01-Sep-2021 | Zion Market Research
Global Artificial Intelligence (AI) in Drug Discovery Market: Overview
In terms of revenue, the global Artificial Intelligence (AI) In Drug Discovery Market accounted for USD 261 Million in 2020 and is expected to reach USD 3,493 Million by 2028, growing at a CAGR of 38.3% from 2021 to 2028.
Drug discovery is the primary step in the process of novel drug development and its therapeutic target. Artificial intelligence is utilized in the healthcare sector for the drug discovery process. Moreover, the technology has the ability to identify the drug target and assist the professionals in the drug designing & discovering and screening & identification process of molecules very effectively.
Global Artificial Intelligence (AI) in Drug Discovery Market: Growth Factors
One of the major factors driving the global artificial intelligence (AI) in drug discovery market is the increasing impetus for lowering the cost of novel drug discovery and manufacturing processes. The emergence of artificial intelligence has facilitated a faster, cost-effective, and efficient drug discovery process. Moreover, the utilization of artificial intelligence in the process of drug discovery space for the historical data generated by preclinical studies and the molecule screening process has further propelled the growth of the global artificial intelligence (AI) in drug discovery market. The generation of big data makes the drug reviewing process difficult for the scientists and thus the adoption of artificial intelligence has encouraged the screening process and reduced the timeline needed for analyzing and identifying the drug molecule interaction. The emergence of artificial intelligence in the drug discovery space has propelled several options to carry out the standard processes like customization capability of artificial intelligence platforms and data mining. The innovations and advancements in artificial intelligence like deep learning and machine learning have enabled pharmaceutical companies to identify the molecule binding property of the drug with high precision.
Global Artificial Intelligence (AI) in Drug Discovery Market: Segmentation
The global artificial intelligence (AI) in drug discovery market can be segmented into therapeutic areas, applications, offerings, end-user, technology, and region.
By therapeutic areas, the market can be segmented into infectious disease, metabolic diseases, cardiovascular disease, neurodegenerative diseases, oncology, and others. The oncology segment holds the largest share in the global artificial intelligence (AI) in drug discovery market. AI plays a significant role in the detection of cancer. Moreover, it helped in developing personalized medicine to treat cancer. AI is designed to understand genetic mutations and assist oncologists to derive personalized medicine for the treatments.
By applications, the market can be segmented into preclinical testing, drug optimization & repurposing, and others. The drug optimization segment holds hegemony over others. AI facilitates an effective way to understand the toxic effects of the drug in the body and assist in reducing the side effects of the drugs. It assists pharma companies to expand their portfolio in producing alternative therapies through modification and minor alterations in drugs.
By offering, the market can be segmented into services and software. The software segment dominates the global artificial intelligence (AI) in drug discovery market owing to the less time and low cost required in marketing the drug along with low failure rates.
By end-user, the market can be segmented into research centers and academic & government institutes, contract research organizations, and pharmaceutical & biotechnology companies. The pharmaceutical & biotechnology companies segment accounts for the largest share in the global artificial intelligence (AI) in drug discovery market.
Global Artificial Intelligence (AI) in Drug Discovery Market: Regional analysis
North America accounts for the largest share in the global artificial intelligence (AI) in drug discovery market due to the growing adoption of AI systems in the region. Moreover, the growing interest of businesses in AI along with the strong presence of key market players in the region further fuels the growth of the regional market. The highly established pharmaceutical sector and growing investments by key players to increase the research and development activities also contribute vigorously to the growth of the regional market.
Asia Pacific is anticipated to witness huge growth during the forecast period due to the increasing adoption of such advanced technologies in growing economies like India and China for the development of innovative drugs.
Global Artificial Intelligence (AI) in Drug Discovery Market: Competitive Players
Some of the significant players in the global artificial intelligence (AI) in drug discovery market are IBM Corporation, Microsoft, Google, NVIDIA Corporation, Atomwise, Inc., Deep Genomics Cloud Pharmaceuticals, Insilico Medicine, Benevolent AI, Exscientia, Cyclica, BIOAGE..
Browse the full “Artificial Intelligence (AI) In Drug Discovery Market By Drug Type (Large Molecule, Small Molecule), By Offering (Software, Services), By Application (Immuno-oncology, Neurodegenerative Diseases, Cardiovascular Diseases, Metabolic Diseases, Other Applications), By End User (Pharmaceutical & Biotechnology Companies, Contract Research Organizations, Research Centers and Academic & Government Institutes) - Global Industry Perspective, Comprehensive Analysis And Forecast, 2020-2028.” Report at https://www.zionmarketresearch.com/report/artificial-intelligence-drug-discovery-market
Global Artificial Intelligence (AI) in Drug Discovery Market: Regional Segment Analysis
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