According to Reports and Data, the Artificial Intelligence in Drug Discovery Market was valued at USD 253.8 million in 2019 and is expected to reach USD 2,127.9 million by the year 2027, at a CAGR of 31.9%.
According to Reports and Data, the Artificial Intelligence in Drug Discovery Market was valued at USD 253.8 million in 2019 and is expected to reach USD 2,127.9 million by the year 2027, at a CAGR of 31.9%. Artificial intelligence has known to have enormous applications in the field of drug discovery as it helps to analyze outbreaks, develop cures for diseases, and also predict which animal viruses tend to mutate. In drug discovery, artificial intelligence has known to improve research and development, which allowed researchers to discover treatments for chronic diseases. The use of machine learning to manage the huge number of data sets is increasing advances in drug discovery. The rising need to manage drug discovery costs is expected to drive the market in the future.
Drug discovery includes various processes and stages that demand a huge amount of funds. Moreover, clinical trials and acceptance of the drug in the market could be a challenging task. Artificial intelligence is capable of reducing such high costs in research and development as it finds solutions faster and with precision. Furthermore, increasing collaborations among companies to produce patented drugs could also be a major driver for the market. Artificial intelligence may reduce a large amount of time utilized in the drug discovery process.
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Therefore, reduction in time factor could be a primary market driver in the forecast period. The increasing demand for cloud-based software that enables the researcher to design drugs quickly and accurately is expected to drive the market widely. Also, various patents acquired by the companies are expected to be on the verge of expiry, which could drive the market growth. On the other hand, the shortage of skilled personnel and insufficient data in drug discovery could be some restraints for the market.
Further key findings from the report suggest
- Applications of Artificial intelligence are huge in drug discovery. Issues such as complex cellular interactions and structures of drugs, while drug targeting could be encountered using artificial intelligence.
- The market will further propel expected to witness a surge in demand as these tools have become increasingly important. For instance, Pfizer is using IBM Watson, a system that uses machine learning, to power its search for immuno-oncology drugs. Such techniques combined with automation will provide traction to the market in the near future.
- On industrial level, research organizations is expected to dominate market and it is expected to witness a surge in demand in the midst of COVID-19 pandemic. It is mainly because of the shift of focus towards ongoing research and development in various areas to develop and strategize the best potential clinical outcome for the outbreak
- Artificial intelligence will utilize complex algorithms and machine learning that would extract meaningful information from a huge dataset. For instance, a dataset of RNA sequencing can be used to identify genes whose expression correlates with a given cellular condition.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
NVIDIA Corporation, Deep Genomics, Cloud Pharmaceuticals, IBM Corporation, Microsoft and Google, Insilico Medicine, BenevolentAI, Cyclica, BERG LLC, and Envisagenics.
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Artificial Intelligence in Drug Discovery Market Segmentation:
By Drug Type Outlook (Revenue in Million USD; 2017–2027)
- Small Molecule
- Large Molecule
By Offerings Outlook (Revenue in Million USD; 2017–2027)
- Software
- Services
By Technology Outlook (Revenue in Million USD; 2017–2027)
- Deep Learning
- Machine Learning
- Others
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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