Wilmington, Delaware, United States, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – By 2031, the AI in drug discovery market size is estimated to surpass value of US$ 10.93 Bn. AI in drug discovery market analysis anticipate the market to progress at 36.1% CAGR during the forecast, from 2021 to 2031. Chronic illness cases, particularly diabetes and cardiovascular diseases, are rising quickly, which could eventually increase the demand for AI in drug discovery platforms. Additionally, the application of AI in the treatment of neurological conditions is likely to contribute to accelerating growth of the AI in drug discovery market. In order to create and develop efficient drug discovery platforms, market participants are likely to concentrate on mindful AI. Furthermore, it is projected that COVID-19-related AI developments will expand significantly.
As a marketing strategy for AI in drug discovery, a host of commercial heavyweights are spending on healthcare applications since use of artificial intelligence in healthcare industry rising and is likely to offer many potential applications. It is anticipated that the use of machine learning techniques and AI in drug research and development applications will improve healthcare outcomes by enhancing drug discovery efficiency. Additionally, it speeds up the identification of specific molecules, cuts down on the time needed for drug discovery, and lowers the price of developing new drugs for pharmaceutical companies.
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Additionally, a number of entrepreneurs and pharmaceutical companies are initiating ventures and spending on the development of ML and AI technologies to enhance drug discovery and better medication development outcome.
Key Findings of Market Report
- Growing cross-industry partnerships and cooperation is estimated to fuel global market for AI in drug discovery. The increasing importance of AI in drug development and discovery and growing investment on R&D activities, particularly AI technology, are expected to drive the global market.
- Mindful AI is a rapidly evolving as an excellent solution for drug development that is more responsible and human-centric. Pharmaceutical businesses can use mindful AI to learn not just how rapidly a medicine can be created, but also how inclusive it is based on efficacy. As a result, rising use of mindful AI in the pharmaceutical sector is expected to provide significant growth possibilities to the AI in drug discovery market manufacturers.
- There are significant prospects for expansion in the application of AI to treat neurological conditions. The pharmaceutical industry is working together to investigate new treatments for neurological illnesses. Neurological illness treatments are improving, which is likely to open up lucrative opportunities for the market players.
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Global AI in Drug Discovery Market: Growth Drivers
- It is predicted that the application of AI in cancer will present major growth potential. Researchers can design new therapies and modify drug use by better understanding how cancer cells acquire resistance to anticancer medications with the use of artificial intelligence (AI). Current research on anticancer drugs can be accelerated by AI technology like machine learning. Oncology advancements are anticipated to drive the market for AI in drug discovery.
- Due to its technological prowess and reputation as one of the world's early adopters of new technological breakthroughs, North America is anticipated to have a major proportion of the global AI for drug discovery market during the forecast period. Another factor influencing the market is the leading companies' considerable knowledge about the application of AI in drug discovery.
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Global AI in Drug Discovery Market: Key Players
Some of the key market players are
- BlackThorn Therapeutics
- Cloud Pharmaceuticals, Inc.
- Benevolent AI
- GNS Healthcare
- Recursion Pharmaceuticals
- Insilico Medicine
Global AI in Drug Discovery Market: Segmentation
Drug Type
- Small Molecules
- Large Molecules
Application
- Oncology
- Infectious Diseases
- Neurological Disorders
- Rare Diseases
- Metabolic Diseases
- Cardiovascular Diseases
- Others
Technology
- Machine Learning
- Other Technologies
Offering
- Software
- Services
End User
- Pharmaceutical & Biotechnology Companies
- Contract Research Organizations
- Academics & Research
- Others
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