Press release
Artificial Intelligence (AI) In Biopharmaceuticals: Global Market Assessment for 2024
Artificial Intelligence (AI) In Biopharmaceuticals
The artificial intelligence (AI) in biopharmaceuticals market size is expected to see exponential growth in the next few years. It will grow to $4.99 billion in 2028 at a compound annual growth rate (CAGR) of 33.1%. The growth in the forecast period can be attributed to advancements in computational biology, integration of multi-modal data, convergence of ai and life sciences, regulatory support and frameworks, ethical and fair ai principles. Major trends in the forecast period include integration of multi-omics data, AI-driven drug design and discovery, explainable AI and regulatory acceptance, technological advancements, regulatory developments, and emerging opportunities.
Market Overview -
Artificial intelligence (AI) in biopharmaceuticals refers to applying various AI techniques to analyze complex biological data and improve various aspects of drug discovery, development, and delivery within the pharmaceutical industry. AI in biopharmaceuticals holds great promise for revolutionizing drug discovery, development, and delivery processes by accelerating timelines, reducing costs, and improving the efficiency and effectiveness of treatments.
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Chronic Disease Prevalence Fueling Growth Of AI In Biopharmaceuticals Market
The growing prevalence of chronic diseases is expected to propel the growth of artificial intelligence (AI) in biopharmaceuticals market going forward. Chronic diseases are long-lasting conditions that generally progress slowly and may persist for years or even a lifetime. It arises from lifestyle factors, an aging population, genetic predispositions, and environmental factors. AI in biopharmaceuticals is increasingly used to manage chronic diseases because it analyzes large volumes of diverse data sources, identifies patterns, and personalizes treatment approaches. For instance, according to the National Library of Medicine, a US-based medical library, chronic diseases are expected to grow by 99.5%, from 71.522 million in 2020 to 142.66 million in 2050. Therefore, the growing prevalence of chronic diseases drives the growth of artificial intelligence (AI) in the biopharmaceuticals market.
Competitive Landscape -
Major companies operating in the artificial intelligence (AI) in biopharmaceuticals market are Apple Inc., Google LLC, Microsoft Corporation, Tencent Holdings Limited, Amazon Web Services Inc., International Business Machines Corporation, Exscientia Limited, NVIDIA Corporation, Amgen Inc., DeepMind Technologies Limited, Schrödinger Inc., XtalPi Inc., ConcertAI Inc., Insilico Medicine Inc., Recursion Pharmaceuticals, BenevolentAI, BioXcel Therapeutics, Atomwise Inc., BioAge Labs Inc., GNS Healthcare, Berg Health, Deep 6 AI Inc., Cloud Pharmaceuticals Inc., Numerate Inc., AI Therapeutics, Envisagenics, twoXAR Inc., Cyclica Inc.
Advancements In AI-Powered Solutions For Drug Discovery And Precision Medicine
Major companies operating in artificial intelligence (AI) in biopharmaceuticals focus on developing innovative advancements such as target and lead identification suite AI-powered solutions to accelerate drug discovery and precision medicine to transform life sciences organizations. These solutions for drug discovery and precision medicine encompass a variety of innovative approaches to developing new drugs and tailoring treatments to individual patients. For instance, in May 2023, Google LLC, a US-based provider of cloud computing services, launched two new AI-powered tools called target and lead identification suites, designed to help researchers predict and understand the structure of proteins, which is a fundamental part of drug development. Additionally, this suite will help researchers ingest, store, analyze, and share mass amounts of genomic data, which is crucial for precision medicine. Also, these tools aim to streamline the drug discovery process, reduce costs, and bring new treatments to market faster. By providing efficient data management, accurate predictions of protein structures, and advanced genomic analysis capabilities, these tools aim to revolutionize drug development processes and improve patient outcomes.
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Key Segments -
The artificial intelligence (AI) in biopharmaceuticals market covered in this report is segmented -
1) By Offering: Hardware, Software, Services
2) By Deployment: Cloud, On-Premises
3) By Technology: Machine Learning, Natural Language Processing, Deep Learning, Other Technologies
4) By Application: Business Process And Supply Chain, Drug Discovery, Medical Imaging And Diagnostics, Precision Medicine
5) By End-Users: Manufacturers, Contract Research Organizations, Academic And Government Research Institutes
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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