Artificial Intelligence (AI) in Drug Discovery Market Overview
AI drug discovery has proved itself as a vital part of the drugs industry. This technology is used for regulating drug innovation & progress costs and in decreasing the processing time. Fast adoption and other features will help the global AI in the drug discovery market to touch a 41% annual growth rate. AI method uses different algorithms for improving the drug designs, their molecular structures and classification of various forms of drugs. All of the above features are adding to the tally of the market and giving it a considerable push to reach new levels of success.
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AI in drug discovery has enlightened the workflow of medical facilities, and on the same page has helped in boosting care facilities. Extensive medical facilities have always tried to opt for better services and latest technologies with minimum space for mistakes. This technology has fastened the drug construction procedures for cases which need specialised medicinal attention, decreases failure risks and also the cost of research & development procedures. All these major features have pushed the authorities to adopt AI technology and have increased the AI in the drug discovery market.
In the absence of AI technology, any new drug development procedures can take years for development and substantial money. Apart from all these factors, AI is still a faraway story for most economies as it is costly, limited awareness and lack of skilled professional workers. These points are a major setback for the growth of the industry.
Market Segments of the Artificial Intelligence (AI) in Drug Discovery Market
The global market for AI in drug discovery is segmented into three factors:
Product type: There are three types of products, namely software, hardware and services.
Technology-based: Technologies like machine learning, deep learning, natural language processing and querying method are some examples of technology.
Application-based: AI technology is used in candidate screening, preclinical testing, target identification and others.
End-Users: Contract research organisations (CROs), pharma and biotech industries and government research facilities are some of the end-users.
Artificial Intelligence (AI) in Drug Discovery Market Regional Overview
America, Europe, Asia Pacific and The Middle East & Africa are the four markets observed for the AI in drugs discovery market.
The American region is the current market leader with the US and Canada as the major shareholding markets. Demand for new technologies, the presence of sound AI developers and increased investments in the direction of research & development are the major factors driving the market in this region. This region will maintain its position until the projected period.
The European region is the second-largest AI market. With the increasing demand for faster results and accuracy are helping the global AI in the drug discovery market grow in this region. Authorities and industries are hiring and collaborating with AI experts for easy attainment of such methods.
Asia Pacific region is in third place but will pop out as the fastest growing market in future perspective. There are continuous efforts to make this technology a common practice, and for that, companies are collaborating for better and reliable results.
The Middle East & African region is the smallest industry due to low economic developments and deliberate efforts towards creating a strong medical sector.
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As a costly technology, efforts are required to develop more adaptable technologies which become suitable for all and will expand this industries base. Asia Pacific region is making substantial efforts in adopting and developing in technologies, making it the fastest-growing market on a global scale.
- Microsoft Corporation
- IBM Corporation
- Google (A Subsidiary of Alphabet Inc.)
- Atomwise, Inc.
- Deep Genomics
- Cloud Pharmaceuticals, Inc.
- Insilico Medicine
- Numedii, Inc.
- Twoxar, Incorporated
- Owkin, Inc.
- Xtalpi, Inc.
- Verge Genomics
- Berg LLC
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