AI In Drug Discovery Market
The AI In Drug Discovery Market was estimated around USD 243 million in 2019 and is predicted to expand at a CAGR of 39.6% over the forecast period (2020-2027).
The factors driving the growth of AI In Drug Discovery Market growing adoption of Artificial Intelligence based solutions for preclinical trials phase, rise in the number chronic diseases such as diabetes and heart related diseases around the world and expansion of the pharmaceutical industry. According to the report published by International Diabetes Federation, around 537 million adults aged 20-79 year were living with diabetes in 2021 and this figure is estimated to reach 783 million by the end of 2045, which is pushing the biopharmaceutical companies to adopt artificial intelligence-based solutions in drug discovery. Moreover, the rise in Government’s funding to the medical institutions, increasing application of artificial intelligence to understand the resistant properties of cancer cells and mounting pressure on the manufacturers to reduce the drug prices, are some of the additional factors supplementing the Global AI In Drug Discovery Market. In addition, the increasing investments by major corporations on research and development, rise in cross-industry collaborations and partnerships, rapid urbanization, improvements in the living standards and growing population growth rates, are further propelling the Artificial Intelligence in Drug Discovery Market size.
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However, the growth of AI In Drug Discovery Market is hindered due to insufficient availability of skilled workforce.
The major players operating in the market are Deep Genomics, Cloud Pharmaceuticals, Inc., Insilico Medicine, Microsoft Corporation, NVIDIA Corporation, IBM Corporation, Benevolentai, Google, Atomwise, Inc., and Exscientia, among others.
Offering – Segment Analysis
Based on Offering, the Software segment is predicted to capture the largest market share during the forecast period attributed to growing adoption of advanced software by the Bio Tech and Pharmaceutical companies across the globe.
Application – Segment Analysis
Based on Application, the neurodegenerative diseases segment is anticipated to grow at a remarkable CAGR over the forecast period because the Artificial Intelligence is increasingly used worldwide to discover drugs for complex diseases.
Regional – Segment Analysis
As per the Artificial Intelligence in Drug Discovery Market Report, the North American region is expected to hold the highest market share during the forecast period. Presence of the leading players such as NVIDIA Corporation, IBM Corporation and Google, increasing investments by pharmaceutical companies on research and development and high disposable incomes, are some of the important factors augmenting market growth in North America.
Market Segmentation
Global Artificial Intelligence (AI) in Drug Discovery Market by Offering
- Software
- Services
Global Artificial Intelligence (AI) in Drug Discovery Market by Technology
- Machine Learning
- Deep Learning
- Supervised Learning
- Reinforcement Learning
- Unsupervised Learning
- Other Machine Learning Technologies
- Other Technologies
Global Artificial Intelligence (AI) in Drug Discovery Market by Application
- Immuno-oncology
- Neurodegenerative Diseases
- Cardiovascular Diseases
- Metabolic Diseases
- Other Applications
Global Artificial Intelligence (AI) in Drug Discovery Market by End User
- Pharmaceutical & Biotechnology Companies
- Contract Research Organizations
- Research Centers and Academic & Government Institutes
Global Artificial Intelligence (AI) in Drug Discovery Market by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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