Explore more Categories
Artificial Intelligence involves the science and engineering of developing intelligent machines
The manufacturing world is at a cusp of a new revolution that will redefine conventional business models
IoT will have a major impact on businesses and consumers in the future
The world is creating 2.5 exabytes of data daily
Our research seeks to connect-the-dots across multiple trends
Personal Robots are Set to Be a $19 Billion Market
Strategic Analysis of BREXIT and its Implications to Industries, Economies and Societies
iFrost is a digital platform for interactive and dynamic reporting of data.
The TOEs are a great source of information which gives corporates critical information on companies to action for their strategic investments either as an open source platform or to collaborate and to develop successful products
Exploring Key Investment Trends, Companies-to-Action, and Growth Opportunities for AI in the Pharmaceutical Industry
* Required Fields
Pay by invoice
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 the commercial activity. Frost & Sullivan 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. Frost & Sullivan 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.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. 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. Frost & Sullivan concurs that over the next five years, the utilization of AI will become a significant source of competitive advantage and differentiation for pharmaceutical companies; more successful use cases will emerge and significant efficiency and cost-saving opportunities will be addressed.
This research service analyzes the growth opportunities for AI applications in the pharmaceutical industry with a specific focus on value chain activities of drug discovery, clinical trials, RWE, and commercial applications. It also evaluates and discusses market projections, key trends, technology lifecycle, and key implementation challenges of AI across the top 10 applications. Finally, it provides industry best practices, case studies, and strategic imperatives for key industry stakeholders such as pharmaceutical sponsors, CROs, sites, and life science IT providers.
Key Issues Addressed
Author: Amol Dilip Jadhav
Innovation Profiling for Israel, 2018–2023
Digital Transformation of the Global Medtech Industry, Forecast to 2024
Middle East and North Africa (MENA) Life Sciences Industry Outlook, Forecast to 2020
Overview of Medical Imaging Market in Turkey, Forecast to 2021
Global Video Conferencing Endpoints and Infrastructure Market, Forecast to 2023
Growth Opportunities in the Global Professional Headset Market, Forecast to 2025
Analysis of the Western European Fluoroscopy Market, Forecast to 2023
Technologies Transforming the Biomanufacturing Landscape
Healthcare Infrastructure and Procedural Volume for Ultrasound Imaging, 2018
Artificial Intelligence in Food Processing, Asia-Pacific, 2019
wearable electronics market
smart lighting market
glucose monitoring devices market
smart wearables market
flexible packaging market
residential solar market
nutritional supplement market
augmented reality market
Don't have an account? Create One!
Enter your Email Address here to receive a link to change password.
If you are an existing frost.com user, please register using the same email for seamless access
Already have an account? Login!
Use your Linkedin account to login or register within our store.You're just one click away.