AI In Pharma Market Growth, Size, Share, Industry Report And Forecast To 2031
The global AI in pharma market reached a value of nearly $699.3 million in 2020, having increased at a compound annual growth rate (CAGR) of 31.8 % since 2015. The market is expected to grow from $699.3 million in 2020 to $2,895.5 million in 2025 at a rate of 32.9%. The AI in pharma market is then expected to grow at a CAGR of 25.9% from 2025 and reach $9,142.7 million in 2030.
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 In silico 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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The ai in pharma market is segmented -
• By Technology: Context-Aware Processing, Natural Language Processing, Querying Method, Deep Learning
• By Drug Type: Small Molecule And Large Molecule), By Application (Clinical Trial Research, Drug Discovery, Research And Development
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the ai in pharma market.
Major competitors in the ai in pharma market include IBM Watson Health, Alphabet Inc, Concreto HealthAI, Nvidia Corporation, PathAI.
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The artificial intelligence (AI) in pharma market consists of sales of AI software products 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 Table Of Content For The AI In Pharma Market Include:
1. AI In Pharma Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
21. Key Mergers And Acquisitions In The AI In Pharma Market
22. AI In Pharma Market Future Outlook and Potential Analysis
The Business Research Company's "Global AI In Pharma Opportunities And Strategies Market Report - Forecast To 2030" is the most comprehensive report available in market, providing data and statistics from over 60 geographies analyzed in more than 2500 market segments. The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country. Additionally, it evaluates the market's historic and projected growth and identifies significant trends and strategies that can be used to outperform the competitors in the sector.
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