Dublin, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The "AI-Enabled Drug Discovery and Clinical Trials Market Report 2023-2033" report has been added to ResearchAndMarkets.com's offering.
The global AI-Enabled Drug Discovery and Clinical Trials Market is set to exceed US$2.18 billion in value in 2023, with strong revenue growth expected through 2033.
The AI-Enabled Drug Discovery and Clinical Trials Market Report for 2023-2033 is an essential resource for leading firms seeking to explore new revenue opportunities within the industry and gain insights into its dynamic landscape. This report proves indispensable for companies looking to diversify into different sectors or expand their operations into new regions.
Growing Awareness of AI's Impact on Healthcare Drives Market Growth
The proliferation of AI applications in healthcare has led to increased awareness and acceptance of AI-enabled solutions. Pharmaceutical companies are increasingly integrating these solutions into their drug discovery and clinical trial processes, with AI-based drug delivery solutions gaining popularity. These solutions leverage artificial intelligence technologies to create more efficient and effective drug delivery methods, offering the potential to revolutionize the industry by reducing costs, enhancing drug efficacy and safety, and improving patient outcomes.
The market for AI-based drug delivery solutions is poised for growth, with prominent players including:
- Novartis: A leader in the AI-based drug delivery market, focusing on smart inhalers for respiratory diseases.
- Medtronic: A medical devices company developing an AI-based drug delivery platform for improved insulin delivery to diabetic patients.
- Insilico Medicine: A drug discovery company using AI to develop new drugs and delivery methods.
- Johnson & Johnson: Utilizing AI for personalized drug delivery solutions, including smart drug-infused contact lenses and implantable devices.
- GSK: Employing AI to develop inhalers that adjust dosage based on the patient's breathing pattern.
As competition intensifies, companies are heavily investing in research and development to stay ahead, driving innovation and pushing the boundaries of drug delivery possibilities. AI-based drug delivery solutions are expected to become increasingly sophisticated, personalized, and targeted, transforming the pharmaceutical industry and enhancing patient outcomes.
Challenges in Personnel and Data Impede Market Growth
Ensuring patient safety during drug discovery, especially in interpreting drug effects and anticipating side effects, presents a significant challenge. The lack of skilled personnel and insufficient datasets for drug discovery and development are critical factors that may hinder market growth. Implementing AI systems in drug discovery demands expertise in system design, management, and implementation.
Due to AI's complexity, personnel working with these systems require in-depth knowledge of technologies like machine learning and deep learning. Integrating AI into existing systems to replicate human brain behavior necessitates substantial data processing, which is currently constrained by a lack of professional standards and certifications.
Key Questions to Consider before Investing in a Market Research Report
- How is the AI-enabled drug discovery and clinical trials market evolving?
- What drives and hinders market growth?
- How will submarket segments perform by 2033?
- What are the main market drivers?
- Will national markets outperform others?
- Which geographical region leads the market in 2033?
- Who are the leading players and their prospects?
- How will the industry evolve between 2023 and 2033?
- Is there a need for product commercialization to scale the market?
- Where is the market heading, and how can you stay at the forefront?
- What are the best investment options for new products and services?
- What are the key prospects for company growth and the C-suite?
Segments Covered in the Report
Component Outlook:
- Services
- Software
Application:
- Clinical Trials
- Drug Design
- Data Aggregation and Analysis
- Drug Characterization
- Biomarker Research
- Others
Therapeutic Area:
- Oncology
- Cardiovascular Diseases
- Infectious Diseases
- Neurodegenerative Diseases
- Metabolic Diseases
- Others
End-user:
- Pharmaceutical & Biopharmaceutical Companies
- Contract Research Organizations (CROs)
- Others
In addition to overall world market revenue predictions, the report includes forecasts for five regional and 18 leading national markets:
North America:
- U.S.
- Canada
Europe:
- Germany
- UK
- France
- Spain
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
Latin America:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
MEA:
- GCC
- South Africa
- Rest of MEA
The report also provides profiles for leading companies in the AI-Enabled Drug Discovery and Clinical Trials Market from 2023 to 2033, with a focus on their operations within this segment.
Leading companies and potential market growth:
- AbbVie Inc.
- Exscientia
- GNS Healthcare
- IBM Watson
- Merck & Co., Inc.
- Novartis AG
- PathAI
- Saama Technologies
- Unlearn.AI, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/g9f9uf
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