Published Year: 2018
Global Big Data in Healthcare Market: Analysis and Forecast, 2017-2025 (Focus on Components and Serv
The global big data in healthcare market was estimated to be worth $14.25 billion in 2017, and...
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Market Overview
Market Overview and Estimation
In the last two decades, the consistent data generation in the healthcare industry has propelled the need for improved technology within the system. According to the NEJM Catalyst (part of NEJM Group, a division of Massachusetts Medical Society), almost 30% of the global data is generated by the healthcare sector. Furthermore, a single patient generates 80 megabytes of data annually.
One of the key technologies for medical research advancement is artificial intelligence (AI), which encompasses various technologies such as machine learning (ML), deep learning, supervised learning, and recursive learning. In the field of medical research, specifically for drug discovery and clinical trials, AI can improve several processes such as data collection and analysis, generation of virtual 3D models depicting drug and ligand binding interaction, designing of clinical studies, optimization of clinical trials, and real-world evidence analysis.
According to our market analysis, the global AI-enabled drug discovery and clinical trials market accounted for a market revenue of $250 million and is estimated to reach the mark of $4238.7 million by the end of 2030, with a whopping CAGR of 24.88% during 2018-2030. The market growth is expected to be pushed by several factors that include the rising drug development expenditure and rising number of synergistic activities.
Regulatory bodies such as the U.S. Food and Drug Administration (FDA) have yielded guidelines and introduced several initiatives for encouraging the implementation of AI in the drug discovery and development process. For instance, the “Enrichment Strategies for Clinical Trial to Support Approval of Human Drugs and Biological Products” developed by the FDA in 2012 encourages technology usage for improving the quality of clinical trials.
Due to the abundance of untapped opportunities, the future of the global market for AI-enabled drug discovery and clinical trials is bright and booming. The market is witness to multiple expansion opportunities in developing economies such as Latin America and in countries with a high geriatric population, such as Japan and China. Furthermore, the Middle East and Saudi Arabia are investing significantly in the healthcare system and hence, serve as an optimum expansion site for the market.
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Growth Drivers
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• Increasing Drug Development Expenditure • Facilitation of Polypharmacology |
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Market Challenges
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• Lack of Regulations • Ethical Issues |
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Market Opportunities
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• Expansion of Business in Developing Economies such as India and Brazil • Introduction of Solutions in Different Languages |
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Growth Factors
Increasing Drug Development Expenditure
As the global AI-enabled drug discovery and clinical trials market is still in its nascent stage, the macro healthcare industry factors such as the rising emphasis on patient engagement and surging funding activities are expected to have a significant impact on the market during the forecast period. Additionally, various AI integration methods employed by healthcare giants, such as Novartis AG, GlaxoSmithKline plc, and Eli Lilly and Company, are set to shape the market during the forecast period.
Facilitation of Polypharmacology
Polypharmacology is described as the designing of therapeutic agents that could be used for treating multiple diseases. The usage of AI assists the clinicians in understanding the polypharmacology of the compounds virtually. The clinicians can predict the properties of the compounds and their potential side-effects prior to drug development in laboratories.
Growing Number of Synergistic Activities
According to a ‘Health at Glance 2017’ report published by Organization for Economic Cooperation and Development (OECD), almost 60% of the R&D expenses in developed economies (the U.S. and Europe) are borne by the industry. This industry has witnessed 221 partnerships, 96 funding activities, 52 product launch and upgradation, and six mergers and acquisitions during the period 2016-2019. The rising funding activities have stemmed from diverse product portfolios and technology enhancement for the market companies.
Global AI-Enabled Drug Discovery and Clinical Trials Market
Analysis and Forecast, 2019-2030
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