Pune, India, April 04, 2023 (GLOBE NEWSWIRE) -- The Artificial Intelligence In Drug Discovery Market Size is expected to register growth owing to technological advancements in the industry. Fortune Business InsightsTM has presented this information in its upcoming report titled, “Artificial Intelligence in Drug Discovery Market Size, Share & Industry Analysis, By Technology (Machine Learnings, Other Technologies), By Offerings (Software, Services), By Applications (Metabolic Disease, Cardiovascular Diseases, Oncology, Others), By End Users (Pharmaceutical & Biotechnological Companies, Academic & Research Institutes, Others) And Regional Forecast 2023-2030”. Furthermore, The market is being driven by a growing number of patients suffering from chronic diseases, a thriving healthcare sector, and manufacturers' efforts to reduce the manufacturing costs associated with medication development. The adoption of cloud-based services and apps will open up the new and exciting potential for artificial intelligence in drug discovery market growth.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Base Year | 2022 |
| Historical Data for | 2019 to 2021 |
Key Takeaways:
- AI is transforming the drug discovery process by speeding up the identification of potential drug candidates and reducing the time and costs associated with traditional drug development methods.
- Machine learning algorithms are increasingly being used to predict the properties and behaviour of molecules, making it easier to identify potential drug candidates and optimize their properties.
- AI is also being used to analyze large datasets from clinical trials and electronic health records, helping researchers identify new targets and biomarkers for drug development.
- The use of AI in drug discovery is still in its early stages, but the market is expected to grow rapidly in the coming years as more companies invest in the technology and more applications are developed.
- As AI becomes more prevalent in drug discovery, it will be important to address concerns around data privacy and bias and to ensure that the technology is being used ethically and responsibly.
Drivers & Restraints –
The Market to Grow at a Faster Pace Owing to Factors like Technological Advancements
Artificial intelligence in drug discovery market share is expected to grow at a rapid pace over the forecast period, owing to factors such as technological advancements, the growing need to reduce cost and time in drug discovery, the growing number of cross-industry collaborations and partnerships, and the rising adoption of cloud-based applications, such as AbbVie's use of AiCure's AI-based patient monitoring platform to improve adherence in phase 2 schizophrenia patients. Other factors likely to drive the target market's growth include increased investment by major players in biopharma firms and increased R&D efforts.
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COVID-19 Impact -
Early discovery of COVID-19 medications could serve as a viable therapeutic medication that has been used previously in patients to address the current pandemic situation before it worsens. An artificial intelligence (AI)-based technology that may predict drugs/peptides directly from the sequences of sick patients, allowing them to have a higher affinity for the target and contribute to the development of COVID-19 vaccines. Researchers from all around the world have proposed various COVID-19 vaccines/drugs based on AI. However, testing of these proposed vaccines/drugs will be required to ensure their safety and feasibility in combating COVID-19.
Segmentation -
- Based on technology, artificial intelligence in the drug discovery industry is divided into machine learning and other technologies.
- Based on offerings, the market is split into services and software.
- Based on applications, the market is fragmented into oncology, cardiovascular diseases, metabolic, and others.
- Based on end-users, the market is divided into academic & research institutes, pharmaceutical & biotechnological companies, and others.
- Geographically, the market is classified into Latin America, Europe, North America, Asia Pacific, and the Middle East & Africa.
Report Coverage –
The covers an in-depth analysis of artificial intelligence in the drug discovery industry. The report furthermore covers information on COVID-19's impact on the market, new product launches, industry developments, regional growth of the market and restraining and driving factors.
Regional Insights –
North America Likely to be a Vital Region in the Global Market
North America is expected to be the most vital region of artificial intelligence in the drug discovery industry owing to early adopters of AI technology in drug discovery and development including the U.S. The U.S. is home to major AI technology companies such as IBM, Google, Microsoft, NVIDIA, and Intel. Europe is likely to rise moderately in the global market due to the growing demand for AI technology in medication discovery and development. Europe's prominent position in the global market is partly due to its high healthcare spending.
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In terms of investments and AI tech companies, the United Kingdom is leading the way with the same pace of growth. The Asia Pacific area is expected to grow at the fastest rate, owing to the rapid adoption of artificial intelligence (AI) in the pharmaceutical sector and medication development, as well as favourable government initiatives and plans. Latin America and the Middle East & Africa are expected to have lower revenue shares and growth rates than the rest of the world.
Competitive Analysis-
Key Players are Focusing on Attracting AI Professionals to Modernize Biopharmaceutical Business
The market's competitive landscape portrays a severe battle. The pattern is projected to be similar to what the technology company experienced in 2014-2016. To modernize, biopharmaceutical businesses' main players are focusing on attracting AI professionals. IBM, Microsoft, NVIDIA, AWS, Intel, MetaMind, Facebook, Tute Genomics, and Google are some of the leading participants in the AI for drug development market.
Industry Developments
September 2019: Atomwise Inc. and Jiangsu Hansoh Pharmaceutical Group Co. Ltd., established a $1.5 billion partnership to design and identify potential medication candidates for up to 11 unnamed target proteins in cancer and other therapeutic areas.
List of Key Players in the Market:
- Microsoft
- NVIDIA Corporation
- IBM Corporation
- Atomwise Inc.
- DEEP GENOMICS
- Cloud Pharmaceuticals Inc.
- Insilco Medicine
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