AI in Pharma Market is Going to Boom | Atomwise, Bertis, Standigm
Updated · May 31, 2023
According to HTF MI, the Global AI in Pharma Market is expected to see a growth rate of 29.4% and may see a market size of USD 27.5 Billion by 2028, currently pegged at USD 1.25 Billion.
Published Via 11Press : The AI in Pharma market refers to the application of artificial intelligence (AI) and machine learning (ML) technologies in the pharmaceutical and biotechnology industries. It involves the use of advanced algorithms, data analytics, and computational models to optimize various processes and decision-making in drug discovery, clinical trials, personalized medicine, and other areas of pharmaceutical research and development. AI is used to accelerate the discovery and development of new drugs by analyzing vast amounts of data, such as genetic information, chemical structures, and biological pathways. It helps identify potential drug candidates, predicts their efficacy and safety profiles, and optimizes their molecular properties. AI is employed to improve the efficiency and effectiveness of clinical trials by streamlining patient recruitment, selecting suitable trial participants, identifying relevant biomarkers, and analyzing real-time trial data. It can help reduce costs, minimize trial duration, and enhance patient safety. AI is utilized to develop personalized treatment plans based on an individual’s genetic information, medical history, and other relevant data. It enables the identification of patient subgroups, prediction of treatment responses, and optimization of drug dosages.
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AI in Pharma Market Key Players
Below are the most prominent enterprise AI in Pharma industry players.
- Deep 6 (United States)
- Insilico Medicine (New York)
- Recursion Pharmaceuticals (United States)
- Atomwise (United States)
- Numerate (United States)
- PathAI (United States)
- Pfizer (United States)
- Oncocross (South Korea)
- Isomorphic Laboratories (England)
- BenevolentAI AI (United States)
- Bertis (United States)
- ROKIT Healthcare (South Korea)
- XtalPi Inc. (China)
- Standigm (United Kingdom)
- AIRS MEDICAL (South Korea)
- PharmCADD (South Korea)
- Deargen (South Korea)
- Neurophet (South Korea)
- Oncocross (South Korea)
- OKRA Technologies (United Kingdom)
AI in Pharma Market Key Business Segments
By Product Type
- Data Science Algorithms
- Machine Learning
- Deep Learning
By End Use Application
- Drug Discovery Process and Design
- Identifying Clinical Trials
- Epidemic Prediction
AI in Pharma Market Countries Analysis
Based on geography, the Pharma market for AI has been divided.
- North America (which includes the US and Canada)
Argentina, Colombia, Brazil, Chile, and other South American countries
- Italy, Spain, Portugal, France, Germany, and the United Kingdom make constitute the continent of Europe.
- The Asia-Pacific region, which excludes Southeast Asia, is made up of APAC (Australia, China, Japan, India, and others) and MEA (Egypt, South Africa, Saudi Arabia, Turkey, UAE, Israel, Nigeria, and others).
The largest market share for AI in Pharma will be held by North America in 2022. Australia, on the other hand, was listed as the second-largest AI in the Pharma market due to the presence of prominent enterprises in the region and its strong technological advancement.
- North America is anticipated to rule the AI in the Pharma market. The United States would make the largest contribution in this area.
- Europe is anticipated to dominate the AI market for the pharmaceutical sector between 2023 and 2029. The biggest market shares will be held by France, Germany, and the UK. The Southeast Asian (ASEAN) countries are divided in the market analysis on artificial intelligence in medicines. The pharmaceutical sector is expected to expand the quickest in the AI market.
- PRC, India, Japan, and Australia are the other key Asian economies that are taken into account in the research.
- Investors are paying attention to the markets in Central and South America. In the pharmaceutical industry, “Red Hot” markets for AI include Mexico, Argentina, and Brazil.
- The Middle East’s market for artificial intelligence in medicines is expected to expand fast. The (UAE), (KSA), and Turkey are the three primary players.
- Africa: This continent is always growing. The main role would be played by South Africa, then Nigeria.
