Artificial Intelligence in Biotechnology Market Share to Reach 29.7% CAGR by 2032 – Report by DataHorizzon Research
Fort Collins, Colorado, Sept. 06, 2023 (GLOBE NEWSWIRE) — DataHorizzon Research Published a report titled, “Artificial Intelligence in Biotechnology Market Size, Growth, Share, Statistics Analysis Report, By Application Type, By Offering Type (Software, Hardware, Services), By Usage Type, By Region, And Segment Forecasts, 2023-2032.”
According to DataHorizzon Research, the artificial intelligence in biotechnology market share is expected to gain traction at a CAGR of 29.7% between 2023 and 2032. The market is fragmented and offers lucrative opportunities for industry players. Also, in the post-pandemic times, the demand for novel drugs and treatments has grown since 2021, owing to the wider adoption of machine learning tools to identify targeted diseases. In addition, biotech companies are making huge strides in the industry through AI models dedicated to drug and vaccine development.
The industry witnessed strategic mergers and acquisitions among the key players to accelerate business expansion. In 2023, Sanofi and miRecule partnered to discover novel treatments and vaccines for several diseases. The partnership also aims to explore potential RNA therapeutics for genetic disorders.
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|Report Title||Artificial Intelligence in Biotechnology Market|
|CAGR from 2023 to 2032||29.7%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Report Scope & Coverage||Market size, estimations, competitor analysis, trends, and growth factors|
|By Application||Drug screening, drug target identification, predictive modeling, and image screening|
|By Offering||Software, hardware, services|
|By Usage||Medical biotechnology, agriculture biotechnology, industrial biotechnology, and animal biotechnology|
|Region||North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa|
|Countries Covered||U.S., Canada, U.K., Germany, France, China, India, l̥Japan, South Korea, Brazil, Mexico, UAE, Saudi Arabia, South Africa, among others|
|Major Market Players||Biosymetrics, Sanofi, Pfizer Inc., Merck KGaA, Novartis AG, IBM Corporation, AstraZeneca, Biogen, NVDIA Corporation, Johnsons and Johnsons Services, Inc., Abbott Laboratories.|
The global market has been segmented into application, offering, usage, and region. Based on application, drug target identification registered a significant growth, attributed to the immense use of AI tools for anticancer drug development programs at a large scale. The market is classified as software, hardware, and services based on offering. The software segment accounted for a significant market share owing to the huge demand for AI software and platforms for biotechnology. Besides, the increasing penetration of software tools is responsible for its adoption. In terms of usage, agriculture accounted for a significant share in 2022 since AI models widely implicate agricultural initiatives such as crop yield, micro irrigation, crop monitoring, and more.
By region, the U.S. is the leading market for artificial intelligence in biotechnology owing to the relentless research and development of drug discovery using AI tools and models. Large multinationals such as Meta, Microsoft, Google, and many others played a vital role during the COVID-19 pandemic to provide help and support programs through AI platforms to the population during the peak phase of the pandemic. Since then, the involvement of these multinationals has expanded tremendously in the biotechnology field.
Key Developments in the Industry:
- In 2021, Sanofi invested USD 180 million in equity in Owkin, led by a strategic partnership with combined efforts for oncology drug discovery and development programs. Besides, Owkin’s artificial intelligence is widely known for designing biomedical AI models using large data sets. This collaboration is anticipated to expand Sanofi’s oncology portfolio in breast, multiple myeloma, and lung cancer areas.
- In 2020, Insilico Medicine entered into a research partnership with Pfizer Inc. This partnership was intended to share Insilico’s machine-learning technology, generative biology, and synthetic data generation pipelines to identify potential therapeutic targets for various diseases. In the same year, Pfizer Inc. invested USD 500 million in biotechnology companies under its umbrella program called ‘Breakthrough Growth Initiative’ to allow access to Pfizer’s scientific expertise to these companies to ensure the continuation of clinical programs.
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Artificial Intelligence in Biotechnology Market Report Highlights:
- The artificial intelligence in biotechnology market share is anticipated to reach a CAGR of 29.7% by 2032. Innovations in the biotechnology industry and the growing adoption of digital mediums are prominent factors driving the market growth.
- The growing adoption of AI technologies by biopharmaceutical companies has reduced the cost of the drug delivery process. Therefore, AI solutions have emerged as a tool for pharmaceutical organizations to enhance their footprint in the industry.
- The prevalence of chronic diseases in the population has been a major cause of high mortality rates worldwide. As biotech companies embrace AI solutions, this approach will likely combat the mortality rate by improving the quality of healthcare infrastructure and accelerating treatment procedures.
- Based on application, drug target identification is the dominating segment globally, owing to the effectiveness of AI solutions in identifying anticancer treatments.
- Based on usage, agriculture biotechnology accounted for a significant market share due to the demand for genetically modified plants that boost crop yield.
- Based on region, the U.S. accounts for a large share of the global market owing to the high adoption of artificial intelligence tools and techniques for research and development in agriculture and healthcare.
- Some of the prominent market players in artificial intelligence in the biotechnology market report include Biometrics, Sanofi, Pfizer, Inc., Merck KGaA, Novartis AG, IBM Corporation, AstraZeneca, Biogen, NVIDIA Corporation, Johnsons and Johnsons Services, Inc., and Abbott Laboratories.
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Artificial Intelligence in Biotechnology Market Segmentation:
Artificial Intelligence in Biotechnology Market, By Application (2023-2032)
- Drug Screening
- Drug Target Identification
- Image Screening
- Lip Care
- Sun Care
- Anti-stretch mark
Artificial Intelligence in Biotechnology Market, By Offering (2023-2032)
Artificial Intelligence in Biotechnology Market, By Usage (2023-2032)
Artificial Intelligence in Biotechnology Market, By Region (2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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