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AI in Pharma and Biotech Market

AI in Pharma and Biotech Market - Global Industry, Analysis, Size, Share, Growth, Trends, and Forecasts 2021-2031

AI in Pharma and Biotech Market - An Overview

The global AI in pharma and biotech market is expected to witness strong growth during the forecast period between 2021 and 2031.

AI in pharma refer to a system of automated technologies which can function independently, with very little human intervention.

The deployment of AI in pharma and biotech industry has been on the rise in the last few years owing to benefits such as developing improved understanding of relationships between various process parameters and formulations.

The outbreak of the COVID-19 pandemic positively impacted growth in overall AI in pharma and biotech market. Rising number of cases worldwide led to increasing need to develop vaccines that would help combat the virus.

As a result, the demand for advanced technologies such as AI in pharma and biopharma industries to produce the vaccines increased significantly, which boosted the growth in global market.

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AI in Pharma and Biotech Market - Trends and Opportunities

Rising adoption of artificial intelligence in pharmaceutical and biopharmaceutical industries is the key growth driver of global AI in pharma and biotech market.

Also, increasing expenditure incurred in healthcare could help create revenue-generating opportunities for leading players in global AI in pharma and biotech market, in years to come.

In addition to this, supportive government policies towards the use of advanced technologies such as AI in pharma and biotech industries could augment the growth in AI in pharma and biotech market, in the coming years.

Other factors such as improving healthcare infrastructure, especially in developing economies and continuous economic growth could also help create revenue-generating opportunities for leading players in global AI in pharma and biopharma market, in years to come.

Small molecule drugs segment is expected to emerge as largest contributor, in terms of revenue, to overall market because of rising demand for small molecule drugs in prominent countries worldwide.

AI in Pharma and Biotech Market - Competitive Landscape

The global AI in pharma and biotech market is competitive, with the presence of numerous leading players. Many of these players are expected to hold a large share in overall market, in the years ahead.

Research and development undertakings could be key, revenue-generating growth strategy for leading players in global AI in pharma and biotech market, in the years ahead.

Other strategies such as signing of collaborative agreements with smaller market players could help leading AI in pharma and biotech market players in expanding their presence in global market and increasing their revenue shares.

Prominent market player GlaxoSmithKline signed a collaborative agreement with Vir Biotechnology, in April 2020, to improve the drug discovery process to combat the coronavirus, by using artificial intelligence and CRISPR.

Few well-established players in global market include IBM Corporation, Deep Genomics, Microsoft Corporation, NVIDIA Corporation, and Biosymetrics.

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AI in Pharma and Biotech Market - Regional Assessment

The global AI in pharma and biotech market is classified into five regions, namely, North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.

North America is expected to offer maximum revenue-generating opportunities for players in global AI in pharma and biotech market in future because of rising prevalence of chronic diseases in countries such as the U.S. and Canada.

Asia Pacific is anticipated to witness substantial growth in overall market in future owing to large presence of contract manufacturing and research organizations in both developed and developing economies such as China and India.

Europe is projected to witness moderate growth in overall AI in pharma and biotech market owing to reduced presence of prominent market players in countries such as the U.K. and Germany.

Other regions of the world such as Latin America and Middle East and Africa are expected to witness moderate growth in overall market, in the coming years.

AI in Pharma and Biotech Market

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