Dublin, Aug. 04, 2023 (GLOBE NEWSWIRE) -- The "AI In Pharma Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global AI in pharma market experienced substantial growth, reaching $1.64 billion in 2023, with a remarkable compound annual growth rate (CAGR) of 32.8%. Despite challenges posed by the Russia-Ukraine war and the lasting impact of COVID-19, the market is projected to expand further, reaching an estimated value of $4.61 billion by 2027, exhibiting a CAGR of 29.4% during the forecast period.
Market Overview:
The AI in pharma market is segmented based on technology into context-aware processing, natural language processing, querying method, and deep learning. The market is further divided by drug type into small molecules and large molecules. Additionally, it is categorized by application into diagnosis, clinical trial research, drug discovery, research and development, and epidemic prediction.
Key Players:
The major players in the AI in pharma market include:
- Novartis
- IBM Watson
- Microsoft Corporation
- Merck
- GNS Healthcare
- AstraZeneca
- Atomwise Inc.
- Exscientia
- Cyclica
- NVIDIA Corporation
- XtalPi Inc.
- BenevolentAI
- Cloud Pharmaceuticals Inc
- BERG LLC
- Bayer
- Pfizer
- Recursion Pharmaceuticals Inc.
- Bristol-Myers Squibb
Technological Advancements: Companies operating in the AI for the pharma market are introducing new AI tools that benefit pharma companies. AI enables quality control, predictive maintenance, waste reduction, design optimization, and process automation. For instance, Sanford Health and Sharp HealthCare, US-based healthcare organizations, partnered with Dandelion Health, a US-based healthcare AI company, to introduce a comprehensive data platform that provides health institutions access to high-quality, representative patient data for clinical AI development.
Regional Insights: North America led the AI in pharma market in 2022, with Asia-Pacific projected to be the fastest-growing region during the forecast period. The report covers other regions, including Western Europe, Eastern Europe, South America, Middle East, and Africa.
Key Drivers: The growing adoption of AI for clinical trials research is driving the demand for AI in the pharmaceutical market. AI models and analytics tools accelerate the clinical trial phases, perception of diseases, and identification of suitable cases and key investigators for site selection. For instance, Pfizer partnered with Insilico Medicine to identify drug targets using AI tools, speeding up drug discovery and reducing development costs.
Challenges: A lack of skilled professionals may hamper the growth of AI in the pharma market. The shortage of AI skills is seen as a major barrier to the pace of technology's adoption, hindering the necessary level of AI implementation beyond business operations.
Reasons to Purchase:
- Gain a global perspective with the most comprehensive report available, covering 50+ geographies.
- Understand the impact of COVID-19 on the market and its response as the situation improves.
- Assess the influence of the Russia-Ukraine war on agriculture, energy, mineral commodity supply, and its implications for the AI in pharma market.
- Measure the market's response to high global inflation.
- Create regional and country strategies based on local data and analysis.
- Identify investment opportunities in growth segments.
- Outperform competitors using forecast data and market trends.
- Understand customer preferences based on the latest market shares.
- Benchmark performance against key competitors.
- Utilize reliable high-quality data and analysis for internal and external presentations.
Key Questions Answered:
- Where is the largest and fastest-growing market for AI in pharma?
- How does the market relate to the overall economy, demography, and other similar markets?
- What forces will shape the market going forward?
The "AI In Pharma Global Market Report 2023" provides in-depth insights and a complete perspective of the AI in pharma industry, empowering businesses to make informed decisions and capitalize on growth opportunities.
For more information about this report visit https://www.researchandmarkets.com/r/zcr2ub
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