The global AI in pharmaceutical market is witnessing remarkable growth and is expected to reach a valuation of approximately US$4,451.6 million by the end of 2030, driven by a robust CAGR of 19.1% between 2023 and 2030. Artificial Intelligence (AI) is increasingly being applied across the pharmaceutical industry, transforming drug discovery, development, and patient care.

Key Market Insights:

• The global AI in pharmaceutical market is projected to grow significantly from its 2018 valuation of US$807.2 million, with a CAGR of 19.1% during the forecast period.
• The increasing use of AI in drug discovery and development, pharmaceutical marketing, predictive forecasting, and personalized treatment is expected to drive market growth.
• The application of AI in delivering personalized treatment, data analysis, and predictive forecasting will bolster market growth.
• Asia Pacific is set to witness the highest growth rate, while North America remains a dominant player in the global AI in pharmaceutical market.

Market Drivers:

Increasing Adoption Potential in New Drug Discovery:

The pharmaceutical sector is leveraging AI technologies to lower research and development costs, accelerate research timelines, and enhance the discovery of affordable and effective drugs. AI plays a crucial role in recognizing disease patterns and identifying drug compositions suitable for various diseases. With AI, pharmaceutical companies can reduce errors, lower costs, and expedite research, resulting in the development of profitable drugs.

Dramatically Rising Adoption of AI in Drug Discovery and Development:

AI is transforming drug discovery and development by analyzing large datasets to identify potential new treatments. It is used to find new drug targets, optimize drug molecules, and predict drug efficacy and safety. AI also identifies biomarkers for predicting drug responses and improving patient outcomes. AI accelerates the drug development process, leading to faster market entry of new medications.

Boom Around Advanced Technology-enabled Personalized Treatment:

AI empowers physicians to deliver improved personalized treatments by analyzing real-time patient data. Machine learning and AI provide insights into patients conditions, enhancing diagnostic capabilities. AI enables predictive forecasting, clinical trial improvements, and pharmaceutical marketing. AIs application in delivering personalized treatments is expected to drive market growth.

Overview of Key Segments:

Drug Discovery the Key Application Area:

Drug discovery is the major contributor to the AI in pharmaceutical market, reaching US$1,225.9 million by 2030. AI has revolutionized drug discovery by identifying potential drug targets, focusing on promising targets, and speeding up the drug development process. AI accelerates drug development, reduces costs, and enhances medication effectiveness.

Natural Language Processing Dominant Technology Segment:

Natural language processing (NLP) is popular in the pharmaceutical industry due to its ability to extract and analyze unstructured text data from various sources. NLP enables the efficient processing of scientific literature, medical knowledge, and electronic health records. It aids in identifying potential drug candidates, drug targets, and relevant biological pathways, expediting the drug discovery process.

Growth Opportunities Across Regions:

North America Maintains a Dominant Positioning:

North America, with its technological advancements and substantial investment in AI, maintains a dominant position in the AI in pharmaceutical market. The region has witnessed significant advancements in AI-driven drug discovery, clinical trials, and personalized medicine. The presence of industry leaders and cross-industry partnerships further influences market growth.

The US in the Investment Bandwagon:

The United States is the largest investor in AI in the pharmaceutical industry, contributing nearly half of the global investment. Investments in AI are expected to reach US$6.3 billion by 2025. The US leads in AI adoption for clinical trials, drug discovery, and development. Other countries, such as China, the UK, Germany, France, and Japan, are also actively investing in AI for pharmaceutical advancements.

Asia Pacific Represents the Fastest Growing Regional Pocket:

Asia Pacific is experiencing rapid growth in AI adoption in the pharmaceutical industry, with a CAGR of 20.8%. The region, including China, Japan, India, and South Korea, embraces AI technologies to accelerate drug discovery and development. AI aids in optimizing drug designs, predicting efficacy, and personalizing treatment plans. Asia Pacific is at the forefront of AI-driven precision medicine initiatives.

Competition Landscape Analysis:

Competition in the AI in pharmaceutical market is intensifying, with companies and research institutions leveraging AI technologies for drug discovery, development, and patient care. Key market players include GNS Healthcare, Benevolent AI, Berg Health, Novo Nordisk, IBM Corporation, Alphabet Inc (DeepMind), General Electric Company, Pfizer Inc., Johnson & Johnson, and Novartis AG.

Browse Global AI in pharmaceutical Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Technology, By Application, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/ai-in-pharmaceutical-market

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This press release first seen on Brilad

COMTEX_440958806/2840/2023-09-26T05:27:20