The artificial intelligence (AI) in drug discovery market includes sale of AI for drug discovery and other related services. AI based technology uses a simulation of human intelligence to process by machines for tackling the complex problems in drug discovery process. It also helps in finding new molecules for identifying the drug targets and developing the personalized medicines for the pharmaceutical industry. Artificial intelligence helps in improving the drug approval rates, less cost of development, swift availability of medications and helping the patients to comply with treatments. Moreover, the rising need to decrease the overall cost of drug discovery and the approval process requiring lot of human expertise and time, much eased by the use of AI based techniques.
As per analysis, “Europe Artificial Intelligence (AI) in Drug Discovery Market 2020-2026 by Offering, Technology, Drug Type, Therapeutic Area, Application, End User, and Country: Trend Forecast and Growth Opportunity” the key companies operating in the Europe Artificial Intelligence (AI) in drug discovery market include Google, Berg LLC, Exscientia, Berg LLC, Numedii, Inc., BIOAGE, IBM Corporation, Xtalpi, Inc., Cyclica, Cloud Pharmaceuticals, Inc., Owkin, Inc., Atomwise, Inc., Google, Microsoft Corporation, NVIDIA Corporation, Envisagenics, Insilico Medicine, Numerate, Twoxar, Deep Genomics, Incorporated, Verge Genomics and among others. Major companies are adopting various strategic collaborations to research & discover drugs using artificial intelligence and are gaining considerable popularity in the artificial intelligence in drug discovery market.
Based on therapeutic area, Europe Artificial Intelligence (AI) in drug discovery market is divided into metabolic diseases, neurodegenerative diseases, oncology and cardiovascular diseases. Based on drug type, market is divided into small & large molecule drugs. Based on technology type, market is divided into supervised & unsupervised learning, deep learning, reinforcement learning and other technologies. Based on application, market is divided into drug design, clinical trials, information & data analysis, drug evaluation and other applications. Based on offering type, market is divided into software and services offering. Additionally, on the basis of industry vertical, market is divided into pharmaceutical & biotechnology companies, contract research organizations and academic & research institutes and others.
The Europe Artificial Intelligence (AI) in drug discovery market is driven by huge amount of data generated during small molecule screening & preclinical studies, followed by growth in adoption of cloud based services & applications, increase in availability of options to carry out data mining and various specific customizations according to the need and growth in advancements in AI such as machine learning and artificial neural networks. However, limited acceptance from healthcare professionals is a major hindering factor for market. Moreover, increase in awareness related to artificial intelligence among pharmaceutical manufacturers and expansion of biotechnology industries are key opportunities for market. Furthermore, lack of data sets and unavailability of skilled labors are major challenges for market.
It is anticipated that the Europe Artificial Intelligence (AI) in drug discovery market will be reached at rapid pace owing to presence of major players operating in the countries, growth of pharmaceutical industries by collaborations with other industries, and rise in availability of developed infrastructure in order to facilitate adoption of AI during the forecast period.
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Ankur Gupta, Head Marketing & Communications