New York, USA, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Artificial Intelligence in Drug Discovery Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Artificial Intelligence in Drug Discovery Market Information By Product Type, Molecule Type, Technology, Indication, Application - Forecast till 2030”, the market is expected to hold a value of about USD 8.9 Billion by 2030, and it is projected to register a CAGR of 24.9% from 2022 to 2030.
Market Scope:
Artificial intelligence refers to the replication of the human intelligence processes using machines, particularly computer systems. Certain applications of AI are natural language processing, expert systems, machine vision, and speech recognition.
Several companies and significant research hospitals have been working on developing these systems for clinical application over the past couple of years, capturing the enthusiasm and attention of medical industry specialists. Artificial intelligence (also known as deep learning, machine learning, or artificial neural networks) is currently seeing its first commercial applications in the medical field. A potential paradigm change in clinician workflow, these devices have the potential to enhance efficiency while also enhancing care and patient throughput.
In general, AI works by ingesting huge volumes of labeled training data, assessing the data for patterns and correlations, and utilizing these patterns to predict future states. Like this, a chatbot being fed a series of text chats is able to learn to generate lifelike exchanges with consumers. Similarly, an image recognition tool is able to learn to detect and describe different objects in images by assessing multiple examples.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 8.9 Billion |
| CAGR | 24.9% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Molecule Type, Technology, Indication, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | An increasing number of startups operating in the AI spectrum for healthcare including drug discovery |
| Increased use of AI technology by major pharma companies for drug discovery |
Artificial Intelligence in Drug Discovery Market Competitive Outlook:
Key Players of the market are
- Microsoft Corporation
- IBM Corporation
- Google (A Subsidiary of Alphabet Inc.)
- Atomwise, Inc.
- Deep Genomics
- Cloud Pharmaceuticals, Inc.
- Insilico Medicine
- BenevolentAI
- Exscientia
- Cyclica
- Bioage
- Numerate
- Numedii, Inc.
- Envisagenics
- Twoxar, Incorporated
- Owkin, Inc.
- Xtalpi, Inc.
- Verge Genomics
- Berg LLC
Artificial Intelligence in Drug Discovery Market Dynamics:
Market Drivers
Healthcare applications of artificial intelligence are thriving thanks to the numerous potential presented by this cutting-edge technology. Consequently, many large corporations are investing heavily in this sector. Tech giants like IBM's Watson, Alphabet (Google's parent company), and Philips are all betting big on AI in healthcare. In addition, several pharmaceutical firms and a growing number of startups across the globe are actively pursuing and investing in the creation of AI & machine learning tools to enhance drug discovery and boost the success rate of drug development.
The use of AI in healthcare is still in its infancy, and its incorporation into the field is still at a nascent stage. Given the vast opportunities that AI presents in healthcare, an increasing number of businesses are investing in research and development of AI-based solutions in this area.
Market Restraints
Over the forecast time period, the market is likely to be hampered by the high cost of integrating AI and the lack of suitable infrastructure in low economic countries.
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COVID-19 Analysis:
Drug companies have been quick to incorporate AI-powered solutions in clinical trial research and increase medicinal development in response to the ongoing Covid-19 pandemic, which has placed a strain on existing healthcare systems and increased the demand for novel drug remedies. Artificial intelligence (AI) and associated technologies are seen as a key driver of expansion in the healthcare sector. Companies from around the world are pooling resources to unleash AI's full potential in medication discovery and the research of the effects and course of diseases like COVID and others.
Artificial Intelligence in Drug Discovery Market Segmentation:
By Product Type
The software subsector dominates the Artificial intelligence in drug discovery industry. Microsoft Azure and Google Cloud AI are two of the most popular AI cloud platforms available. Smaller firms are also building AI platforms, which is driving the rapid expansion of the AI market for drug discovery.
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By Molecule Type
Biologic medications are examples of drug prospects in the large molecule category because of their complicated molecular structure. Biologic medication development and complex molecular structure analysis are two areas where artificial intelligence (AI) technology is being increasingly put to use to meet the rising need for life-saving pharmaceuticals.
Machine learning techniques offer a toolkit for better decision making when dealing with large amounts of high-quality data and narrowly defined problems. Using ML to make decisions can increase the efficiency of the process and decrease the number of unsuccessful trials, both of which can hasten the creation of new medicines. The proportion of this group is expected to grow.
By Indication
Market share for AI in drug discovery is predicted to be highest in the immuno-oncology subsegment. Positive results from using AI to distinguish between similar genetic variants are encouraging for the future of precision medicine.
By Application
At least for the duration of the forecast, the preclinical testing subsegment of the artificial intelligence in drug discovery market is expected to account for a sizable portion of the overall market.
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Artificial Intelligence in Drug Discovery Market Regional Analysis
The presence of numerous large AI platform developers in the region is a key factor in the expansion of the AI in drug discovery industry in North America. The expansion of the ai in drug discovery market is being fueled in part by the rising interest in using AI in the pharmaceutical industry from major players like AbbVie, Genentech, Amgen, and Eli Lilly & Company. Also contributing to the expansion of the Americas is the rising need for novel pharmaceuticals in Latin America.
When it comes to artificial intelligence (AI) in drug development, Europe is the second largest market in the world, behind only the Americas. The regional ai in drug discovery market is predicted to increase as a result of a number of reasons, including rising R&D spending in the pharmaceutical industry and strong demand for AI solutions from Big Pharma businesses. In order to include AI technology into the drug discovery process, leading pharmaceutical corporations have formed collaborations with the AI service providers.
The rising need for efficient drug discovery solutions is fueling the expansion of the Asia-Pacific Artificial intelligence in drug discovery market. Several companies have begun focusing on using AI in the pharmaceutical research and development process.
The lack of a sophisticated healthcare system, the tiny number of companies actively engaged in medication discovery and development, and low per capita disposable incomes in some parts of Africa have combined to make the Middle East and Africa the smallest market for artificial intelligence in this field.
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