16 February 2021
Visiongain has published a new report on Artificial Intelligence (AI) in Pharmaceutical Market Report 2021-2031: Forecasts by Application (Drug Discovery, Precision Medicine, Medical Imaging & Diagnostics, Research), by Technology (Machine Learning, Other Technologies), by Offering (Hardware, Software, Services), by Deployment (Cloud, On-Premises) AND Regional and Leading National Market Analysis PLUS Analysis of Leading AI Companies AND COVID-19 Recovery Scenarios.
The global AI in pharmaceuticals market size was valued at US$ xx million in 2020 and is anticipated to reach US$ xx million in 2026 while growing at a CAGR of xx% during the first half of the forecast period i.e., 2021 to 2026. The global market size is further projected to reach US$ xx million by 2031 at a CAGR of xx% from 2026 to 2031. The overall CAGR for the global virus diagnostic kits market is expected to be xx% from 2021 to 2031.
Embracing Technology to Revolutionize Pharmaceutical Industry
There are other fields where the R&D process can be influenced by AI and machine learning. Better approaches to predict chemicals' properties in order to reduce the amount of substances that need to be synthesized is obviously an opportunity. This would allow for the consideration of a larger chemical universe and enrich the 'chemical palette' open to medicinal chemists. Another field where researchers are starting to use AI and machine learning is mining genomic, proteomic and metabolic data for improved disease biomarkers and medication efficacy surrogate markers. For example, the time taken to examine cancer tumor scans or neurological condition brain scans may be drastically reduced. Further downstream, AI and deep learning are also used to evaluate real-world result data, wearable device data and other sensors. Predictive toxicology is already in its infancy and, potentially, businesses will still be able to detect any possible safety hazards with compounds even sooner by harnessing the true potential of AI. This advanced technology will also promote predictive medicine and better stratification of patients for clinical trials and this can lead to an improvement in performance based on greater effectiveness in clinical trials since it is possible to better choose the most desirable patient pool.
What are the Opportunities for AI in Drug Discovery?
AI is seen to give drug development a strategic edge, so it is expected to be introduced easily and generally. The implications of the market adjusting to accept the modern reality will eventually take place, and the strain to embrace the new ways of working will be felt by late adopters for fear of dropping out of the race. They would need to adapt or perish if any larger and more developed players are already lagging behind.
• Microsoft Corporation
• NVIDIA Corporation
• IBM Corporation
• Alphabet Inc.
• Atomwise, Inc.
• Deep Genomics
• Cloud Pharmaceuticals, Inc.
• Insilico Medicine
• OWKIN, INC.
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