The Business Research Company’s AI In Pharma Global Market Report 2021: COVID-19 Growth And Change
LONDON, GREATER LONDON , UK, August 18, 2021 /EINPresswire.com/ — To bring a new drug to the market takes on an average 10–15 years and half of this time is consumed during the clinical trial phases of the drug development cycle. Hence, using AI models and analytics tools can accelerate the clinical trial phases, perception of diseases, identify suitable cases and key investigators to inform site selection, and support novel clinical study designs.
The artificial intelligence in pharma market consists of sales of AI in the pharma and related services that use an automated algorithm to perform tasks that traditionally rely on human intelligence. It can be useful in handling data and presenting results that encourage better decision-making and save human efforts, cost, and time. The market consists of revenue generated by AI companies, which are applying in the pharmaceutical industry. Only goods and services traded between entities or sold to end consumers are included.
Companies operating in the AI for the pharmaceuticals market are introducing new AI tools that will be beneficial for the pharma companies and this is a key trend in AI in the pharma market. AI helps in quality control, predictive maintenance, waste reduction, design optimization and process automation. For instance, in September 2019, Novartis and Microsoft announced a multiyear alliance that will leverage data & Artificial Intelligence to transform how medicines are discovered, developed and commercialized.
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Major players covered in the global AI in pharma industry are Novartis, IBM Watson, Microsoft Corporation, Merck, GNS Healthcare., Google, AstraZeneca, Atomwise Inc., Exscientia, Cyclica, NVIDIA Corporation, XtalPi Inc., BenevolentAI, Cloud Pharmaceuticals Inc, BERG LLC, Bayer, Pfizer, Recursion Pharmaceuticals Inc., Bristol-Myers Squibb.
The global AI in pharma market size is expected to grow from $0.91 billion in 2020 to $1.27 billion in 2021 at a compound annual growth rate (CAGR) of 39%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $5.94 billion in 2025 at a CAGR of 47%. The growing adoption of artificial intelligence (AI) for clinical trials research is driving its demand for AI in the pharmaceutical market.
TBRC’s artificial intelligence (AI) in pharma market report is segmented by technology into context-aware processing, natural language processing, querying method, deep learning; by drug type into small molecule, large molecules; by application into diagnosis, clinical trial research, drug discovery, research and development, epidemic prediction.
AI In Pharma Global Market Report 2021: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provides AI In pharma market overview, forecast AI In pharma market size and growth for the whole market, AI In pharma market segments, and geographies, AI In pharma market trends, AI In pharma market drivers, AI In pharma market overview, restraints, leading competitors’ revenues, profiles, and market shares.
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