About Pharma Intelligence
Artificial intelligence (AI) in health represents a group of multiple technologies, allowing machines to sense, comprehend, act, and learn so they can perform administrative and clinical healthcare functions. The use of intelligence technology can save time and money while providing a better understanding of the relationships between different formulation and process parameters. The global pharma intelligence market is expected to witness a high growth owing to increasing processing power of AI systems leading to enhanced AI capabilities, growing importance of precision medicines and others
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Pharma Intelligence market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Welltok, Inc. (United States), Intel Corporation (United States), Nvidia Corporation (United States), Pharmaphorum (United Kingdom), Google Inc. (United States), IBM Corporation (United States), Benevolent AI (United Kingdom), Microsoft Corporation (United States), Enlitic, Inc. (United States), BioXcel Corporation (United States) and Berg Health (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are InSilico Medicine, Inc. (United States), Interprotein Corporation (Japan), Globavir Biosciences, Inc. (United States), GNS Healthcare (United States) and Atomwise (United States).
Segmentation Overview
AMA Research has segmented the market of Global Pharma Intelligence market by Type (Hardware, Software and Services), Application (Drug Discovery & Repurposing, Clinical Research Trial, Personalized Medicine and Others) and Region.
On the basis of Type, Software are dominating the market in the year 2023 where as Services stood as second largest market share.
On the basis of application, Drug Discovery & Repurposing segment is dominating the market in the year 2023 where as Personalized Medicine segment stood as second largest market .On the basis of geography, the market of Pharma Intelligence has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Asia Pacific, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Technology, the sub-segment i.e. Deep Learning will boost the Pharma Intelligence market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising importance of precision medicine
Market Growth Drivers:
Increasing processing power of AI systems leading to enhanced AI capabilities and Lack of skilled healthcare professionals
Challenges:
Limited acceptance from healthcare professionals
Restraints:
Limitations of AI decision-making
Opportunities:
The untapped market in developing regions
The major players are exploring the market in new regions by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their key strategies. Key players are exploring new geographies through expansions and acquisitions worldwide.
In the U.S., for medical devices using AI, one of the key regulatory bodies is the Food and Drug Administration (FDA), especially its Center for Devices and Radiological Health (CDRH). CDRH has long followed a risk-based approach in its regulatory policies, and has officially recognized ISO Standard 14971 “Application of Risk Management to Medical Devices.”
Key Target Audience
Artificial intelligence service providers, Artificial intelligence service suppliers, Technology industry, Pharma industry, Governmental bodies, Regulatory bodies and Research firms
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.