February 11, 2021
According to a recent study titled ‘Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market Analysis, 2020’, available with global artificial intelligence (AI) enabled drug discovery and clinical trials market is slated to grow considerably over 2020-2025, registering a CAGR of 24.5% over throughout.
Global artificial intelligence (AI) enabled drug discovery and clinical trials market is driven by increasing investments in this field, especially in emerging economies like India, China, and Brazil. Further, the unprecedented outbreak of Covid-19 has compelled industry players and governments to pour large investments for quick development and trails of drugs. However, lack of proper regulations is negatively impacting the industry outlook, claims the study.
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Based on end-user scope, global artificial intelligence (AI) enabled drug discovery and clinical trials market is categorized into contract research organization (CROs), biopharmaceutical industry, and academic institutes and research centers. Of these, biopharmaceutical industry accounted for majority of the industry share in 2019. However, in recent times, the demand from contract research organizations and academic research centers is on the rise for maintaining workflow of facilities and reorganizing work to enhancing quality and productivity.
As per the regional analysis, North America held the largest portion of the overall artificial intelligence (AI) enabled drug discovery and clinical trials market share in 2019, chiefly due to strong penetration of innovative technology in the healthcare sector. Moreover, rapid establishment of Covid-19 facilities in the U.S. has urged drug manufacturers and governments towards leveraging AI solutions to reduce the drug discovery and trial lifecycle.
Meanwhile, Asia-Pacific region, particularly countries like India, Japan, and China have are slated to witness an increased adoption of AI-enabled technologies, facilitated by escalating healthcare investments and presence of a strong drug manufacturing framework.
Apart from this, the research document fragments the market in terms of component (software and service), application (clinical trials, data aggregation and analysis, drug design, biomarker research, and drug characterization), and therapeutic application (cardiovascular disease, oncology, nervous system disease, immunologic disease, respiratory disorder, infectious disease, metabolic disorder, and others).
Leading players in global artificial intelligence (AI) enabled drug discovery and clinical trials market sphere are GNS Healthcare, Cyclica, Inc., Symphony Innovation, LLC, Biovista, Inc., Berg, LLC, Cloud Pharmaceuticals, Inc., AiCure, LLC, Ardigen, Atomwise, Inc., and Accutar Biotechnology, Inc.