Global Growth Insight - Role of AI in the Pharmaceutical Industry 2018-2022: Exploring Key Investment Trends, Companies-to-Action, and Growth Opportunities for AI in the Pharmaceutical Industry - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Oct 8, 2019--
The “Growth Insight - Role of AI in the Pharmaceutical Industry, Global, 2018-2022” report has been added to ResearchAndMarkets.com’s offering.
The revenue generated through AI-based solutions in the pharmaceutical industry is projected to rise at a CAGR of 21.94% and reach $2.199 billion by 2022.
Pharmaceutical drug discovery and development processes suffer from declining success rates and a stagnant pipeline. Artificial Intelligence (AI) supported by Big Data could be a key element that can provide an effectual solution. There has been a rapid growth in the data generated within the life sciences and pharmaceutical industries. This stems from several sources, including the R&D process itself, academia, patients, caregivers, and commercial activity.
The analyst projects that effective utilization of data and application of AI technologies for gaining insights and decision support will impact the complete value chain for drug discovery and development within the pharmaceutical industry. Major application areas such as drug discovery, clinical trials, real-world evidence (RWE), and commercial cover more than 80% of the current use cases within the industry. The analyst estimates operationalizing AI platforms across drug discovery & development workflows would result in improved productivity and cost-efficiency, saving more than 3-5% of the current spend. Pharmaceutical and biotech companies will continue to bet big on AI applications across compound discovery, drug repurposing, real-time analytics for patient-centric trial design and recruitment, as well as RWE. Identification of the right partners and developing the technical know-how will be essential. Over the short term (the next two to three years), the impact will be seen through improved drug pipeline, faster clinical trials, and approval of new and well as repurposed molecules. In the long run (over the next five years), the industry can expect to cumulatively save as much as $50 billion at a medium level of investment on AI-based products and solutions.
With total investment exceeding $7.20 billion across 300+ deals between 2013 and 2018, the pharmaceutical industry continues to lead the healthcare sector in terms of attracting AI-related venture funding. Major pharmaceutical companies have embraced AI as part of their digitization efforts. These programs are currently run through value-based partnerships and collaborations, while certain elements are outsourced. The infrastructure cost and the intellectual workforce that is required to run such deep technical programs within the industry have been a concern, but this has provided opportunities for niche start-ups to enter the space. At present, the United States is leading the market with a 78.2% revenue share and the maximum number of vendors, followed by Europe. With a focused approach, China is poised to outrun the competition and become the market leader in the coming decade.
Key Issues Addressed
Key Topics Covered:
1. Executive Summary
2. Market Definition and Overview
3. Market Forecast-AI in the Pharmaceutical Industry
4. AI Applications in Drug Discovery-Growth Opportunities
5. AI Applications in Clinical Trials-Growth Opportunities
6. AI Applications in Real-World Evidence-Growth Opportunities
7. AI Applications in Commercial and Operational Areas-Growth Opportunities
8. Investment and Opportunity Analysis-AI Applications in the Pharmaceutical Industry
9. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/k50bzh
View source version on businesswire.com:https://www.businesswire.com/news/home/20191008005731/en/
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INDUSTRY KEYWORD: HEALTH OTHER TECHNOLOGY TECHNOLOGY PHARMACEUTICAL
SOURCE: Research and Markets
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PUB: 10/08/2019 11:30 AM/DISC: 10/08/2019 11:30 AM