Global AI in Pharmaceutical Market
Dublin, May 05, 2022 (GLOBE NEWSWIRE) — The “Global AI in Pharmaceutical Market Report 2022, by Technology, Drug Type, Application” report has been added to from ResearchAndMarkets.com offer.
This report provides strategists, marketers, and senior management with the essential information they need to assess the global AI in Pharmaceutical market.
This report focuses on AI in the rapidly growing pharmaceutical market. The report gives a guide to the AI in Pharmaceutical Market that will shape and change our lives over the next decade and beyond, including the markets response to the challenge of the global pandemic.
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The major players in the AI market in the pharmaceutical market 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. and Bristol-Myers Squibb.
The global AI in Pharmaceutical Market is expected to grow from $934.56 million in 2021 to $1,236.09 million in 2022 at a compound annual growth rate (CAGR) of 32.3%. The change in growth trend is mainly due to companies stabilizing their production after meeting the demand which increased exponentially during the COVID-19 pandemic in 2021. The market is expected to reach 3,626.24 million dollars in 2026 with a CAGR of 30.9%.
Artificial intelligence (AI) in the pharmaceutical market includes AI sales in the pharmaceutical sector and related services that use an automated algorithm to perform tasks that have traditionally relied on human intelligence. It can be useful for managing data and presenting results that encourage better decision-making and save human effort, cost and time. The market consists of revenue generated by artificial intelligence (AI) companies, which apply to the pharmaceutical industry. Only goods and services exchanged between entities or sold to final consumers are included.
The main types of artificial intelligence (AI) technologies in the pharmaceutical industry are context-aware processing, natural language processing, query method, and deep learning. Natural language processing is a branch of artificial intelligence (AI), which aims to give computers the ability to understand text and spoken words in the same way humans do. The various drugs produced are small molecules and large molecules which are used for diagnosis, clinical trial research, drug discovery, research and development, and epidemic forecasting.
North America was the largest region in the AI in Pharmaceutical Market in 2021. Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East and Africa.
The growing adoption of artificial intelligence (AI) for clinical trial research is driving its demand for AI in the pharmaceutical market. Bringing a new drug to market takes about 10 to 15 years on average and half of that time is consumed during the clinical trial phases of the drug development cycle. Therefore, the use of AI models and analytic tools can accelerate clinical trial phases, disease insight, identify suitable cases and key investigators to inform site selection and support new clinical study designs. For example, in January 2020, Pfizer, an American pharmaceutical company, partnered with biotech startup Insilico Medicine to identify drug targets. Using AI tools, Pfizer can accelerate drug discovery and reduce drug development costs in drug development processes. Thus, increasing adoption of AI for clinical trial research is driving AI in the pharmaceutical market.
Lack of skilled professionals may hamper the growth of artificial intelligence in the pharmaceutical market. In 2019, Indeed.com found that AI job postings grew 29.1% year over year and yet, with no uncertainty due to the AI skills gap, searches for jobs related to AI decreased by 14.5% over the same period. The shortage of AI skills is seen as a major impediment to the pace of technology adoption. In fact, 56% of senior AI professionals believed that the lack of additional skilled AI workers was the most significant barrier to overcoming to achieve the necessary level of AI implementation beyond business operations. . Hence, the lack of qualified professionals may hamper the growth of AI in the pharmaceutical market.
Companies operating in AI for pharma market are introducing new AI tools which will be beneficial for pharma companies and this is a key trend of AI in pharma market. AI helps with quality control, predictive maintenance, waste reduction, design optimization and process automation.
Main topics covered:
2. AI in Pharmaceutical Market Characteristics
3. AI in Pharmaceutical Market Trends and Strategies
4. Impact of COVID-19 on AI in the Pharmaceutical Industry
5. AI in Pharmaceutical Market Size and Growth
5.1. Global historical market for AI in the pharmaceutical industry, 2016-2021, billion dollars
5.1.1. Market Drivers
5.1.2. Market Constraints
5.2. Global AI in Pharmaceutical Forecast Market, 2021-2026F, 2031F, Billion USD
5.2.1. Market Drivers
5.2.2. Market Constraints
6. AI in Pharmaceutical Market Segmentation
6.1. Global AI in Pharmaceutical Market, Segmentation Technology, History & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
6.2. Global AI in Pharmaceutical Market, Segmentation by Drug Type, History & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
6.3. Global AI in Pharmaceutical Market, Segmentation by Application:, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
Search for clinical trials
Research and development
7. Regional and Country Analysis of the AI in Pharmaceutical Industry Market
7.1. Global AI in Pharmaceutical Market, Split by Region, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
7.2. Global AI in Pharmaceutical Market, Split by Country, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
For more information on this report, visit https://www.researchandmarkets.com/r/d9jki7
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