2024 Generative Artificial Intelligence (AI) In Pharmaceutical Market Report : Market Size, Growth Drivers, And Key Trends

"The Business Research Company recently released a comprehensive report on the Global Generative Artificial Intelligence (AI) In Pharmaceutical Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The generative artificial intelligence (AI) in the pharmaceutical market size has grown exponentially in recent years. It will grow from $1.41 billion in 2023 to $1.85 billion in 2024 at a compound annual growth rate (CAGR) of 31%. The growth in the historic period can be attributed to growth in computational power, the rise of big data in healthcare and pharmaceuticals, increased research and development investment, improved data quality and integration, and expansion of cloud computing.

The generative artificial intelligence (AI) in the pharmaceutical market size is expected to see exponential growth in the next few years. It will grow to $5.47 billion in 2028 at a compound annual growth rate (CAGR) of 31.1%. The growth in the forecast period can be attributed to a focus on early disease detection, regulatory support, and guidelines, improved computational power, growth in drug development costs, increased data availability. Major trends in the forecast period include blockchain and AI integration, advanced data integration, enhanced disease diagnosis, automated drug repurposing, real-time clinical trial optimization.

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Market Drivers and Trends:

The increasing focus on personalized medicine is expected to propel the growth of generative artificial intelligence (AI) in the pharmaceutical market going forward. Personalized medicine tailors medical treatment to the individual characteristics, needs, and preferences of each patient based on genetic, environmental, and lifestyle factors. The focus on personalized medicine is increasing due to advancements in genetic research and technology, enabling more precise and effective treatments tailored to individual patients. Personalized medicine leverages generative AI in pharmaceuticals to develop tailored drug therapies, improving treatment efficacy and patient outcomes. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to six in 2022. Therefore, the increasing focus on personalized medicine is driving the growth of generative artificial intelligence (AI) in the pharmaceutical market.

Major companies operating in generative artificial intelligence (AI) in pharmaceutical market are developing new products, such as AI healthcare microservices, to streamline drug discovery processes. AI healthcare microservices are modular, cloud-based services that use artificial intelligence to improve healthcare functions such as drug discovery, medical imaging, and diagnostics. For instance, in March 2024, Nvidia Corporation, a US-based technology company, launched generative AI microservices. It features optimized NIM AI models and workflows with APIs for building cloud-native applications. It provides advanced imaging, natural language, and speech recognition, along with digital biology capabilities. The key tools included are Parabricks, MONAI, NeMo, Riva, and Metropolis are accessible as CUDA-X microservices, enhancing workflows in drug discovery and genomics.

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Major Key Players of the Market:

Pfizer Inc., Johnson & Johnson, Roche Holding AG, Merck & Co. Inc., AbbVie Inc., Bayer AG, Sanofi S.A., Bristol-Myers Squibb Company, AstraZeneca PLC, Novartis AG, GlaxoSmithKline plc, Fujitsu Limited, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Amgen Inc., Gilead Sciences Inc., NVIDIA Corporation, Conduent Incorporated, XtalPi Inc., Insilico Medicine Inc., Numerate Inc., Atomwise Inc., BenevolentAI Limited

Generative Artificial Intelligence (AI) In Pharmaceutical Market 2024 Key Insights:

• The generative artificial intelligence (AI) in the pharmaceutical market size is expected to see exponential growth in the next few years. It will grow to $5.47 billion in 2028 at a compound annual growth rate (CAGR) of 31.1%.
• Rising Emphasis On Personalized Medicine Drive Generative AI In Pharmaceutical Market
• Advancements In Drug Discovery With Generative AI
• North America was the largest region in the generative artificial intelligence (AI) in the pharmaceutical market in 2023

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