July 22, 2020
According to the research report titled ‘Global Artificial Intelligence (AI) in Drug Discovery Market Size study, by Component (Software, Services), by Technology (Machine Learning, Deep Learning, Others), by Application (Immuno-Oncology, Neurodegenerative Diseases, Cardiovascular Diseases, Others), by End-User (Pharmaceutical & Biotechnology Companies, Contract Research Organizations, Research Centers, Academic & Government Institutes) and Regional Forecasts 2020-2026’, available with Market Study Report, global artificial intelligence (AI) in drug discovery market was appraised at USD 260 million in 2019 and is expected to grow with a CAGR of 40.7% during 2020-2026.
Artificial intelligence for drug discovery is a technology that makes use of distinct algorithms to support the decision-making process for drug discovery. The implementation of artificial intelligence narrows down the research & development in drug manufacturing process and enables targeted manufacturing of the drugs. Focus among biopharmaceutical industries to optimize drug manufacturing process, growing investments in drug discovery coupled with increasing need to control expenses & reduce the time for drug discovery & development are the responsible for substantial growth of artificial intelligence in drug discovery market.
However, high cost, lack of awareness, and technical limitations of AI decision-making are some factors expected to restrain the growth of global artificial intelligence (AI) in drug discovery market over the forecast period.
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With respect to component type, the market is divided into software and services. Based on application spectrum, the industry is segmented into neurodegenerative diseases, immuno-oncology, cardiovascular diseases, and others. With regards to end-user scope, the market is segmented into pharmaceutical & biotechnology companies, research centers, academic & government institutes, and contract research organizations. Based on technology terrain, the industry is categorized into deep learning, machine learning, and others.
Considering the regional overview, North America is leading the global AI in drug discovery market currently, due to increasing focus on R&D, huge investments, and improved awareness about the technology among leading companies in the region.
Meanwhile, Asia-Pacific market is anticipated to witness substantial growth over 2020-2026, owing to the factors like on-going technological developments in pharmaceutical sector and rising number of pharmaceutical manufacturers in developing countries such as China and India.
Key players operating in worldwide artificial intelligence in drug delivery industry include Google Inc., BenevolentAI Ltd., NVIDIA Corporation, Microsoft Corporation, IBM Corporation, Insilico Medicine, Exscientia Ltd., Atomwise, Inc., Deep Genomics, Cloud Pharmaceuticals Inc., among others.