July 15, 2020
According to the research report titled ‘Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market Analysis, 2020’, available with Market Study Report LLC, global artificial intelligence (AI) enabled drug discovery and clinical trials market is expected to register a growth rate of 24.5% during 2020-2025.
Surging investments towards AI-enabled drug discovery & clinical trials, particularly in emerging regions such as China, Brazil and India, is a major factor driving the market growth. Emergence of COVID-19 has bolstered investments towards rapid development and trials for drugs. However, lack of proper reforms may act as a restraining factor to the overall market growth.
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As per component type, the market is segmented into service and software. In terms of application range, the industry is bifurcated into biomarker research, drug characterization, drug design, clinical trials, and data aggregation & analysis. By therapeutic application, the industry is classified into infectious disease, immunologic disease, metabolic disorder, respiratory disorder, nervous system disease, cardiovascular disease and oncology.
The end-user landscape of AI-enabled drug discovery & clinical trials industry comprises of academic institutes & research centers, CROs (contract research organization) and biopharmaceutical industry. Among these, the report states that biopharmaceutical industry accounted for majority share in 2019 and is expected to register consistent growth throughout the forecast period.
On the other hand, CROs and academic research centers are also slated to witness considerable growth in the subsequent years. Growing demand for AI-based drug discovery procedures in order to maintain workflow as well as to improve business efficiency is fueling the market size.
Speaking of regional landscape, the market is divided into Middle East & Africa, Asia-Pacific, Europe, South America and North America while focusing on Mexico, Canada, U.S., Argentina, Brazil, Spain, Italy, France, Germany, U.K., South Korea, Australia, Japan, India, China, UAE and Saudi Arabia among others.
The report cites that North America held significant market share in the year 2019 and is predicted to expand continuously during the forecast period. Increasing mortality rate owing to COVID-19 have compelled manufacturers as well as government in the U.S. to integrate AI solutions in order to shorten the drug discovery & trial life cycle, which in turn is favoring the market scenario in the region.
Meanwhile, Asia-Pacific market is slated to record notable CAGR through 2025, primarily driven by rising adoption of AI-based technologies and surging investments toward drug manufacturing.
GNS Healthcare, Symphony Innovation LLC, Cyclica Inc., Biovista Inc., Cloud Pharmaceuticals Inc., Berg LLC, AiCure LLC, Atomwise Inc., Ardigen, and Accutar Biotechnology Inc. are the key participants in worldwide artificial intelligence enabled drug discovery & clinical trials industry.