AI in Pharma and Biotech Market Projected Growth at 18.8% CAGR to Reach USD 13.1 billion by 2034

A global AI in pharma and biotech industry valuation of US$ 1.8 billion was estimated for 2023. The market will reach US$ 13.1 billion by 2034, with a CAGR of 18.8% between 2024 and 2034.

Healthcare could be transformed entirely by artificial intelligence in the field of medication creation. New medicines for illnesses are expensive, time-consuming, and often fraught with failure. It can take up to ten years to develop a new medicine. Drugstore shelves rarely contain the majority of promising medications developed in laboratories.

The use of deep learning algorithms, generative models, and advanced data analytics will further revolutionize the process of drug discovery by identifying novel drug candidates, forecasting their safety and efficacy profiles, and improving their properties.

With the application of artificial intelligence (AI) and techniques such as virtual screening, high-throughput screening, and molecular modeling, the identification and optimization of lead compounds can be accelerated while saving money and time compared with traditional approaches.

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Artificial intelligence (AI) will continue to advance precision medicine, allowing individualized treatment plans to be developed based on the unique genetic makeup, molecular fingerprints, and clinical characteristics of each patient. Using multi-omics data, electronic health records, and empirical evidence, machine learning algorithms can forecast the course of a disease and determine the best treatment course for a patient.

Key Findings of the Market Report

• The pharmaceutical & biotech segment held the largest share in 2023
• AI-driven biotechnology was most prevalent in North America in 2023.
• Increasing adoption of AI-based drug discovery tools in Canada to promote precision medicine.
• Based on applications, drug discovery and development will dominate the market over the next few years.

Global AI in Pharma and Biotech Market: Growth Drivers

• Using massive amounts of biological data to predict the safety and efficacy profiles of promising drug candidates, artificial intelligence (AI) accelerates drug discovery. As an alternative to conventional methods, it saves time and money by expediting the discovery of drug targets, optimizing leads, and predicting toxicity.
• With AI, tailored treatment plans can be developed by evaluating patient data, such as genetic information, medical imaging data, and electronic health records, to determine the best drugs for each patient's condition. Through this method, medical resources are allocated efficiently, side effects are minimized, and treatment results are enhanced.
• Analyzing patient data with artificial intelligence (AI) helps predict adverse events, treatment outcomes, and disease progression. Clinical trials are designed, patients are recruited, and monitored better, which speeds them up, lowers costs and increases success rates.
• The use of artificial intelligence (AI) algorithms can uncover new therapeutic uses for drugs based on their molecular structure, biological target and clinical data. Through this method, new treatments for new indications can be developed more quickly and with lower risks and costs.

Global AI in Pharma and Biotech Market: Regional Landscape

• North America is expected to lead the market for AI in pharma and biotech market. Leading research centers, academic institutions, and tech companies in North America are driving artificial intelligence (AI), machine learning, and data analytics.
• Advanced AI platforms and solutions that are appropriate for clinical research, drug discovery, and healthcare delivery can be developed based on this technological expertise.
• Biotech and pharmaceutical industries are thriving in North America with many well-established businesses and start-ups involved in drug discovery, development, and commercialization.
• As these industry leaders promote AI technology adoption, productivity is improved, innovation is stimulated, and international competition is maintained.
• Health Canada, the National Institutes of Health (NIH), and the National Science Foundation (NSF) in the United States provide substantial funding and support for AI-driven research programs in healthcare and life sciences.
• Regulatory measures, grant programs, and research collaborations promote the integration of AI into biotech and pharmaceutical operations while guaranteeing adherence to safety and ethical norms.

Global AI in Pharma and Biotech Market: Competitive Landscape

As manufacturers seek to strengthen their position in the AI market, they are pursuing both organic and inorganic strategies. Clinical trial simulation platforms are being explored by the key players in AI in the pharmaceutical and biotechnology market as a means of fast-tracking clinical trials and improving patient care.

Key Players Profiled

• BenevolentAI SA
• Insilico Medicine
• Recursion Pharmaceuticals
• Atomwise Inc.
• Berg LLC
• Cloud Pharmaceuticals
• Deep Genomics
• Exscientia
• Schrödinger
• twoXar Inc.
• Insitro

Key Developments

• In March 2024, Nvidia introduced 21 generative AI microservices designed to promote healthcare innovation. It is expected that the 25 genAI microservices will enhance healthcare organizations' ability to discover drugs, conduct medical imaging, analyze genomic data, communicate with people, and develop digital human initiatives.
• In July 2023, Recursion partnered with Nvidia for $50 million in AI-powered drug discovery. Nvidia has funded and teamed up with Recursion to develop "AI-training-as-a-service" software for drug discovery on the Nvidia DGX Cloud.

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Global AI in Pharma and Biotech Market: Segmentation

Application

• Drug Discovery and Development
• Clinical Trials and Optimization
• Predictive Maintenance and Quality Control
• Drug Target Identification
• Disease Diagnosis & Prognosis
• Others

End User

• Pharmaceutical & Biotech Companies
• Academic & Contract Research Organizations
• Others

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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