Global Pharma Intelligence Market Overview:
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 Some of the key players profiled in the study are 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).
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 2018. Asia Pacific on the other hand stood as second largest market due to the presence of key companies into 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.
- Increasing processing power of AI systems leading to enhanced AI capabilities
- Lack of skilled healthcare professionals
- Rising importance of precision medicine
- Limitations of AI decision-making
- The untapped market in developing regions
- Limited acceptance from healthcare professionals
Major Market Developments:
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.”
Artificial intelligence service providers, Artificial intelligence service suppliers, Technology industry, Pharma industry, Governmental bodies, Regulatory bodies and Research firms
Major Objectives Focused through this Study
To define, describe, and forecast the Global Pharma Intelligence market on the basis of product [Hardware, Software and Services] , application [Drug Discovery & Repurposing, Clinical Research Trial, Personalized Medicine and Others], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Pharma Intelligence market with respect to major geographies, namely, 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)
To strategically profile the key players and analyzing their market shares and core competencies in the Pharma Intelligence industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are InSilico Medicine, Inc. (United States), Interprotein Corporation (Japan), Globavir Biosciences, Inc. (United States), GNS Healthcare (United States) and Atomwise (United States).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Pharma Intelligence market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.