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%.
What is the Global AI In Pharma Market?
The artificial intelligence (AI) in pharma market consists of sales of AI in the pharma and related services that use an automated algorithm to perform tasks that traditionally rely on human intelligence. It can be useful in handling data and presenting results that encourage better decision-making and save human efforts, cost, and time. The market consists of revenue generated by artificial intelligence (AI) companies, which are applying in the pharmaceutical industry. Only goods and services traded between entities or sold to end consumers are included.
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What drives the Global AI In Pharma Market?
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.
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Global AI In Pharma Market Segments
The global AI in pharma market is segmented:
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
By Geography: The regions covered in the AI in pharma market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
AI In Pharma Global Market Reportprovides market size and growth forecasts for the global AI in pharma market, global AI in pharma market share, AI in pharma market segments and geographies, AI in pharma market competitive landscape including leading competitors’ revenues, profiles and market shares. The AI in pharma market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global AI In Pharma Industry Playersinclude 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. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
