The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Artificial Intelligence (AI) In Biopharmaceuticals Global Market Report 2024, the artificial intelligence (AI) in biopharmaceuticals market is expected to show significant growth in the forecast period.

• Exponential Market Growth: The artificial intelligence (AI) in biopharmaceuticals market has experienced significant growth, expanding from $1.19 billion in 2023 to a projected $1.59 billion in 2024. This growth, marked by a compound annual growth rate (CAGR) of 33.8%, is driven by advancements in computational power, the explosion of biomedical data, the precision medicine paradigm, and regulatory support.
• Future Market Projections: The market is expected to continue its upward trajectory, reaching $4.99 billion by 2028 with a CAGR of 33.1%. This anticipated growth is attributed to advancements in computational biology, the integration of multi-modal data, the convergence of AI and life sciences, and the establishment of regulatory frameworks emphasizing ethical and fair AI principles.

Chronic Disease Prevalence Driving Market Expansion

• Impact of Chronic Diseases: The increasing prevalence of chronic diseases is a significant factor fueling the growth of AI in biopharmaceuticals. These long-lasting conditions, often resulting from lifestyle factors, aging populations, and genetic predispositions, require sophisticated tools for management. AI’s ability to analyze large datasets, identify patterns, and personalize treatments makes it an invaluable resource in managing chronic diseases.
• Future Projections: According to the National Library of Medicine, the number of chronic disease cases is expected to surge by 99.5% by 2050. This trend underscores the growing need for AI-driven solutions in the biopharmaceutical industry to address the rising demand for effective chronic disease management.

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Advancements in AI-Powered Drug Discovery and Precision Medicine

• Innovative AI Solutions: Leading companies in the AI in biopharmaceuticals market are developing advanced AI-powered tools for drug discovery and precision medicine. These solutions aim to streamline the drug development process, reduce costs, and bring new treatments to market faster.
• Case Study – Google LLC: In May 2023, Google launched AI-powered tools designed to predict and understand protein structures, a crucial aspect of drug development. These tools also enable researchers to manage and analyze vast amounts of genomic data, facilitating the advancement of precision medicine. Such innovations are poised to revolutionize life sciences and improve patient outcomes.

ZS Associates’ Acquisition of Trials.ai Inc.

• Strategic Acquisition: In February 2023, ZS Associates acquired Trials.ai Inc. to enhance the design of clinical trials using AI. This acquisition aims to optimize trial speed, improve participant experiences, and expedite the delivery of pharmaceutical therapies to the market.
• Focus on AI in Clinical Trials: Trials.ai Inc. specializes in leveraging AI and machine learning technologies to revolutionize clinical trials. The integration of these technologies is expected to streamline trial processes, making them more efficient and effective.

Regional Market Insights and Segmentation

• Regional Growth: North America led the AI in biopharmaceuticals market in 2023, with Asia-Pacific expected to be the fastest-growing region in the coming years. This growth is driven by the rapid adoption of AI technologies and the increasing demand for innovative biopharmaceutical solutions.
• Market Segmentation: The AI in biopharmaceuticals market is segmented by offering (hardware, software, services), deployment (cloud, on-premises), technology (machine learning, natural language processing, deep learning), application (business process and supply chain, drug discovery, medical imaging, diagnostics, precision medicine), and end-users (manufacturers, contract research organizations, academic and government research institutes).

Conclusion

• Future Outlook: The artificial intelligence in biopharmaceuticals market is set for continued exponential growth, driven by technological advancements, the increasing prevalence of chronic diseases, and strategic industry collaborations. With AI playing a pivotal role in transforming drug discovery, precision medicine, and clinical trials, the market’s potential for innovation and improved patient outcomes is immense.

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