According to latest published report by Allied Market Research, titled, “Artificial Intelligence (AI) For Drug Development and Discovery Market by Type (Target Identification, Molecule Screening, De Novo Drug Design & Drug Optimization, and Preclinical & Clinical Testing), Indication, (Oncology, Neurology, Infectious Disease and Others), and End User (Pharmaceutical & Biotechnology Companies, and Contract Research Organization): Global Opportunity Analysis and Industry Forecast, 2019–2027.” According to the Analyst, the global artificial intelligence (AI) for drug discovery and development market garnered $520.00 million in 2019, and is estimated to reach $4.81 billion by 2027, witnessing a CAGR of 31.6% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, technology developments, key winning strategies, business performance, major segments, and competitive scenarios.
Artificial Intelligence (AI) For Drug Development and Discovery Market Overview:
Drug discovery is the initial step in the process of a novel drug candidate’s identification and its therapeutic target. Artificial intelligence has been extensively used in the healthcare industry, specifically utilized in finding new drugs. As artificial intelligence plays an important role in discovery, design, recognition, and screening of molecules effectively in shorter time. Moreover, presence of a smaller number of competitors, higher adoption rate, and effectiveness of AI in finding of a novel drug are anticipated to provide lucrative opportunities for the growth of the global artificial intelligence for drug discovery and development market.
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- Due to Covid-19 outbreak, artificial intelligence for drug discovery and development market have grown significantly. This is due to surge in adoption of AI with rise in number of partnership between AI providers and pharma and biotech companies to develop drug for treatment of patients affected from coronavirus.
- The demand for AI for drug discovery and development has been surged as it helps to understand the protein structure of the virus and plays an integral role in drug design and accelerating vaccine technologies.
Value Propositions Related To The Report:
- Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market
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Which Region is Dominating The Market?
North America held the major share of the artificial intelligence for drug discovery and development market in 2019 and is expected to continue its dominance during the forecast period, owing to strong economies in the U.S. and Canada; high adoption rate of AI technologies due to large number of investments to boost the drug discovery industry; and large number of cross industry collaborations and partnerships majorly fuel the market growth. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, owing to rise in adoption of advanced AI technologies, and growth in focus of major players on increasing their presence in emerging Asian countries.
Which Segment is Roaring The Market?
The oncology segment is projected to grow at the highest CAGR of 32.6% during the forecast period, owing to increase in adoption of AI to discover drug for treatment of different forms of cancer, large number of promising drugs in the oncology pipeline, higher adoption of AI to discover & develop oncology drugs and increase in number of collaborations between large pharma companies with AI providers are majorly driving the growth of this segment.
Some of the Top Players in the Global Market Are:
- Atomwise, Inc.
- Alphabet Inc.
- Cloud Pharmaceutical
- Benevolent AI
- Deep Genomics
- Insilico Medicine Inc.
- IBM Corporation
- Nvidia Corporation
- Microsoft Corporation
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Artificial Intelligence (AI) For Drug Development and Discovery Market: By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Important Questions Being Answered by the Market Report
- What is the AI For Drug Development and Discovery market size and growth?
- What are the prominent and latest trends impacting the market?
- Which regions will observe growth on new occasions?
- Which players are adopting a functioning and planned framework to obtain customer loyalty?
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.