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AI In Pharma Global Market Report 2024 To 2033 | Concerto HealthAI, Alphabet Inc., OWKIN, Nvidia Corporation, PathAI, Insilico Medicine, Exscientia, Microsoft Corporation
AI In Pharma Market Share
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According to The Business Research Company's, The ai in pharma market size has grown exponentially in recent years. It will grow from $1.58 billion in 2023 to $2.06 billion in 2024 at a compound annual growth rate (CAGR) of 30.4%. The growth in the historic period can be attributed to increased adoption of artificial intelligence (ai) for cost efficient drug discovery and rising implementation of ai in radiology.
The ai in pharma market size is expected to see exponential growth in the next few years. It will grow to $5.62 billion in 2028 at a compound annual growth rate (CAGR) of 28.5%. The growth in the forecast period can be attributed to adoption of cloud-based applications and services by pharma companies, increasing healthcare expenditure and growing government support rising to ai development. Major trends in the forecast period include introduction of generative ai in pharma, use of ai in molecular target identification, integration of ai in drug screening process, advancements in ai tools for the pharmaceutical industry, growing investments to develop new product solutions and strategic partnerships and collaborations among market players.
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Market Drivers and Trends:
The growing government support for AI development is expected to propel the growth of the AI in pharma market going forward. Governments recognize the potential of AI technologies in revolutionizing the pharma sector and they are increasingly implementing policies and initiatives to promote their adoption. Many countries have developed national AI strategies that include a focus on healthcare and pharmaceutical applications. These strategies aim to stimulate the development and utilization of AI technology to promote scientific development and solve real problems in the country. For example, in April 2022, the Australian government announced a financing program worth AUD44 million ($29.61 million) to support AI research among small and medium-sized enterprises (SMEs). This initiative is part of a broader strategy to increase the application of AI in Australia's national manufacturing priority sectors and digital growth priority areas, which include the pharmaceutical industry. The funding will be used to establish digital capability centers, which will serve as hubs for AI research and development. These centers will provide resources, training and support to SMEs, helping them to develop and implement AI technologies. Therefore, the growing government support will drive the growth of the AI in pharma market during the forecast period.
Companies operating in the AI for the pharma market are introducing new AI tools that will be beneficial for the pharma companies and this is a key trend in AI in the pharma market. AI helps in quality control, predictive maintenance, waste reduction, design optimization, and process automation. For instance, in August 2022, Sanford Health, a US-based non-profit, integrated healthcare delivery system, and Sharp HealthCare, a US-based non-profit organization in healthcare partnered with Dandelion Health, a US-based healthcare artificial intelligence (AI) company, introduced a comprehensive data platform that gives health institutions access to high-quality, representative patient data for clinical AI development. The Dandelion Platform is made to give health AI developers secure, ethical access to patient datasets which includes include images, waveforms, and structured health records, so they may make tools and products that will help patients and clinicians.
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Major Key Players of the Market:
Honeywell International Inc, Robert Bosch GmbH, Assa Abloy AB, Johnson Controls International Inc, Thales Group, Allegion PLC, Hanwha Techwin Co. Ltd, Schneider Electric SE, NEC Corporation, IDEMIA, Matrix comsec, SecurAX Tech Solutions Pvt Ltd, AMAG Technology Inc, CloudWalk Technology Co Ltd, Shenzhen IntelliFusion Technology Co Ltd, NetPosa Technologies Ltd, Hid Global, Gallagher Security (Europe) Ltd, Vanderbilt Industries, Dahua Technology Ltd, British Security Industry Association (BSIA), Fermax Electronica SAU, Delta Scientific Corporation, Userful Corporation, Anviz Global Inc, Vicon Industries, Hikvision, Cloudkeyz, ButterflyMX, Security Enhancement Systems, Openpath, Genea, Sequr Inc, Acura, Agility Technologies Corp (ATC), Wolpac, Absolute Integrated Electronic Solutions, Adax, Aflak Electronics Industries Co, Al Aqili Future Technologies, AI Kawther General Trading, Al Nahr Company for Security Solutions, AL Smari Trading, Ametrad Technology Services Co, Biosec Solutions, BIO-key, BioRugged (Pty) Ltd
AI In Pharma Market 2024 Key Insights:
• The ai in pharma market size is expected to see exponential growth in the next few years. It will grow to $5.62 billion in 2028 at a compound annual growth rate (CAGR) of 28.5%.
• Government Backing Fuels Growth Of AI In Pharma Market With Financial Programs And Research Initiatives
• Introduction Of Advanced AI Tools By Pharma Companies Marks A Pivotal Trend In The Industry
• North America was the largest region in the AI in pharma market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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