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USA: CRO and AI solutions in pharma services

Market opportunity: CRO and AI solutions in pharma services

Key details

Opportunity: CRO and AI solutions in pharma services

Country: USA

Sector: Life Sciences

Summary

Research and development (R&D) within the biopharma industry continues to grow, with several new molecules currently in preclinical development. This has led to 7.3% growth in the early-stage preclinical Contract Research Organisation (CRO) sector.

Although the industry is seeing a decline in the number of new drug approvals, the implementation of AI capabilities in early drug discovery is expected to lead to the discovery of novel candidates and encourage additional cost-saving mechanisms.

There is also a need for increased efficiency and productivity to cope with the low R&D success rates brought on by traditional methods of drug discovery.

Scale of opportunity

According to ReportLinker, the USA Contract Research Outsourcing (CRO) market was estimated to be worth 11.2 billion USD in 2020. The US accounts for 27% of the global market and is seeing average annual growth of 8.4%.

Revenue for AI solutions in the pharmaceutical industry was 994.5 million USD in 2018. It is projected to more than double by 2022, reaching 2.1 billion USD.

Eligible companies

CROs with capabilities and expertise in drug discovery through the preclinical stages of a product development pipeline.

Scottish SMEs that have developed digital health solutions implementing AI into their workflow management for early-stage drug discovery applications.

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