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Artificial Intelligence (AI) in Drug Discovery Market (Offering - Software, and Services; Technology - Machine Learning, Natural Language Processing (NLP), Computer Vision, and Others; Application - Target Identification, Molecule Screening, Drug Design and Drug Optimization, Preclinical and Clinical Testing, and Others; Indication - Oncology, Neurodegenerative Diseases, Infectious Disease, and Others; End User - Pharmaceutical & Biotechnology Companies, Contract Research Organizations, and Academic & Government Research Institutes): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : October, 2021

  • Rep Id : HC08718

  • Category : Healthcare & Medical Devices

  • Status : Published

A recent report published by Infinium Global Research on artificial intelligence (AI) in drug discovery market provides in-depth analysis of segments and sub-segments in the global as well as regional artificial intelligence (AI) in drug discovery market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional artificial intelligence (AI) in drug discovery market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global artificial intelligence (AI) in drug discovery market. According to the report, the global artificial intelligence (AI) in drug discovery market is projected to grow at a CAGR of 30.2% over the forecast period of 2021-2027, growing from nearly USD 855.5 million in 2021 to about USD 4167 million in 2027.


Artificial Intelligence (AI) in Drug Discovery Market

 

Market Insight

The information technology (IT) sector has evolved dramatically over the past few years. Several branches of IT have emerged to be promising technologies in the future. Artificial intelligence (AI) is one of such branches of IT that majorly focuses the creating intelligent machines that replicate human intelligence. AI has found numerous applications in a wide variety of industrial verticals. The use of AI for life science and biotechnology is been widely studied and has produced some great results. Today, researchers and professionals in the field of life science and biotechnology use AI tools to study health conditions, as well as to develop new treatments and therapies. Several technology firms and start-ups offer AI solutions specifically for drug discovery and drug development. Moreover, the market is still at its development stage, and many new entrants are emerging across the global market.

 

The advent of the COVID-19 pandemic has significantly stressed the healthcare infrastructure across the world. The acceptance of AI in life science and biotechnology is rapidly increasing and many drug companies and research institutes are taking the help of artificial intelligence to discover and develop a treatment for COVID-19 and related symptoms. On the other hand, after a series of strict lockdowns, many countries are resuming their activities and at the same time focusing more on strengthening their healthcare system. Moreover, many public and private organizations around the world are now implementing AI in their systems for various applications. Drug companies and research institutes are leveraging the power of AI to discover drugs more efficiently. This provides an advantage to the drug developers to discover an effective drug in a short period. Thus, the demand for AI in drug discovery has increased during the pandemic.

 

Increasing the use of artificial intelligence to efficiently study drug activity is driving the growth of global AI in the drug discovery market. AI is being used or trialed for a range of life-science and biotechnology applications, including studying drug molecules, and their activity on infection, and the infected human body. Moreover, the adoption of AI for drug discovery reduces the costs accrued by the drug companies. This, in turn, is driving the growth of AI in the drug discovery market. Artificial intelligence in drug discovery effectively drops the expenses on various resources and helps the researchers dedicate their limited resources to the research purpose only. However, artificial intelligence heavily depends on data, thus low quality and inconsistencies in the availability of the data limit the potential of AI. Additionally, digitization in healthcare led to the generation of huge amounts of data, which creates opportunities for the market players.

 

Among the regions, North America dominated the AI in the drug discovery market owing to the continued American leadership in AI. Over the past few years, the United States currently gained a slight edge over other countries, due to the development of a large number of AI-enabled devices in the life-science sector. High spending on research and development in biotechnology, especially in the US and Canada, is likely to boost the growth of advanced technologies such as AI in the region. Europe is the second-largest market in the global AI drug discovery market. The Nordic countries and the Netherlands are European pioneers in the use of AI tools in the life-science, and biotechnology sector. Moreover, the demand for AI tools is certainly increasing, especially in Switzerland and Spain. The Asia Pacific is the fastest-growing region for AI in the drug discovery market. Rapid growth in the biotechnology sector combined with an improving economy and changing consumer preferences are anticipated to propel the adoption of AI in this region.

 

Segment Covered

The report on global artificial intelligence (AI) in drug discovery market covers segments such as offering, technology, application, indication, and end user. On the basis of offering, the sub-markets include software, and services. On the basis of technology, the sub-markets include machine learning, natural language processing (NLP), computer vision, and others. On the basis of application, the sub-markets include target identification, molecule screening, drug design and drug optimization, preclinical and clinical testing, and others. On the basis of indication, the sub-markets include oncology, neurodegenerative diseases, infectious disease, and others. On the basis of end user, the sub-markets include pharmaceutical & biotechnology companies, contract research organizations, and academic & government research institutes.

 

Companies Profiled:

The report provides profiles of the companies in the market such as GNS Healthcare, BenevolentAI Limited, Atomwise Inc., Cyclica Inc., Deep Genomics, Exscientia plc, IBM Corporation, Alphabet Inc., NVIDIA Corporation, and Microsoft Corporation.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of artificial intelligence (AI) in drug discovery market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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