEs). This plan forms a part of a wider strategy to enhance AI application within Australia’s primary manufacturing and digital growth priority sectors, which encompasses the pharmaceutical sector. The fund allocation will be used to set up digital capability hubs acting as the focal points for AI research and development. These centers will provide SMEs with resources, education, and assistance, thereby enabling them to create and adopt AI technologies. Consequently, this increasing government support is expected to stimulate the AI in pharma market’s growth in the projected period.
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What is the projected compound annual growth rate (CAGR) of the ai in pharma market from 2025 to 2034, and what factors influence it?
In recent times, there has been a substantial expansion in the size of the AI in pharma market. The market which is expected to be at $2.92 billion in 2024, is predicted to escalate to $3.8 billion in 2025, presenting a compound annual growth rate (CAGR) of 30.1%. The growth observed in the historical period is affiliated with the rising acceptance of artificial intelligence (AI) to discover drugs in a cost-effective manner, as well as an increased utilization of AI in radiology.
The market size of AI in the pharmaceutical sector is projected to witness significant expansion in the forthcoming years, escalating to $9.64 billion in 2029 with a compound annual growth rate (CAGR) of 26.2%. The projected increase over the forecast period is primarily due to cloud-based applications and services’ increased usage in pharmaceutical firms, a surge in healthcare expenditure, and fortified governmental assistance in AI development. Key trends during the forecast period encompass the deployment of generative AI within pharmaceutical settings, the employment of AI for molecular target pinpointing, the inclusion of AI into the drug screening workflow, advancement in AI utilities for the pharmaceutical sector, augmented investments for innovative product solutions, and strategic alliances and collaborations among market entities.
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How are the latest trends influencing the growth of the ai in pharma market?
A key trend in the AI for pharma market is the introduction of new AI tools by companies in the sector, which prove advantageous for pharmaceutical firms. AI is beneficial in areas such as quality assurance, predictive upkeep, minimizing waste, optimizing design, and automating processes. An instance of this occurred in August 2022. Sanford Health, a non-profit integrated healthcare delivery system in the US, and Sharp HealthCare, a US-based non-profit healthcare organization, collaborated with Dandelion Health. This healthcare AI company based is in the US introduced a comprehensive data platform that offers healthcare institutions access to high-quality, representative patient data for AI-based clinical development. The Dandelion Platform aims to provide ethical and secure access to patient datasets, which consists of images, waveforms, and structured health records. This will enable AI developers in healthcare to create tools and products to assist patients and clinicians.
What are the major segments of the ai in pharma market and their role in driving growth?
The AI in pharma market covered in this report is segmented –
1) By Technology: Context-Aware Processing, Natural Language Processing, Querying Method, Deep Learning
2) By Drug Type: Small Molecule, Large Molecules
3) By Application: Diagnosis, Clinical Trial Research, Drug Discovery, Research and Development, Epidemic Prediction
Subsegments:
1) By Context-Aware Processing: Real-Time Data Processing, Contextual Recommendation Systems, Adaptive Learning Systems
2) By Natural Language Processing (NLP): Text Analytics And Sentiment Analysis, Chatbots And Virtual Assistants, Document And Data Mining
3) By Querying Method: Structured Querying, Unstructured Querying, Semantic Search Technologies
4) By Deep Learning: Neural Networks For Drug Discovery, Image Recognition For Medical Imaging, Predictive Analytics Models
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Which regions are key players in the growth of the ai in pharma market?
North America was the largest region in the AI in pharma market in 2024. The regions covered in the AI in pharma market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the ai in pharma market?
Major companies operating in the AI in pharma market include Concerto HealthAI, Alphabet Inc., OWKIN, Nvidia Corporation, PathAI, Insilico Medicine, Exscientia, Microsoft Corporation, XtalPi, Intel, Standigm, Takeda Pharmaceutical Company Ltd., Otsuka Pharmaceutical Co. Ltd., China National Pharmaceutical Group Co. Ltd. (Sinopharm), Jiangsu Hengrui Medicine Co. Ltd, Cipla Limited, Aurobindo Pharma Limited, Dr. Reddy’s Laboratories Ltd., Sun Pharma, Alliance Pharm Pte Ltd., Shanghai Pharmaceuticals, DeepMind, GlaxoSmithKline, Sanofi, Bayer, Renalytix AI, Merck, AstraZeneca, Iktos, Benevolent AI, Novartis, Ardigen, Botkin, Webiomed, Care Mentor AI, Diagnocat, IBM Corporation, Atomwise Inc., Cloud Pharmaceuticals, Bioage, NuMedii, Envisagenics, Aria Pharmaceuticals, Verge Genomics, Berg LLC, Cyclica, IQVIA, Roche, Pfizer, PRA Health Science, Gesto, Intensicare, Epitrack, Deep Genomics Inc., Welltok Inc., Oncora Medical, Recursion Pharmaceuticals Inc., Nucleai, Pepticom, Rology, hearX Group, DilenyTech, iNNOHEALTH Technology Solutions
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What Is Covered In The AI In Pharma Global Market Report?
•Market Size Forecast: Examine the ai in pharma market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the ai in pharma market for a structured understanding.
•Key Players Overview: Analyze major players in the ai in pharma market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the ai in pharma market.
•Segment Contributions: Evaluate how different segments drive overall growth in the ai in pharma market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the ai in pharma market.
•Industry Challenges: Identify potential risks and obstacles affecting the ai in pharma market.
•Competitive Landscape: Review strategic developments in the ai in pharma market, including expansions, agreements, and new product launches.
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