AI and machine learning have encompassed all the prominent sectors of the industries. AI refers to the system of technology in which intelligent sensors collect a plethora of information and analyzes this data and activates a response in the shortest possible time. AI in pharmaceutical plays an important role in predicting the success rate of experiments based on various biological and non-biological factors.
As per the report published by Facts and Factors, the global AI for Pharmaceutical market was valued at approximately USD 550 Million in 2019 and is expected to generate revenue of around USD 8150 Million by end of 2026, growing at a CAGR of around 47% between 2020 and 2026.
Top Market Players
Some main participants of the AI for Pharmaceutical market are Pfizer, Janssen Pharmaceutical, Sanofi, Novartis, Bayer, Takeda, Roche, Merck, Glaxo SmithKline, Eli Lilly, Astra Zeneca, and Allergan among others.
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Reduction in the cost and time of drug discovery is the major factor responsible for the growth of AI in Pharmaceutical
AI has the potential to accelerate the new discovery and also increase productivity reducing the cost of operation and time to market. It assists in screening the drug compound and based on that predicting the success rate of the experiment thus reducing the chances of errors and increasing the success rate of research and development activities. The plethora of data is analyzed and acted in fractions of seconds this increases the efficiency of the enterprise. One of the major time-consuming processes in drug discovery in clinical trials. Recruitment of patients for clinical trials is a time-consuming task, AI-assisted technology can scrutinize patients in nanoseconds and identify the right candidates based on disease history and other additional attributes which effectively shortens the process of introducing drugs in the market.
Global AI for Pharmaceutical Market: Growth Factors
The increasing adoption of artificial intelligence platforms (AIs) to reduce the overall cost of drug discovery and to boost the results is expected to boost pharmaceutical demand for these platforms. Moreover, the ease of obtaining monumental data through preclinical research and molecular screening is propelling the adoption of artificial intelligence in pharma applications. Furthermore, the accessibility of myriad options for gathering information and customization of artificial intelligence platforms is encouraging pharma companies to leverage artificial intelligence. The advancement in artificial intelligence technology enables companies to accurately recognize the molecular binding characteristics of the drug.
Global AI for Pharmaceutical Market: Segmentation
The AI for Pharmaceutical market has been analyzed into the offering, technology, and application. The offering segment has been classified into software, and services. The software segment dominants the market in 2019 owing to certain advantages such as low cost and accelerate time to market the drug. Moreover, higher demand for the software among the larger pharma, biotech manufacturer, and research institutes are significantly influencing the growth of the segment. On the basis of technology, the market has been analyzed into natural language processing, context-aware processing, deep learning, and machine learning. In terms of application, the industry has been bifurcated into manufacturing, remote monitoring, research & development, drug discovery, epidemic prediction, diagnosis, disease prevention, and marketing.
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North America region is projected to Dominate Global AI in Pharmaceutical Market Growth
Geographically, North America is dominating the global market for AI for pharmaceutical. The regional market share is mainly driven by U.S. and Canada; massive investments in AI technologies and a large number of cross-industry strategic collaborations majorly fuel the growth of the AI for pharmaceutical market. Additionally, the presence of major market contributors such as Google, IBM, NVIDIA, Microsoft, and Intel, are headquartered in this region which is aiding the market to grow. However, Asia-Pacific is expected to register the highest CAGR growth over the projected period, owing to the rise in adoption of advanced AI technologies and the focus of major players on expanding their market presence in emerging countries of Asia. Thereby, certain factors are responsible for the large share and high growth rate of this market.
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