WASHINGTON, March 03, 2022 (GLOBE NEWSWIRE) — The Global Artificial Intelligence in Drug Discovery Market size is expected to reach USD 4,197.5 Million by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 41.5% during the forecast period. The drug discovery is an initial step in process of novel drug candidate’s identification and its therapeutic target. Artificial intelligence has been continuously used in healthcare industry, mainly for finding new drugs. AI plays a vital role in the discovery, design, and screening of molecules in short span of time. The growth of AI in drug discovery is mainly driven by increasing number of cross industry collaborations as well as partnerships coupled with requirement for controlling the drug discovery & development costs and time which is taken in the process, states Vantage Market Research, in a report, titled “Artificial Intelligence in Drug Discovery Market by Application (Drug Optimization and Repurposing, Preclinical Testing, Others), by Therapeutic Look (Oncology, Neurodegenerative Diseases, Cardiovascular Disease, Metabolic Diseases), by Region (North America, Latin America, Europe, Asia Pacific) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”. The market size valued at USD 627.1 Million in 2021.
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Rise in Number of Cases of Cancer and other Diseases to Boost the Market Growth
Today Cancer has become one of the major causes of death all over the globe. With this regards, Artificial Intelligence can help researchers for understanding that how cancer cells can become resistant to anticancer drugs. Findings like these can help researchers in designing and developing the drugs accordingly is main factor driving the market growth. Additionally, high demand for the drugs for treating serious cancer is factor complementing market growth for AI in drug discovery.
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Increasing Research and Development Activities in AI Technology Is Driving Market Growth
The AI for drug discovery and development market is experiencing a rapid growth driven by rise in number of collaborations and cross industry partnerships. The importance of AI in drug development and heavy funding research & development activities for the usage of AI technology is anticipated to boost the market growth. Additionally, increasing awareness related to artificial intelligence and the high potential in market of countries like China and India is another factor driving the market demand. On the contrary, lack of skilled professionals with insufficient datasets for the drug discovery is factors pulling the market growth down.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Artificial Intelligence in Drug Discovery Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
North America Dominates the Global Artificial Intelligence in Drug Discovery Market
North America is projected to have higher market growth. The countries like the US, Mexico, and Canada have a largest market for AI in drug discovery and has been one of the early adopters of the Artificial Intelligence technology. Additionally, the region has some prominent AI technology providers, like Google, IBM, Microsoft, Intel, and NVIDIA, the strong presence some key players boosting the regional growth. High focus on Research and Development (R&D) with heavy investment and well-established pharmaceutical industry, are factors complementing market growth.
List of Prominent Players in the Artificial Intelligence in Drug Discovery Market:
- IBM Corporation (US)
- Microsoft (US)
- Google (US)
- NVIDIA Corporation (US)
- Atomwise, Inc. (US)
- Deep Genomics (Canada)
- Cloud Pharmaceuticals (US)
- Insilico Medicine (US)
- BenevolentAI (UK)
- Exscientia (UK)
- Cyclica (Canada)
- BIOAGE (US)
- Numerate (US)
- NuMedii (US)
- Envisagenics (US)
- twoXAR (US)
- OWKIN, Inc. (US)
- XtalPi (US)
- Verge Genomics (US)
- BERG LLC (US)
Browse market data Tables and Figures spread through 175 Pages and in-depth TOC on “Artificial Intelligence in Drug Discovery Market by Application (Drug Optimization and Repurposing, Preclinical Testing, Others), by Therapeutic Look (Oncology, Neurodegenerative Diseases, Cardiovascular Disease, Metabolic Diseases), by Region (North America, Latin America, Europe, Asia Pacific) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/artificial-intelligence-in-drug-discovery-market-821608
December, 2021: Artificial intelligence (AI) backed drug discovery company Insilico Medicine announced that it was dosing the first healthy volunteer in a microdose trial of ISM 001-005. Designed with the help of AI, the drug is a small-molecule inhibitor of a biological target that was discovered by Pharma.AI. The trial is being conducted in Australia.
July, 2021: Sanofi, the Paris-based pharmaceutical giant, has signed research collaboration with Exscientia, which uses artificial intelligence to discover new drug candidates that could be worth up to $5.2 billion. The deal is a major milestone for A.I.-based drug discovery methods, which have attracted billions of dollars in investment in recent years on the promise of making the search for new medicines significantly more efficient and less risky, but have only just begun to produce new medicines that are entering human clinical trials.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Artificial Intelligence in Drug Discovery Market?
- How will the Artificial Intelligence in Drug Discovery Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Artificial Intelligence in Drug Discovery Market?
- What is the Artificial Intelligence in Drug Discovery market drivers and restrictions?
- What will be the CAGR and size of the Artificial Intelligence in Drug Discovery Market throughout the forecast period?
This market titled “Artificial Intelligence in Drug Discovery Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
|Market Size in 2021||USD 627.1 Million|
|Projected Market Size in 2028||USD 4,197.5 Million|
|CAGR Growth Rate||CAGR of 41.5% From 2022 – 2028|
|Historic Years||2016 – 2020|
|Forecast Years||2022 – 2028|
• Drug Optimization and Repurposing
• Preclinical Testing
• Neurodegenerative Diseases
• Cardiovascular Disease
• Metabolic Diseases
• Infectious Disease
|Quantitative Data – Units||Revenue in USD Million/Billion and CAGR from 2022 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
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