A12694 | Pages: NA | Sep 2022 | 901 Views | ||
Author(s) : Vineet Kumar | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
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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 used to handle data and present results that encourage better decision-making and save human efforts, cost, and time. The market consists of revenue generated by AI companies, which are applied in the pharmaceutical industry.
Report Matric | Details |
 Market size available for the years | 2020-2030 |
 Base year considered | 2020 |
 Forecast period | 2021-2030 |
 Forecast unit | Value (USD) |
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COVID-19 scenario Analysis:
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The increase in number of cross-industry collaborations and partnerships, along with the rise in requirement to control drug discovery & development costs, are the two significant factors that are responsible for the growth of the global artificial intelligence in the drug discovery market. Moreover, the surge in adoption of cloud-based applications and services and the impending patent expiry of blockbuster drugs further drive the growth of the AI in pharma market.
Adoption of artificial intelligence (AI) in the drug discovery market
Artificial intelligence (AI) technology integration in the drug discovery is steadily increasing, and many pharmaceutical companies are highly focusing on drug development using artificial intelligence. The pharmaceutical companies are taking advantage of artificial intelligence technology to discover the drugs for the most complex diseases such as precision’s disease, Alzheimer’s disease, and pancreatic cancer. Artificial intelligence helps the pharmaceutical companies to streamline the research and development activities for the personalized medicines and the complex drug discovery.
Rise in demand to reduce drug discovery time
The drug discovery has become increasingly competitive and expensive, which has driven pharmaceutical companies to look into AI as a new method to reduce research and development costs, while avoiding costly errors. AI has a great potential to transform drug discovery by accelerating the research and development timeline, in an effort to make drugs affordable and improve the probability of FDA approval. This technology can also help with the repurposing new drugs, especially during the COVID-19 pandemic. AI and machine learning algorithms are able to identify molecules that may have failed in clinical trials and predict how the same compounds could be applied to target other diseases.
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Key benefits of the report:
Key Market Segments & Key Market Players
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