Generative Artificial Intelligence (AI) in Pharmaceutical Market Report 2024

This Generative Artificial Intelligence (AI) In Pharmaceutical market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The generative artificial intelligence (AI) in the pharmaceutical market size has grown exponentially in recent years. It will grow from $1.41 billion in 2023 to $1.85 billion in 2024 at a compound annual growth rate (CAGR) of 31%. The growth during the historic period can be attributed to several factors, including advancements in computational power, the rise of big data in healthcare and pharmaceuticals, increased investment in research and development, enhanced data quality and integration, and the expansion of cloud computing.

The generative artificial intelligence (AI) in the pharmaceutical market size is expected to see exponential growth in the next few years. It will grow to $5.47 billion in 2028 at a compound annual growth rate (CAGR) of 31.1%. The projected growth during the forecast period can be attributed to a focus on early disease detection, supportive regulatory frameworks and guidelines, improved computational power, rising drug development costs, and increased data availability. Key trends expected in the forecast period include the integration of blockchain and AI, advanced data integration techniques, enhanced disease diagnosis, automated drug repurposing, and real-time optimization of clinical trials.

The growing emphasis on personalized medicine is set to drive the advancement of generative artificial intelligence (AI) within the pharmaceutical industry. Personalized medicine customizes medical treatments based on individual patient characteristics, including genetic, environmental, and lifestyle factors. This increasing focus is supported by advancements in genetic research and technology, which facilitate more precise and effective treatments tailored to individual needs. Generative AI plays a crucial role in this field by enabling the development of customized drug therapies, thereby enhancing treatment efficacy and patient outcomes. For example, the Personalized Medicine Coalition reported in February 2024 that the FDA approved 16 novel personalized therapies for rare diseases in 2023, a significant increase from six approvals in 2022. Consequently, the rise in personalized medicine is fueling the growth of generative AI in the pharmaceutical sector.

Leading companies in the generative AI pharmaceutical market are creating innovative products such as AI healthcare microservices to enhance drug discovery processes. These modular, cloud-based services use AI to improve various healthcare functions, such as drug discovery, medical imaging, and diagnostics. For instance, Nvidia Corporation introduced generative AI microservices in March 2024, featuring optimized NIM AI models and workflows with APIs for cloud-native applications. These microservices offer advanced capabilities in imaging, natural language processing, and speech recognition, as well as digital biology functions. Tools such as Parabricks, MONAI, NeMo, Riva, and Metropolis are available as CUDA-X microservices, improving workflows in drug discovery and genomics.

In June 2023, Eli Lilly and Company, a US-based pharmaceutical and biomedical research firm, entered into a partnership with XtalPi Inc. This collaboration aims to utilize XtalPi's advanced AI-driven drug discovery platform, ID4Inno, to design and develop drug candidates for a specific, undisclosed target. The partnership will leverage XtalPi's technology to explore extensive chemical spaces and identify promising drug candidates through iterative design, synthesis, testing, and analysis, all supported by autonomous robotic systems for enhanced efficiency and precision. XtalPi Inc., based in China, specializes in AI-powered drug research and development.

Major companies operating in the generative artificial intelligence (AI) in pharmaceutical market are Pfizer Inc., Johnson & Johnson, Roche Holding AG, Merck & Co. Inc., AbbVie Inc., Bayer AG, Sanofi S.A., Bristol-Myers Squibb Company, AstraZeneca PLC, Novartis AG, GlaxoSmithKline plc, Fujitsu Limited, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Amgen Inc., Gilead Sciences Inc., NVIDIA Corporation, Conduent Incorporated, XtalPi Inc., Insilico Medicine Inc., Numerate Inc., Atomwise Inc., BenevolentAI Limited.

North America was the largest region in the generative artificial intelligence (AI) in the pharmaceutical market in 2023. The regions covered in the generative artificial intelligence (AI) in pharmaceutical market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the generative artificial intelligence (AI) in pharmaceutical market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Generative artificial intelligence (AI) in the pharmaceutical industry utilizes advanced algorithms and machine learning to design new drug compounds, predict molecular behaviors, and streamline drug discovery. It employs techniques such as deep learning and generative adversarial networks (GANs) to create novel molecular structures and simulate their interactions.

Generative AI in pharmaceuticals primarily focuses on two types of molecules such as small molecules and large molecules. Small-molecule drugs are low-molecular-weight compounds that can easily penetrate cells and influence biological processes. Technologies involved include deep learning, natural language processing, querying methods, and context-aware processing, which are applied in areas such as clinical trial research, drug discovery, and research and development.

The generative artificial intelligence (AI) in pharmaceutical market research report is one of a series of new reports that provides generative artificial intelligence (AI) in pharmaceutical market statistics, including generative artificial intelligence (AI) in pharmaceutical industry global market size, regional shares, competitors with a generative artificial intelligence (AI) in pharmaceutical market share, detailed generative artificial intelligence (AI) in pharmaceutical market segments, market trends and opportunities, and any further data you may need to thrive in the generative artificial intelligence (AI) in pharmaceutical industry. This generative artificial intelligence (AI) in pharmaceutical market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The generative artificial intelligence (AI) in pharmaceutical market includes revenues earned by entities through drug design, clinical trial optimization, biomarker discovery, and virtual screening. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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