Artificial Intelligence (AI) in Biotechnology Market Key Highlights:
- Market Size (2024): USD 2,835 Million
- Projected Market Size (2034): USD 20,036 Million
- CAGR (2023-2034): 21.6%
Pricing Analysis:
- Price Growth
- Regional Variations
Market Historic Sales
- Total sales volume, year-over-year growth, product categories, and market share.
Revenue Estimation
- Forecasting future revenues based on historical data, market trends, and economic indicators.
Sales by Region
- Breakdown of sales performance across different geographical areas.
Revenue by Manufacturer
- Analysis of revenue contributions from different manufacturers in the market.
Artificial Intelligence (AI) in Biotechnology Market Definition
The artificial intelligence (AI) in biotechnology market is growing due to increasing funding from both public and private organizations for AI in biotechnology can drive the market growth significantly. Reduced hardware cost along with development of more advanced algorithms can increase the adoption of AI in biotechnology market. Factors like increasing drug discovery and precision medicine, increasing complexity of clinical trials can further boost the markets growth significantly. With the help of AI researchers, they can screen millions of vast datasets in one go.
Powerful machine learning algorithms can be trained on huge datasets having information like genetic data, electronic health records, and molecular structures. It helps AI to identify novel drugs target, to find new molecular designs and predicts how patient may respond to particular formulation of drug. Therefore, companies are implementing deep learning techniques to analyze bimolecular datasets and retrieve insights from it, further fueling the AI in biotechnology market.
However, the challenges like high cost associated with manufacturing to develop AI technologies for applications of biotechnology creates hindrances to growth in the artificial intelligence (AI) in biotechnology market. It requires massive investment to develop sophisticated neural networks and complex algorithms along with supportive hardware. Though, increasing focus on personalized medicine can provide greater opportunity to expand the horizon of AI in biotechnology market on a global scale.
Artificial Intelligence (AI) in Biotechnology Market Segmentation:
By Type
- Hardware
- Software and Services
By Application
- Agriculture Biotechnology
- Medical Biotechnology
- Animal Biotechnology
- Industrial Biotechnology
- Others
Artificial Intelligence (AI) in Biotechnology Market Companies:
- AstraZeneca
- Abbott Laboratories
- Amgen Inc.
- Atomwise
- Biogen
- Bristol-Myers Squibb
- F. Hoffmann-La Roche Ltd.
- Gilead Sciences Inc
- Johnson & Johnson Services Inc.
- Pfizer Inc.
- Merck KGaA
- Novo Nordisk A/S
- Novartis AG
- Sanofi
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