AI in Pharma and Biotech Market: Introduction
Artificial Intelligence (AI) in pharma refers to the system of interconnected and automated technologies in the biotech industry that can function autonomously, with little or no human intervention. AI is an emerging technology that is being applied in numerous facets of the pharma sector, ranging from drug development to diagnosis and even patient care.
Artificial intelligence use in pharmaceutical technology has been increasing for the last few years. Therefore, the use of technology can save time and money, while providing a far better understanding of the relationships between different formulations and processes parameters.
Key Drivers, Restraints, and Opportunities of AI in Pharma and Biotech Market
Adoption of artificial intelligence (AI) in the drug discovery market in developing regions such as APAC is increasing, thanks to the expansion of pharmaceutical industries by collaborating with other industries and rise in demand to reduce drug discovery time. Postponement of the expiry of a patent is anticipated to further boost the market. Furthermore, the expansion of biotechnology industries is estimated to offer significant opportunities for the market.
An estimated 50% of U.S. citizens are affected by at least one chronic condition; consequently, the pharmaceutical segment of the healthcare industry is projected to be positively impacted by the expected trend of AI adoption.
All top 10 so-called giant pharma companies (namely Novartis, Roche, Pfizer, Merck, AstraZeneca, GlaxoSmithKline, Sanofi, Abbvie, Bristol-Myers Squibb, and Johnson & Johnson) have either expressly collaborated with or acquired AI technologies to take advantage of the opportunities AI brings to the table. The positive news is that AI, along with Machine Learning and Big Data, has great potential to reduce costs of new drugs and R&D spend both, which for these 10 biggest pharma firms is close to US$ 70 billion, annually.
Introduction of a brand new pharmaceutical drug to plug takes about 12 years and may cost billions in R&D expenditures. Industry leaders are presently focused on the development of more efficient methods, and machine learning is emerging as a possible solution.
The current machine learning initiatives of the top five pharmaceutical and biotechnology companies reveal trends within the following areas:
Digital coaching solutions – Utilization of web-based technologies to simulate one-on-one coaching sessions so that all patients can have the benefit of a uniquely devised medication program.
For instance: Johnson & Johnson’s Patient Athlete program
Personalized medicine – Personalized medicine, also called precision medicine, maybe a medical model that separates people into different groups—with medical decisions, practices, interventions, and/or products being tailored to the individual patient supported their predicted response or risk of disease.
For instance. Johnson & Johnson, Pfizer, and Novartis’ app of IBM Watson
Acquisitions galore – Pharma giants haven’t historically been flush with data science and AI talent, and as new startups combine the globe of AI and healthcare, acquisitions are likely to still feed to innovation needs of huge (and old) biotech firms mentioned earlier.
Drug discovery – Doctors may feel threatened by the arrival of an AI tool with the aim of “augmenting” their abilities. Unlike doctors, pharma companies have every reason within the world to adopt the foremost cutting-edge technologies within the expensive and lengthy process of drug discovery. Unlike other applications within healthcare facilities, drug discovery seems to own a clearer path to adoption.
Recently, robots became more collaborative with humans and are more easily trained by moving them through the desired task. They’re also becoming more intelligent, as other AI capabilities are being embedded in their ‘brains’ (really their operating systems). Over time, it seems likely that an equivalent improvement in intelligence that we have seen in other areas of AI would be incorporated into physical robots.
Surgical robots initially approved in the U.S. in 2000, provided ‘superpowers’ to surgeons, improving their ability to examine, create precise and minimally invasive incisions, and stitch wounds. Six important decisions, however, are still made by human surgeons. Common surgical procedures using robotic surgery include gynecologic surgery, prostate surgery, and head and neck surgery.
North America to Capture Major Share of Global Market of AI in Pharma & Biotech
North America is expected to account for a major share of the global market of AI in Pharma and Biotech due to the high prevalence of chronic diseases among the population. Moreover, well-established healthcare infrastructure, increasing research activities, and the hub for key industry players are major drivers of the adoption of artificial intelligence for pharmaceutical companies in the region.
Top 10 Key Manufacturers or Players Providing AI to Pharma & Biotech Industry:
- NVIDIA Corporation
- IBM Corporation
- Atomwise Inc
- DEEP GENOMICS
- Cloud Pharmaceuticals Inc
- Insilico Medicine
- BenevolentAI Ltd
- Cyclica Inc
TOP 10 Pharmaceutical Companies using AI
Artificial Intelligence has affected all the sectors in the world. Pharma and healthcare sectors are the most affected sectors by Artificial Intelligence. Major pharmaceutical companies using AI or machine learning for drug discovery, clinical research, disease diagnosis, novel medication, predictions, data analysis, are:
- Pfizer Inc.
- F. Hoffmann-La Roche Ltd
- Novartis AG
- Johnson & Johnson Services, Inc.
- Merck KGaA
- AbbVie Inc.
- GlaxoSmithKline plc.
- Gilead Sciences, Inc.
AI in Pharma and Biotech Market, by Offering
AI in Pharma and Biotech Market, by Technology
- Machine Learning
- Other Technologies
AI in Pharma and Biotech Market, by Drug Type
- Small Molecule
- Large Molecules
AI in Pharma and Biotech Market, by Application
- Neurodegenerative Diseases
- Rare Diseases
- Cardiovascular Disease
- Metabolic Diseases
- Other Applications
AI in Pharma and Biotech Market, by End-user
- Pharmaceutical & Biotechnology Companies
- Contract Research Organizations
- Research Centers
- Academic & Government Institutes
Global AI in Pharma and Biotech Market, By Region
- Rest of Europe
- Australia & New Zealand
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.