What is Artificial Intelligence in Drug Discovery Market?
Machine learning and AI have been assuming a critical role in the drug business and customer medical services business, Artificial Intelligence (AI), particularly profound learning and AI, is coming out as problematic innovation for the quicker revelation and improvement of innovative therapies. There is a ton of excitement about the opportunities related to the use of Artificial Intelligence. To overcome the limitations the traditional drug discovery methods are facing due to the complex nature of cellular interactions as well as limited knowledge of intricate cellular pathways the artificial intelligence in drug discovery is utilized, it beats the difficulties by recognizing novel communications and deriving the functional importance of the various segments of a cell pathway and other issues as well. Artificial Intelligence uses the most recent advances in science and processing to create cutting edge calculations for drug discovery. With the fast expansion in the preparing force and decrease in handling cost, AI can possibly make everything fair in drug improvement.
Highlights from Artificial Intelligence in Drug Discovery Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | IBM Corporation (United States), Microsoft Corporation (United States), Google LLC (United States), NVIDIA Corporation (United States), Atomwise, Inc. (United States), Deep Genomics (Canada), Cloud Pharmaceuticals, Inc. (United States), Insilico Medicine (United States), BenevolentAI Limited (United Kingdom) and Exscientia Limited (United Kingdom) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Artificial Intelligence in Drug Discovery market throughout the forecasted period.
IBM Corporation (United States), Microsoft Corporation (United States), Google LLC (United States), NVIDIA Corporation (United States), Atomwise, Inc. (United States), Deep Genomics (Canada), Cloud Pharmaceuticals, Inc. (United States), Insilico Medicine (United States), BenevolentAI Limited (United Kingdom) and Exscientia Limited (United Kingdom) are some of the key players profiled in the study. Artificial Intelligence in Drug Discovery Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Disease Identification/Diagnosis, Digital Therapeutics / Personalized Treatment/Behavioral Modification, Drug Discovery and Manufacturing, Predictive Forecasting and Clinical Trials |
Therapeutic area | Immuno-Oncology,Neurodegenerative Diseases,Cardiovascular Diseases,Others |
Functionality | Generating novel drug candidates,Understanding disease mechanisms,Aggregating and synthesizing information |
Offering | Software,Services |
End User | Pharmaceutical & Biotechnology Companies,Contract Research Organizations,Research Centers,Academic & Government Institutes |
On the basis of geography, the market of Artificial Intelligence in Drug Discovery has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The involvement of several startups are using AI to improve the process of drug discovery and development
Market Growth Drivers:
The surge in cross-industry collaborations and partnerships to boost drug discovery drives the growth of the global artificial intelligence for the drug discovery and development market and Growing awareness related to artificial intelligence is expected to provide new opportunities for market players in near future.
Challenges:
Lack of AI specialists and Inconsistency in the regulatory framework and ethical issues related to the usage of AI are the major barriers
Restraints:
The biggest restraints of using AI to predict medication targets remains translating traditional basic research conducted in labs around the world into a language that a computer can understand.
Opportunities:
Technological Advancements with Introduction of AI in Drug Discovery
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Artificial Intelligence in Drug Discovery Providers, Government Regulatory and Research Organizations and End-Use Industry
Market Leaders & Development Strategies
In September 2022, Novo Nordisk partnered with Microsoft for AI-driven drug discovery. AI leveraged for detecting new targets and validating disease biomarkers under the partnership.
In January 2021 MedAI United States based firm has Launches Artificial Intelligence Drug Discovery (AIDD) Platform to Accelerate Drug Development. The company announces that it has completed the construction of its Artificial Intelligence Drug Discovery (AIDD) Platform. With the use of this platform, the scientist can be able to provide innovative solutions for pharmaceutical companies to push ahead with their drug discovery projects.