Newark, NJ, June 22, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global artificial intelligence (AI) in drug discovery market is expected to grow from USD 1.60 billion in 2019 to USD 40.36 billion by 2027, at a CAGR of 49.6% during the forecast period 2020-2027.
The artificial intelligence (AI) technology integration in the drug discovery is steadily increasing, and many pharmaceutical companies are highly focusing on drug development using artificial intelligence. The pharmaceutical companies are taking advantage of artificial intelligence technology to discover the drugs for the most complex diseases such as precision’s disease, Alzheimer’s disease, and pancreatic cancer. Artificial intelligence helps the pharmaceutical companies to streamline the research and development activities for the personalized medicines and the complex drug discovery.
Artificial intelligence (AI) is the technology which has the simulation of human intelligence processes by machines, especially computer systems. This technology helps to find the new molecules from the molecule library, to identify the drug targets, and to develop the personalized medicines in the pharmaceutical industry. The artificial intelligence makes drug discovery cost-effective and quicker.
Global artificial intelligence (AI) in the drug discovery market is increasing rapidly, owing to the rising integration of artificial intelligence technology in the drug discovery. In addition to this, rising collaboration and partnerships of the pharmaceutical companies with the artificial intelligence technology companies for the development of the drugs, further boosting the growth of the market. Furthermore, growing awareness about the artificial intelligence technologies in the pharmaceutical industries of the developing region, further proving the various growth opportunities in the market. However, limited availability of the data sets and stringent government regulations may hamper the growth of the market over the forecast period.
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Key players operating in the global artificial intelligence (AI) in drug discovery market include Intel Corporation, Google Inc., Microsoft Corporation, Enlitic, Inc., Berg Health, Welltok, Inc., IBM Corporation, BioXcel Corporation, Nvidia Corporation, General Vision, Inc., Globavir Biosciences, Benevolent AI, Verge Genomics, Recursion Pharmaceuticals, GNS Healthcare, Cloud Pharmaceuticals, InSilico Medicine, Atomwise and Flatiron Health among others. To gain the significant market share in the global artificial intelligence (AI) in drug discovery market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnerships.
- For instance, in October 2019, Novartis announced the partnership with the Microsoft Corporation, to use the artificial intelligence (AI) for the drug discovery and to find new approaches to personalized medicine for macular degeneration.
- In May 2017, GNS Healthcare (GNS) announced the partnership with the Genentech, a member of the Roche Group for the cancer drug development using the artificial intelligence and machine learning.
The software segment dominated in the global artificial intelligence (AI) in the drug discovery market and held the largest market share of 65.23% in the year 2019
On the basis of type, the global artificial intelligence (AI) in the drug discovery market is classified into service, software and hardware. The software segment dominated in the global artificial intelligence (AI) in the drug discovery market and held the largest market share of 65.23% in the year 2019. This is mainly attributed to factors such as low cost and high development of software for the drug discovery in the market.
The context-aware processing segment is anticipated to grow at the highest CAGR of 51.26% in the year 2019
The technology segment includes context-aware processing, natural language processing, querying method and deep learning. The context-aware processing segment is anticipated to grow at the highest CAGR of 51.26% in the year 2019. Context-aware processing technology makes tasks more efficient and improves decision making. Thus, rising adoption of context-aware processing for the artificial intelligence (AI) in the drug discovery market, fuelling the growth of the market.
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The neurodegenerative diseases segment is estimated to grow at the highest CAGR of 52.26% over the forecast period
The application segment includes personalized medicine, clinical research trial, metabolic diseases, cardiovascular diseases, neurodegenerative diseases, immuno-oncology, drug discovery & repurposing. The neurodegenerative diseases segment is estimated to grow at the highest CAGR of 52.26% over the forecast period. Some of the common neurodegenerative diseases are Parkinson’s disease, motor neuron disease (MND), and Alzheimer’s disease. The artificial intelligence helps to unfold the complexities of these diseases and to discover suitable drugs for neurodegenerative diseases.
Regional Segment Analysis of the Artificial Intelligence (AI) in Drug Discovery Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global artificial intelligence (AI) in drug discovery market classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the global artificial intelligence (AI) in the drug discovery market and held the major market share of 43.25% in the year 2019. The growth is mainly due to the early adoption of artificial intelligence technology in the pharmaceutical industry. In addition to this, the presence of many key companies of artificial intelligence and pharmaceutical, further boosting the artificial intelligence (AI) in drug discovery market growth in the North America region. Furthermore, well developed pharmaceutical infrastructure in the countries such as the U.S. and Canada, offering future growth opportunities for the vendors in the region. On the other hand, the Asia Pacific region is anticipated to grow at the highest CAGR of 52.36% over the forecast period. Rising investment in the new drug development with artificial intelligence technology propelling the growth of the market in the Asia Pacific region.
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About the report:
The global artificial intelligence (AI) in drug discovery market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, and competitor position grid analysis.
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