GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN PHARMACEUTICAL MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global Artificial Intelligence (AI) In Pharmaceutical Market, By Deployment Mode (Cloud and On-Premise), By Offering (Hardware, Software, Services), By Technology (Natural Language Processing, Context-Aware Processing, Deep Learning, Querying Method, Other), By Drug Type (Large Molecules and Small Molecules), By Application (Drug Discovery, Clinical Trial, Research & Development, Drug Manufacturing and Supply Chain, Others), By End User (Pharmaceutical & Biotechnology Companies, Hospitals and Diagnostic Centers, Academic & Research Institutes, Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Jul 2024
Code : CMI7209
Pages :172
Formats :
Excel and PDF
Industry : Pharmaceutical

Market Concentration and Competitive Landscape

Global Artificial Intelligence (AI) In Pharmaceutical Market Concentration By Players

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Advancements in Specialized Biologics and Targeted Therapies

Rising investments in artificial intelligence by pharmaceutical companies can drive the artificial intelligence (AI) in pharmaceutical market growth. Pharmaceutical giants are increasingly leveraging AI systems to accelerate drug discovery processes and make them more efficient. AI has the potential to analyze huge tranches of medical data more quickly and uncover novel insights that humans may miss. This helps pharmaceutical companies reduce drug discovery costs and time as AI supplements human efforts. For example, many top pharmaceutical companies like Pfizer, Merck, GSK and AstraZeneca have ramped up their AI investments in recent years. As per the data published by the United Nations World Intellectual Property Organization in 2022, pharma patent filings related to AI had increased by over 30% between 2020 to 2021 due to applications in precision medicine and clinical trials. Drug makers are utilizing AI for tasks like analyzing genetic data to develop personalized treatments, improving clinical trial recruitment and monitoring drug safety. AI algorithms can also predict potential side effects of new molecules early in the drug discovery process from huge chemical and biological databases which often saves millions of dollars and years of research if red flagged early. The applications of AI are projected to transform drug discovery, disease screening, treatment recommendation and remote patient monitoring in the next 5 years, according to a 2021 report by World Health Organization. This will likely accelerate the discovery of new cures and boost treatment effectiveness. AI also poses important challenges around data privacy, bias and regulatory compliance that needs careful consideration for realizing its full benefits. Rising investments in this transformational technology can offer immense opportunities for innovation and efficiency gains in pharmaceutical industry with implications for better health outcomes around the world.

Key Players Insights