The primary step in drug discovery is the procedure of a novel drug candidate’s documentation and its therapeutic target base. Grounded on efficacy, strength, bioavailability, and harmfulness the drug discovery or new drug target is being assessed. Artificial intelligence is extensively used in the health care segment and particularly used for drug discovery. AI technology has the latent to identify drug targets, and play a vital role in drug design, discovery, identification, and showing of molecules promptly and efficiently. Artificial intelligence has been widely used in the healthcare industry, precisely used in discovering new drugs. As artificial intelligence plays a significant part in the discovery, design, recognition, and screening of molecules effectually in a briefer time.
According to the report analysis,’ AI for Drug Discovery Market By Offering (Software, Services);By Technology (Machine Learning and Other Technologies); By Drug Type (Small Molecule and Large Molecules); By Application (Immuno-Oncology, Neurodegenerative Diseases, Cardiovascular Disease, Metabolic Diseases and Other Applications); By End-User (Pharmaceutical & Biotechnology Companies, Contract Research Organizations, Research Centers and Academic & Government Institutes)and Region – Analysis of Market Size, Share & Trends for 2018 – 2020 and Forecasts to 2030’ Many companies are concentrating on organic growth strategies like product introductions, the product supports, and others for instance patents and events. Inorganic growth strategies activities observed in the market were acquisitions, and partnerships & collaborations. These activities have covered the way for the growth of business and customer base of market players. The market payers from AI for the drug discovery market are expected to profitable growth occasions in the future with the increasing claim for AI for drug discovery in the global market. The major players covered in the artificial intelligence (AI) in drug discovery market report are Microsoft, NVIDIA Corporation, IBM Corporation, Atomwise, Inc, Insilico Medicine, BenevolentAI Ltd, Exscientia, Cyclica Inc, Numerate, NuMedii, Inc, DEEP GENOMICS, Cloud Pharmaceuticals, Inc and Other Prominent Players. The shortage of skilled professionals and infrastructure to simplify easy AI adoption is the main factor that is predictable to hinder global AI growth for the drug discovery market. Therefore, along with partial acceptance by healthcare professionals, high prices and technological limitations of AI decision-making will obstruct market growth.
AI for Drug Discovery Market is segmented based on regional analysis into five major regions. These comprise North America, Latin America, Europe, APAC, and MENA. In 2019 North America holds the major share of AI in the drug discovery market. Also, in 2018 North America was the major and fastest-growing drug discovery market for AI. The US, Canada, and Mexico form the main drug discovery market for AI. In drug discovery and development these countries were primary adopters of AI technology. Europe is anticipated to demonstrate growth at a remarkable CAGR in the forecast amount of 2020-2030. It grasps the second-largest market share. The Asia Pacific region is likely to grow at the highest CAGR of 51.68% over the prediction period, owing to continuous technological advancements in the pharmaceutical area and the increasing number of pharmaceutical manufacturers in emerging countries of APAC for example China and India.
Furthermore, artificial intelligence is projected as a worthwhile healthcare industry avenue. Implementing AI eliminates the research and development gap in the drug production cycle and aids in targeted drug manufacturing along with helps pharmaceutical companies streamline research and development activities for customized drugs and complex drug discovery. The AI in the Drug Discovery Market is propelled by the rising necessity to cut the procedure of drug discovery so as to get drugs to treat numerous long-lasting and viral ailments faster. Owed to this, Biopharmaceutical industries have a tendency to upsurge their market share in the direction of AI. Therefore, it is expected that the market of AI for Drug Discovery Market will boost up throughout the forecast amount.
For More Information on the Research Report, refer to the below links: –
Digital Pathology Market by Product Type (Software, Scanners, Storage Systems, and Communication Systems), by Technology (Whole Slide Imaging, Storage, Communication and Integrated Platforms, and Image Analysis-Informatics), by Application (Drug Discovery, Teleconsultation, Training and Education, and Disease Diagnosis), and by End-User (Biotechnology & Pharmaceutical Companies, Research & Academic Institutes, Hospitals and Reference Laboratories, and Contract Research Organizations): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024
Ankur Gupta, Head Marketing & Communications