JERSEY CITY, N.J., May 26, 2022 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the " Global AI in Biopharmaceutical Development Market (Type (Monoclonal Antibodies, Vaccines, Recombinant Proteins), Application (Research And Discovery, Clinical Development, Manufacturing & Supply Chain And Other Subsegments), End-user (Biopharmaceutical manufacturers, Contract manufacturing organizations (CMOs) or contract research organizations (CROs), Academic & government research institutes))- Trends, Industry Competition Analysis, Revenue and Forecast To 2030."
According to the latest research by InsightAce Analytic, the Global AI in Biopharmaceutical Development Market is valued at US$ 452.33 Million in 2021, and it is expected to reach US$ 16441.32 Million by 2030, with a CAGR of 49.3% during the forecast period of 2022-2030.
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Artificial intelligence (AI) has emerged as the frontier technology most likely to have a breakthrough impact on the biopharmaceutical sector. Reasoning, knowledge representation, solution search, and machine learning are AI approach domains (ML) examples. It can aid in rational drug development, decision-making, choosing the optimum treatment for a patient, tailoring medicines, and maintaining clinical data for future drug development. AI can distinguish between hit and lead compounds in drug discovery, allowing speedier therapeutic target confirmation and structural design optimization. The FDA (United States Food and Drug Administration) has issued recommendations and launched many efforts to encourage the use of AI in the drug discovery and development process.
Artificial intelligence is becoming more popular in the biopharmaceutical industry, leading to market expansion. Additionally, rising drug research costs and increased knowledge of AI's ability to work are key factors driving market growth in the coming years. The market's growth is also being driven by a low failure rate of trials, and an abundance of software developers for drug discovery, and high demand for the software among big pharma & biotech companies and research institutes. Adopting AI solutions in the clinical trial process eliminates potential obstacles, reduces clinical trial cycle time, and improves productivity and accuracy.
The higher cost of AI-based equipment, its applications, & software is the most notable challenges in this AI-based biopharmaceutical development market. Apart from this, a lack of data sets in drug discovery, the unavailability of skilled employees and the absence of regulations and ethics for using artificial intelligence in healthcare are market restraints for the forecasting period. Because of the growing software and services industries and funding for their development, Asia Pacific is anticipated to gain prominence in the forecasting period 2022-2030.
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Prominent market players in the AI in the Biopharmaceutical development market are IBM Watson Health, Google (Alphabet Inc.), Concreto HealthAI, Nvidia Corporation, PathAI, Atomwise, Inc., Deep Genomics, Cloud Pharmaceuticals, Inc., Ai-biopharma S.A.S., and Microsoft Corporation, among others, are some key players operating in the AI in Biopharmaceutical Development Market.
Key Developments in the market
- In Apr 2021, Microsoft focused on healthcare AI with a $19.7B Nuance acquisition Microsoft will shell out $19.7 billion cash for Nuance. With Nuance's speech recognition and conversational AI software under its umbrella, Microsoft will expand its push to bring cloud-based AI tools to the healthcare industry on a broader scale.
- In Apr 2021, Nvidia collaborated with AstraZeneca, the University of Florida, on AI-driven drug discovery. This collaboration will build a model trained using Nvidia DGX SuperPOD, an AI supercomputer, that will allow researchers to evaluate billions of molecules for potential drug candidates faster.
- In Jan 2020, Concerto HealthAI announced an expansion of their existing Precision Oncology collaboration with Pfizer Oncology. The partnership is to advance Concerto HealthAI's use-case engineered Real-World Data (RWD) for various clinical development initiatives across breast, lung, prostate and renal cell carcinoma cancers, which will drive innovative new study designs non-interventional studies.
- In Oct 2019, Novartis and Microsoft announced a collaboration to transform medicine with artificial intelligence. Novartis to establish an AI innovation lab to empower its associates to use AI across the business. Joint research activities will include co-working environments on Novartis Campus in Switzerland, Novartis Global Service Center in Dublin, and Microsoft Research Lab, tackling personalized therapies for macular degeneration, cell & gene therapy, and drug design.
Market Segments
Global AI in Biopharmaceutical Development Market , by Type, 2022-2030 (Value US$ Mn)
- Monoclonal Antibodies
- Vaccines
- Recombinant Proteins
Global AI in Biopharmaceutical Development Market , by Application, 2022-2030 (Value US$ Mn)
- Research And Discovery
- Clinical Development
- Manufacturing & Supply Chain And Other Subsegments
Global AI in Biopharmaceutical Development Market , by End-user, 2022-2030 (Value US$ Mn)
- Biopharmaceutical manufacturers
- Contract manufacturing organizations (CMOs) or contract research organizations (CROs)
- Academic & government research institutes
Global AI in Biopharmaceutical Development Market , by Region, 2022-2030 (Value US$ Mn)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
North America AI in Biopharmaceutical Development Market , by Country, 2022-2030 (Value US$ Mn)
- U.S.
- Canada
Europe AI in Biopharmaceutical Development Market , by Country, 2022-2030 (Value US$ Mn)
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
Asia Pacific AI in Biopharmaceutical Development Market , by Country, 2022-2030 (Value US$ Mn)
- India
- China
- Japan
- South Korea
- Australia & New Zealand
Latin America AI in Biopharmaceutical Development Market , by Country, 2022-2030 (Value US$ Mn)
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa AI in Biopharmaceutical Development Market , by Country, 2022-2030 (Value US$ Mn)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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Other Related Reports Published by InsightAce Analytic:
Global Cloud-based Solutions for Drug Discovery, Development and Manufacturing Market
Global Clinical Trials Software Market
Global Oncology Informatics Market
Why should one buy this report:
- To receive a comprehensive analysis of the prospects for the Global AI in Biopharmaceutical Development Market
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- To analyze the AI in Biopharmaceutical Development Market drivers and challenges
- To get information on the AI in Biopharmaceutical Development Market size (Value US$ Mn) forecast to 2030
- Significant investments, mergers & acquisitions in the AI in Biopharmaceutical Development Market industry
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