According to the Facts and Factors study concludes that the global AI in Pharmaceutical Market is expected to grow at a CAGR of 47% between 2020 and 2026. The market revenue of US $550 Million in 2019 is expected to grow up to the US $8150 Million by 2026. The main drivers for the growth of the market are reduction in the cost and time of drug discovery is the major factor responsible for the growth of AI in Pharmaceutical.
Global AI for Pharmaceutical Market: Overview
AI in pharmaceutical applications refers to the system of automated and interconnected technologies that are able to function autonomously and requires very minute or no human interventions. AI analyses the colossal amount of data by utilizing techniques like deep learning, machine learning, adaptive learning, natural language processing, and computer vision. Both the biopharmaceutical and pharmaceutical companies are leveraging AI for various applications including drug development, drug discovery, and drug commercialization.
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 experiment based on various biological and non-biological factors
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Industry Major Market Players
- Pfizer
- Janssen Pharmaceutical
- Sanofi
- Novartis
- Bayer
- Takeda
- Roche
- Merck
- Glaxo SmithKline
- Eli Lilly
- Astra Zeneca
- Allergan
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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.
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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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The global AI in Pharmaceutical market is segmented as follows:
By Technology
- Context-Aware Processing
- Natural Language Processing
- Machine learning
- Deep Learning
By Offering:
- Software
- Service
By Application
- Drug Discovery
- Research & Development
- Diagnosis
- Epidemic Prediction
- Disease Prevention
- Remote Monitoring
- Manufacturing
- Marketing
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