Artificial Intelligence (AI) in Biotechnology Market is anticipated to witness High Growth owing to increasing R&D

 

Artificial Intelligence (AI) In Biotechnology Market 

Artificial intelligence (AI) in biotechnology refers to the use of machine learning and deep learning algorithms to interpret large and complex biomolecular and healthcare datasets. AI is empowering the digital transformation of biotech & pharma industries by speeding up drug discovery, accelerating genomic research and enabling precision medicine.

The global AI in biotechnology market is estimated to be valued at US$ 7.11 Bn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the AI in biotechnology market are AstraZeneca, Bristol-Myers Squibb, Gilead Sciences, Inc., Sanofi, Abbott Laboratories, Biogen, Pfizer, Inc., Novo Nordisk A/S, Amgen, Inc., Merck KGaA, Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd., Novartis AG, Deep Genomics, NVIDIA Corporation, Verge Genomics, Recursion Pharmaceuticals. These players are adopting strategies such as collaborations, partnerships, mergers and acquisitions to gain a competitive advantage in the market.

The increasing availability of genomics data and growing applications in precision medicine & drug discovery are some of the key opportunities in the Artificial Intelligence (AI) in Biotechnology Market Demand . Furthermore, companies are expanding globally to enhance R&D capabilities and acquire new customers. For instance, NVIDIA Corporation established research labs with AI research focus areas in different countries like Canada, France, Germany, Israel and Switzerland.

Market drivers and restrain

The major driver for global AI in biotechnology market is the increasing R&D investment by biopharmaceutical companies and governments in drug discovery using AI. AI aids in faster and cost-effective drug discovery process by reducing false discovery rates, optimizing molecular design and synthesis. For instance, according to a report by Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D investment by biopharmaceutical companies in US increased from $45.8 billion in 2010 to $79.6 billion in 2019.

However, lack of skilled AI workforce and ambiguity regarding regulations for AI-derived applications are some of the major restrain hindering the market growth. Developing AI applications require data scientists and engineers specialized in life sciences which are currently lacking. Also, there are no concrete regulations regarding approving AI-derived disease screening tools, diagnostic algorithms or targeted therapeutics which add to uncertainty.


Segment Analysis
Artificial intelligence in biotechnology market is dominated by application segment. Drug discovery sub segment dominates the market owing to usage of deep learning and machine learning models for virtual screening to identify effective drug candidates. AI is used in target identification and validation, lead optimization, preclinical testing and clinical trial monitoring in drug discovery process which drives the growth of this sub segment. The medical imaging sub segment is expected grow at a significant rate during the forecast period due to adoption of AI tools for medical image analysis, diagnostic support, treatment planning and precision medicine applications.

Global Analysis
North America region dominates the global artificial intelligence in biotechnology market currently. Presence of leading biotech companies and adoption of latest technologies drives the market in this region. The Asia Pacific region is expected to be the fastest growing market during the forecast period owing to increasing R&D investments, government initiatives for biotech sector development and rising outsourcing of clinical trials to countries like China and India. China and India are emerging as major biotech hubs and expected to contribute significantly to the global market growth in coming years.

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

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