Vancouver, British Columbia, Dec. 09, 2020 (GLOBE NEWSWIRE) -- The Global Intelligent Drug Discovery Market is forecast to be worth USD 3,711.8 Million by 2027, according to a current analysis by Emergen Research. The market is witnessing increased demand due to the rise in the integration of AI in drug discovery, increasing collaboration, and partnerships among market vendors. It also helps to streamline the research and development activities for complex drug discovery and personalized medicines.
The technology is useful in finding new molecules from the molecule library, identify drug targets, and develop personalized medicines in the industry. AI makes the whole process quick and cost-effective. Several factors are aiding in the growth of the market, such as an increase in the number of people suffering and the flourishing healthcare industry, along with manufacturers' approach towards reducing the overall cost associated with drug development.
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A surge in the number of Biopharma companies and a rise in partnerships undertaken by public & private enterprises for research and development activities will boost the demand for the market. Higher investment in the development of healthcare infrastructure by the government, growing awareness regarding the benefits of artificial intelligence in solving complex situations will support the market's demand. Moreover, the strategic approach to lower the cost of drug discovery will also augment the market revenue.
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For the purpose of this report, Emergen Research has segmented the Global Intelligent Drug Discovery Market based on offering, technology, application, end-user, and region:
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