Companies in the AI in Pharma Industry launch new technologies to strengthen their position
The Business Research Company’s AI In Pharma Global Market Report 2021 – COVID-19 Growth And Change
LONDON, GREATER LONDON , UK, February 2, 2022 /EINPresswire.com/ — Companies operating in the AI for the pharma 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, Novartis and Microsoft announced a multiyear alliance that will leverage data & Artificial Intelligence (AI) to transform how medicines are discovered, developed and commercialized. Further, Novartis also established an AI Innovation Lab to empower associates to use AI across their business. Therefore, companies operating in the market are continuously focusing on introducing new technologies to survive in the AI in the pharma market.
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.
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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%.
North America was the largest region in the AI in pharma market in 2020. The regions covered in the global AI in pharma market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The growing adoption of artificial intelligence (AI) for clinical trials research is driving its demand for AI in the pharmaceutical market. To bring a new drug to the market takes on an average 10–15 years approximately 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. For instance, in January 2020, Pfizer, an American pharmaceutical company, tied up with a biotech startup Insilico Medicine to identify drug targets. With AI tools Pfizer can speed up drug discovery and reduce drug development costs in the drug development processes. Thus, increasing the adoption of AI for clinical trials research is driving AI in the pharma market.
TBRC’s global 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 – By Technology (Context-Aware Processing, Natural Language Processing, Querying Method, Deep Learning), By Drug Type (Small Molecule, Large Molecules), By Application (Diagnosis, Clinical Trial Research, Drug Discovery, Research and Development, Epidemic Prediction), COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provides a AI in pharma market overview, AI in pharma market forecast, AI in pharma market size and AI in pharma market growth for the whole market, AI in pharma market segments, geographies, AI in pharma market trends, AI in pharma market drivers, AI in pharma market restraints, AI in pharma market leading competitors’ revenues, profiles, and AI in pharma market shares.
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