Global AI in Pharmaceutical Market Report 2022

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The major AI players in the pharmaceutical market are Novartis, IBM Watson, Microsoft Corporation, Merck, GNS Healthcare. , Google, AstraZeneca, Atomwise Inc., Exscientia, Cyclica, NVIDIA Corporation, XtalPi Inc.

New York, March 22, 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “AI In Pharma Global Market Report 2022” – https://www.reportlinker.com/p06246502/?utm_source=GNW
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, deep learning. Natural language processing is a branch of artificial intelligence (AI), which aims to give computers the ability to understand text. and words pronounced the same as humans.

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 on average around 10 to 15 years and half of that time is consumed during the clinical trial phase 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, linked up with a 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 qualified professionals may hamper the growth of artificial intelligence in the pharmaceutical market. In 2019, Indeed.com revealed that AI job postings grew 29.1% over last 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 pharmaceutical market are introducing new AI tools which will be beneficial for pharmaceutical companies and this is a key trend of AI in pharmaceutical market. AI helps with quality control, predictive maintenance, waste reduction, design optimization and process automation.

For example, in September 2019, Novartis and Microsoft announced a multi-year alliance that will leverage data and artificial intelligence (AI) to transform how medicines are discovered, developed, and marketed. In addition, Novartis has also created an AI innovation lab to enable associates to use AI. throughout their business.

Therefore, the companies operating in the market are continuously focusing on introducing new technologies to survive in the AI ​​in the pharmaceutical market.

In April 2021, Charles River Laboratories, an American pharmaceutical company, acquired Distributed Bio Inc. for $83. The acquisition will increase Charles River Laboratories’ likelihood of success in delivering a high-quality, easily formatted antibody. In addition, the acquisition will expand Charles River’s scientific capabilities with an innovative, large-scale molecule discovery platform. Distributed Bio is an American next-generation antibody discovery company with superhuman antibody libraries and integrated antibody technologies.

The countries covered in the AI ​​in Pharmaceutical market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06246502/?utm_source=GNW

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