LONDON, Aug. 05, 2021 (GLOBE NEWSWIRE) — According to The Business Research Company’s global AI in pharma market report 2021, 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.
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.
The global AI in pharma market 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 Business Research Company’s report titled AI In Pharma Global Market Report 2021: COVID-19 Growth And Change covers major AI in pharma companies, AI in pharma market share by company, AI in pharma manufacturers, AI in pharma market size, and AI in pharma market forecasts. The report also covers the global AI in pharma market and its segments.
Request For A Sample Of The Global AI In Pharma Market Report:
The COVID-19 pandemic has accelerated the adoption of artificial intelligence in the pharma market in domains such as healthcare. Artificial intelligence has demonstrated applications in enhancing multiple areas of care, from medical imaging and chronic disease management to population health and precision medicine. These algorithms could increase the efficiency of care delivery, reduce administrative burdens, and accelerate disease diagnosis. The use of artificial intelligence for dealing with COVID-19 also boosts the market’s growth.
For instance, a team from Johns Hopkins School of Public Health leveraged artificial intelligence to develop a COVID-19 mortality risk calculator. This calculator, using artificial intelligence, could inform public health policies around preventive resources, like N-95 masks. The increasing use of artificial intelligence in healthcare services during the pandemic acts as a driver for the market in the forecast period.
The COVID-19 pandemic has accelerated the digital transformation across industries. With the emergence of big datasets, combined with innovation in robotics, sensors, computational power, there is an increasing challenge of identifying hidden patterns and taking decisions to counter the post-pandemic effects, which increases demand for AI in healthcare. The use of AI in pharma allows for higher productivity, improved efficiency, and faster production of life-saving drugs.
North America is the largest region in the AI in pharma market, accounting for 43.2% of the total in 2020. It was followed by the Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the AI in pharma market will be South America and Asia Pacific where growth will be at CAGRs of 42.7% and 38.6% respectively during 2020-2025. These will be followed by Africa and Western Europe, where the markets are expected to register CAGRs of 35.77% and 34.72% respectively during 2020-2025.
The global AI in pharma market is highly concentrated, with a small number of large players dominating the market. The top ten competitors in the market made up to 69.42% of the total market in 2020. Major players in the market include IBM Watson Health, Alphabet Inc., Concreto HealthAI, Nvidia Corporation, and PathAI.
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 provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market.
The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Similar Reports By The Business Research Company:
Internet Of Things (IoT) Market – By Platform (Device Management, Application Management, Network Management), By End-Use Industry (BFSI, Retail, Government, Healthcare, Manufacturing, Transportation, IT and Telecom, Others), By Application (Building And Home Automation, Smart Energy And Utilities, Smart Manufacturing, Connected Logistics, Smart Retail, Smart Mobility And Transportation, Others) And By Region, Opportunities And Strategies – Global Forecast To 2030
Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.
The World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.