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Global AI In Pharma Market: Soaring to $9.64 billion by 2029, Backed by Adoption of Cloud-based Applications and Increasing Healthcare Expenditure
AI In Pharma Market Share
What Is The Projected Market Size Of The Global AI In Pharma Market And Its Growth Rate?
The global AI in pharma market is experiencing significant growth:
• The market was valued at $2.92 billion in 2024.
• The forecast for 2025 predicts a growth to $3.8 billion, marking a CAGR of 30.1%.
• By 2029, the market size is expected to reach $9.64 billion with a CAGR of 26.2%.
This growth is largely attributed to the rising adoption of AI for cost-efficient drug discovery, the increasing implementation of AI in radiology, the adoption of cloud-based applications and services by pharma companies, and increasing healthcare expenditure.
What Is Driving The Growth In The AI In Pharma Market?
Government support for AI development is a significant driver, propelling the growth of the AI in pharma market. Many countries are implementing policies and initiatives to promote AI technologies, recognising its potential in revolutionizing the pharma sector. The Australian government, for example, announced a financing program worth AUD44 million ($29.61 million) in April 2022 to support AI research among small and medium-sized enterprises. This initiative will speed up the application of AI in Australia's manufacturing priority sectors, which includes the pharmaceutical industry.
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Who Are the Key Players Driving AI In Pharma Market Growth?
Key players propelling the growth of the AI in pharma market include:
• Concerto HealthAI
• Alphabet Inc.
• OWKIN
• Nvidia Corporation
• PathAI, Insilico Medicine
• Exscientia, Microsoft Corporation
• XtalPi
What Are The Key Trends In The AI In Pharma Market?
Key trends driving the AI in the pharma market include the integration of generative AI in the pharma industry, the use of AI in molecular target identification, advancements in AI tools for the pharmaceutical industry, and investments to develop new product solutions.
What Are The Segments Of The Global AI In Pharma Market?
The global AI in pharma market has been segmented as follows:
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.
Which Region Leads The AI In Pharma Market?
As of 2024, North America was leading in the AI in pharma market. Other regions covered in the AI in pharma market report include Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The AI In Pharma Market Global Market Report?
• Market Size Analysis: Analyze the AI In Pharma Market size by key regions, countries, product types, and applications.
• Market Segmentation Analysis: Identify various subsegments within the AI In Pharma Market for effective categorization.
• Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
• Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
• Market Contribution: Evaluate contributions of different segments to the overall AI In Pharma Market growth.
• Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
• Industry Challenges: Analyze challenges and risks affecting the AI In Pharma Market.
• Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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