Artificial Intelligence (AI) in Pharmaceutical Market projected to Reach USD 7,147.2 Million by 2029
The global Artificial Intelligence (AI) in pharmaceutical market size is expected to reach USD 7,147.2 million by 2029 according to a new study by Polaris Market Research.
The rising funding and investment in the R&D activities by the private and public players in the pharma industry is driving the market’s growth. As funding rises in the industry, major players’ adoption of artificial intelligence in pharmaceuticals also increases for ease of the process. Further, the growing importance of precision medicine and increased investment for R&D for the use of artificial intelligence technology in this industry is expected to contribute to industry expansion.
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The introduction of artificial intelligence in the pharma sector results from increasing demand on drugmakers to reduce drug prices. Al reduced clinical trial failure rates while simultaneously eliminating the cost of long-term drug discovery research and development. Various pharma companies have already developed wearables that use artificial intelligence algorithms to remotely monitor patients with life-threatening conditions.
Based on the offering, the software segment accounted for the leading share in 2021. It is due to continued innovation in software that supports the healthcare industry’s demand. However, during the forecast period, the hardware category is expected to develop at the fastest rate due to artificial intelligence devices’ adoption to assess health information recorded in structured data such as imaging, genetic, and EP information.
Market players such as GNS Healthcare, Atomwise Inc., Bayer AG, Cloud Pharmaceuticals Inc, Recursion Pharmaceuticals Inc., AstraZeneca LLC, XtalPi Inc., Microsoft Corporation, Novartis AG, NVIDIA Corporation, Pfizer Inc., IBM Watson, and Merck & Co. are some key players operating in the global market.
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In March 2021, Iktos announced using their artificial intelligence and machine learning for de novo design in selected Pfizer small-molecule discovery initiatives. Pfizer has used Iktos’ generative modeling technology in small-molecule initiatives. Makya, Iktos’ innovative artificial intelligence-driven de novo tools to improve for Multi-Parametric Optimization (MPO), was introduced earlier this year as a Saas application or for installation on client premises or in the user’s Virtual Private Cloud (VPC). Thus, the collaboration among major players to adopt artificial intelligence in the pharma industry boosts market growth during the forecast period.
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Polaris Market Research has segmented the Artificial Intelligence (AI) in pharmaceutical market report based on application, offering, technology, deployment, and region:
Artificial Intelligence (AI) in Pharmaceutical, Application Outlook (Revenue – USD Million, 2017 – 2029)
- Drug Discovery
- Precision Medicine
- Medical Imaging & Diagnostics
Artificial Intelligence (AI) in Pharmaceutical, Offering Outlook (Revenue – USD Million, 2017 – 2029)
Artificial Intelligence (AI) in Pharmaceutical, Technology Outlook (Revenue – USD Million, 2017 – 2029)
- Machine Learning
- Natural Language Processing
- Deep Learning
Artificial Intelligence (AI) in Pharmaceutical, Deployment Outlook (Revenue – USD Million, 2017 – 2029)
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