Artificial Intelligence (AI) in Biopharmaceuticals market is projected to grow at a CAGR of 42.0 % by 2033: Visiongain
Visiongain has published a new report entitled Artificial Intelligence (AI) in Biopharmaceuticals Market Report 2023-2033: Forecasts by Technology (Deep Learning, NLP, Image Processing, Other), by Application (Business Process & Supply Chain, Drug Discovery, Medical Imaging & Diagnostics, Precision Medicine), by End-users (Manufacturers, Contract Research Organisations, Academic & Government Research Institutes) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The Artificial Intelligence (AI) in Biopharmaceuticals market was valued at US$ 1,030.7 million in 2022 and is projected to grow at a CAGR of 42.0% during the forecast period 2023-2033.
India to be one of the most lucrative countries for investment in biotechnologies
As per IBEF (Indian Brand Equity Foundation), India is one of the top 12 countries in the world for biotechnology. Development of an ecosystem for the growth of excellence and research in a range of biotechnology sectors in India has received significant attention from the Department of Biotechnology (DBT), which falls under the Ministry of Science and Technology. The biotechnology sector has been in the vanguard of the battle against the Covid-19 pandemic by developing and utilising a multitude of tools at its disposal, including vaccines, antiviral medications, test kits, and other technologies. The pandemic has helped the nation create the optimum environment for the manufacture, sourcing, and export of pharmaceuticals and vaccinations. To make India internationally competitive in biotech research, innovation, venture capital, and industrial growth, the Indian government has undertaken numerous programmes. Such as, in November 2022, Finland and India signed a collaboration agreement to work on mobile technologies and biotechnologies. In August 2022, Minister of State Science & Technology and Minister of State Earth Science in announced a grant worth US$1.3 to 1.83 million for biopharma projects such as start-ups and R&D activities. As per IBEF, by 2030, the market for medical devices is anticipated to be worth US$50 billion in India, increasing at a 15% CAGR. Over the next ten years, the National Digital Health Blueprint has the potential to provide almost US$ 200 billion in economic value to India’s healthcare sector. Thus, given the ongoing investment and growth scenario of the country, India is expected to present notable growth opportunities in the global AI in biopharmaceutical market.
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How COVID-19 acted as a pivotal point for the AI in Biopharmaceutical Market
COVID acted as a pivotal point for the technology adoption in healthcare and pharmaceutical industries. Thus, the market trend of the artificial intelligence in biopharmaceutical remained optimistic during 2020-2021 and the projections are also expected to remain healthy during the forecast period of 2023-2033.
For instance, the parent market, AI in healthcare market, is expected grow positively in coming years. Also, the regional markets displayed healthy growth during the pandemic. The biotech market in US witnessed positive revenue growth in all the regions in 2021 while some of the regions even witnessed double digit growth. Similarly, in European region, the biotech market witnessed positive growth in 2021. US is the major shareholder (44%) in the global AI biopharma market. Moreover, cumulatively, in US and European regions, the IPOs in Biotech grew positively from 2020 to 2021. As per, OECD, the spending on biotechnology witnessed growth in 2020 in all the major countries owing to increased awareness and need for digital awareness.
How will this Report Benefit you?
Visiongain’s 218-page report provides 90 tables and 137 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the AI in Biopharmaceutical market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for AI in Biopharmaceutical. We provide financial analysis of the overall market and different segments including technology, application, and end-users and capture higher market shares. We believe that there are strong opportunities in this fast-growing AI in Biopharmaceutical market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Technology adoption in biopharma to create substantial opportunities for big pharma’s
After a protracted period of stagnation, the AI in Biopharma sector is still expanding, as evidenced by the continued flow of investments and an increase in the number of partnerships between pharmaceutical businesses and AI firms in 2020-2022 compared to 2019 and earlier years. The leading pharmaceutical organisations’ increased involvement in investment and research collaborations related to artificial intelligence reported a significant impact on the growth dynamics of the biopharma industry. The amount of research, the number of scientific papers in the subject of AI in Biopharma, and research collaborations between pharma businesses and AI-expertise providers are all on rise, despite the fact that some pharma corporations are still sceptical of AI applications. AI research is now confronting obstacles, but the pharmaceutical and healthcare sectors are seeing an increase in demand for ML/AI technology and people, which is leading to the emergence of a new interdisciplinary field called data-driven drug discovery/healthcare. The presence of highly qualified multidisciplinary executives is crucial to the overall performance of all the businesses in the sector. Hiring top AI professionals will be imperative, especially for big pharma businesses to stay competitive in the market. Top AI in Biopharma businesses are using Deep Learning, NLP, Image Processing, and other technologies as part of their most cutting-edge R&D strategies.
Better data analysis and pattern recognition in biopharma with AI to drive the technology adoption
AI can be used to analyse large datasets to identify patterns and correlations that may not be visible to the human eye. AI can be used to automate mundane tasks, freeing up employees to focus on more important tasks. This can help businesses, such as biopharma, become more efficient and productive. AI can be used to improve data analysis in biotechnology in a number of ways. AI can be used to automate the process of data collection, analysis, and interpretation, allowing for faster and more accurate results. Additionally, AI can be used to develop predictive models that can be used to forecast future trends in biotechnology. Finally, AI can be used to develop personalized treatments and therapies based on individual patient data.
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Where are the Market Opportunities?
Patent expiry to create opportunity for AI-driven development
One of the sweltering issues in the healthcare sector is patent protection and expiration. According to various estimates, the gross profit margins for the patent-protected pharmaceuticals may surpass 90%, which results in significant sales and income for the products’ original creators. However, the patent expiration creates challenges for the original developer with the entry of generic competitors into the market. When a drug’s patent expires, generic copies with lower prices can be produced by companies other than the original inventor. It has been noticed that generic medications often cost between 20 and 30 percent less than branded and trademarked ones. By making it possible for them to get vital prescriptions for less money, it gives consumers the possibility to save money. Though, this is a huge constraint for pharmaceutical companies, but this can be turned into a potential opportunity for AI-driven drug development companies for faster launch of new patent or drug.
The major players operating in the AI in Biopharmaceutical market are Alphabet Inc., Amgen Inc., ConcertAI, Exscientia, Insilico Medicine, Merative (IBM), Microsoft, NVIDIA Corporation, Schrödinger, Inc., and Tencent. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- In May 2023, Insilico Medicine received approval from the U.S. Food and Drug Administration (FDA) for novel AI-designed USP1 inhibitor for cancer.
- In March 2023, Exscientia PLC announced collaboration with Charité – Universitätsmedizin Berlin (Germany) to adopt AI-driven precision medicine platform in haematological cancers.
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To find more Visiongain research reports on the Pharma sector, click on the following links:
- Artificial Intelligence (AI) in Precision Medicine Market Report 2023-2033
- Artificial Intelligence (AI) in Oncology Market Report 2023-2033
- Artificial Intelligence (AI) in Genomics Market Report 2023-2033
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