AI in Drug Discovery Market Landscape
One of the year’s most prominent market stories: Global AI in Drug Discovery Market 2020, illustrates some hopeful signs of repositioning as the investors have dwelled in rising stocks. The stocks of AI in Drug Discovery, after the end of the lockdown period, imposed owing to deadly Coronavirus, wavered with a bang as most of the vendors have started businesses all over the world. On this note, Market Research Future presents a report on the market in which it stated that the global AI in Drug Discovery Market market would make a benchmark with 40.8% growth from 2019 to 2025. At this pace, the global market will generate revenue of USD 2,015.1 Million by the end of the year 2025.
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AI in Drug Discovery Trends and Opportunities
Artificial Intelligence (AI) is projected to provide productive avenues in the healthcare industry. The implementation of AI has helped with reducing the researches and development gap in the drug manufacturing process and also in the targeted manufacturing of the drugs. Owing to these aspects, biopharmaceutical industries are tending towards AI to enhance market share. This is an influential factor fueling the growth of the global AI for drug discovery market.
The escalating pressure on the drug manufacturer to reduce drug prices is yet another factor expected to boost the AI for drug discovery market. This is all due to Al reduced the failure rate of clinical trials, and eliminated research and development costs in drug discovery. Apart from this, there has been a regular increase in the number of patients suffering from chronic diseases globally, and pharmaceutical companies are investing high in the development of various drugs. Artificial Intelligence has been able to assist manufacturers by offering a solution to complex situations. In the current scenario, AI is providing many novel analytical approaches for the design and development of novel products, which is another reason behind the market’s exponential growth.
More factors, such as the flourishing healthcare sector coupled with manufacturers’ approach towards lowering the manufacturing cost associated with drug development, have also recorded to be reasonable for the market’s growth. Besides, escalating investment by significant players in biopharma companies and rising public and private partnerships for R&D activities are more critical factors expected to boost the growth of the target AI in Drug Discovery market in the future.
In the case of point, back in the year 2019, GlaxoSmithKline plc, a multinational pharmaceutical company, invested US$ 300 Mn in 23 and Me, a gene testing company. The deal, in the current time, is expected to facilitate the company to access the database related to DNA related to relations between genes and diseases. This factor will further help in the development of novel products as well as the AI drug discovery market.
On the contrary, the factor of the scarcity of skilled healthcare professionals has been considered as a hindering factor and anticipated to slow down the growth of the global AI for the drug discovery market in the future.
AI in Drug Discovery Market Segment Review
By the segment of product type, the market has included software and services
By the segment of molecule type, the market has included Large Molecule and Small Molecule.
By the segment of technology type, the market has included machine learning, deep learning, and others.
By the segment of indication type, the market has included Immuno-oncology, Neurodegenerative Diseases, Cardiovascular Diseases, Metabolic Diseases, and others.
By the segment of the application, the market has included target identification, candidate screening, drug optimization and repurposing, de novo drug designing, and preclinical testing.
By the segment of End-User, the market has included pharmaceutical & biotechnology companies, contract research organizations, research centers, and academic & government institutes.
AI in Drug Discovery Market Regional Landscape
Americas and its Countries such as the US and Canada have been at the vanguard of the healthcare industry over the years. The rising number of big AI platform developers in the region is one of the primary reasons for the express growth of the AI in the drug discovery market in the region. Some top AI platforms such as Google AI, Microsoft Azure, and TensorFlow have adopted the Big Pharma companies for utilization in the drug discovery procedure.
Europe is the second-largest market for AI in drug discovery after the Americas. Rising R&D activities in the pharmacy sector and high demand for AI solutions by Big Pharma companies are other factors expected to boost the augmentation of the regional market. Peak pharma companies have made partnerships with AI service providers to integrate AI technologies into the drug discovery process.
The growth of the Asia-Pacific AI In Drug Discovery Market is attributed to the escalating demand for effective drug discovery solutions. Many startups are working to integrate AI applications in drug discovery. Some of these startups are Adagene, Mozi, Accutar, Xbiome, Elucidata Corporation, Deep Intelligent Pharma, CaroCure, and Interprotein, among others. With the rapidly upward pharmaceutical market in the Asian region, probably, the approval of the AI technologies in the majority drug discovery protocols will take place in the forecast period.
The top players are Microsoft Corporation, Google (A Subsidiary of Alphabet Inc.), IBM Corporation, Atomwise, Inc., Cloud Pharmaceuticals, Inc., BenevolentAI, Cyclica, Bioage, Envisagenics, Owkin, Inc., Verge Genomics, and Berg LLC.
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