AI In Pharma Market 2024-2033: Latest Trends, Recent Developments, Growth Strategy And Major Players

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.

Market Overview -
AI in pharma refers to the use of automated algorithms for jobs that normally need human intelligence. Large datasets including disease patterns can be successfully identified by AI solutions in pharma, and they can also assist in understanding which medication formulations would be most effective for treating certain ailments.

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Government Backing Fuels Growth Of AI In Pharma Market With Financial Programs And Research Initiatives
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.

Competitive Landscape -
Major companies operating in the ai in pharma market report are Concerto HealthAI, Alphabet Inc., OWKIN, Nvidia Corporation, PathAI, Insilico Medicine, Exscientia, Microsoft Corporation, XtalPi, Intel, Standigm, Takeda Pharmaceutical Company Ltd., Otsuka Pharmaceutical Co. Ltd., China National Pharmaceutical Group Co. Ltd. (Sinopharm), Jiangsu Hengrui Medicine Co. Ltd, Cipla Limited, Aurobindo Pharma Limited, Dr. Reddy's Laboratories Ltd., Sun Pharma, Alliance Pharm Pte Ltd., Shanghai Pharmaceuticals, DeepMind, GlaxoSmithKline, Sanofi, Bayer, Renalytix AI, Merck, AstraZeneca, Iktos, Benevolent AI, Novartis, Ardigen, Botkin, Webiomed, Care Mentor AI, Diagnocat, IBM Corporation, Atomwise Inc., Cloud Pharmaceuticals, Bioage, NuMedii, Envisagenics, Aria Pharmaceuticals, Verge Genomics, Berg LLC, Cyclica, IQVIA, Roche, Pfizer, PRA Health Science, Gesto, Intensicare, Epitrack, Deep Genomics Inc., Welltok Inc., Oncora Medical, Recursion Pharmaceuticals Inc., Nucleai, Pepticom, Rology, hearX Group, DilenyTech, iNNOHEALTH Technology Solutions

Introduction Of Advanced AI Tools By Pharma Companies Marks A Pivotal Trend In The Industry
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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Key Segments -
The ai in pharma market covered in this report is segmented -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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