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“Envision Pharma Group stated on February 9th, 2023, that it has acquired OKRA.ai, a leader in artificial intelligence technologies for the pharmaceutical sector. Through the agreement, Envision will have access to the developer of OKRA and a platform to compete in the growing artificial intelligence (AI) for the pharmaceutical firm’s industry. Using its 510(k) clearance, de novo, and premarket (PMA) approval procedures, the FDA has examined and approved an increasing number of devices having AI/ML capabilities across many different therapeutic categories, and it expects this trend to continue.”
Market Growth Drivers
- Need for accelerated and cost-effective drug discovery and development.
- Rising demand for personalized medicine and targeted therapies.
- Availability of large-scale healthcare data for AI analysis.
- Advancements in AI algorithms and computational capabilities.
- Potential to improve patient outcomes and reduce healthcare costs.
- Increasing adoption of AI in drug discovery and development processes.
- Growing utilization of AI for precision medicine and personalized treatment approaches.
- Rise of AI-powered virtual assistants and chatbots for patient engagement and support.
- Integration of AI with medical imaging technologies for enhanced diagnostics.
- The emergence of AI-powered predictive analytics and decision support tools in clinical trials.
- Regulatory and ethical considerations regarding the use of AI in healthcare.
- Integration and interoperability challenges with existing healthcare systems.
- Limited availability of high-quality and diverse datasets for AI training.
- Technical complexities in developing and validating AI algorithms for medical applications.
- Resistance to change and adoption of AI technologies in traditional healthcare settings.
- Improved efficiency and success rates in drug discovery and clinical trials.
- Enhanced decision-making capabilities for healthcare professionals.
- Tailored and precise treatment options for patients.
- Early disease detection and prevention through AI-powered diagnostics.
- Expansion of AI applications beyond pharmaceuticals, such as medical devices and digital health.
- Data privacy and security concerns associated with healthcare data.
- Lack of standardization and regulatory guidelines for AI in healthcare.
- Potential biases and limitations in AI algorithms and models.
- Limited transparency and interpretability of AI-driven predictions and recommendations.
- Cost implications and resource requirements for implementing AI solutions.
Major Development in the AI in Pharma Market
|Market Forecast (2029)||USD 27.5 Billion|
|Current Market Size (2022)||USD 1.25 Billion|
|Dominating Segment||Drug Discovery Process and Design|
|Major Players Profiled||Recursion Pharmaceuticals (United States), Atomwise (United States), Insilico Medicine (New York), Deep 6 (United States), Numerate (United States), Pfizer (United States), Oncocross (South Korea), Isomorphic Laboratories (England), BenevolentAI AI (United States), PathAI (United States), Bertis (United States), Standigm (United Kingdom), AIRS MEDICAL (South Korea), PharmCADD (South Korea), Deargen (South Korea), Neurophet (South Korea), Oncocross (South Korea), OKRA Technologies (United Kingdom), ROKIT Healthcare (South Korea), XtalPi Inc. (China)|
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Most Frequented-Asked Question
Q1: What is the size of the AI in Pharma Market at this 2023 time?
A: The AI in Pharma Market is anticipated to increase in value from USD 1.25 billion to USD 27.5 billion between 2022 and 2032, at a CAGR of 29.4%, according to a Market.us analysis.
Q2: Which market segments are the most important for AI in pharmaceuticals?
A: Type (Data Science Algorithms, Machine Learning, Deep Learning, Others), Application (R&D, Drug Discovery Process and Design, Identifying Clinical Trials, Epidemic Prediction, Others), Technology (Machine Learning, Other Technologies), and Geography (South America, Europe, North America, Asia Pacific, MEA) are the categories used to categorize the artificial intelligence market in the pharmaceutical industry.
Q3: Name Major Companies in the AI in Pharma Market.
A: Some of the key players in the AI in Pharma Market include Insilico Medicine (New York), Atomwise (United States), BenevolentAI AI (United States), Numerate (United States), PathAI (United States), Pfizer (United States), Deep 6 (United States), Oncocross (South Korea), Recursion Pharmaceuticals (United States), Isomorphic Laboratories (England), Bertis (United States), ROKIT Healthcare (South Korea), XtalPi Inc. (China), Standigm (United Kingdom), AIRS MEDICAL (South Korea), PharmCADD (South Korea), Deargen (South Korea), Neurophet (South Korea), Oncocross (South Korea), OKRA Technologies (United Kingdom) Key Players.
Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone: +1 434 322 0091
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