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The use of AI has been increasing in various sectors, particularly the pharmaceutical industry. Drug companies rapidly understand the importance of introducing systems focused on Artificial Intelligence that can exploit data on gene variants, receptor targets, disease events, and clinical studies to find hidden associations in drug-disease. Increasing number of patients affected by chronic diseases, flourishing healthcare sector, including manufacturers approach towards lowering the manufacturing cost associated to drug development are a number of the factors driving the market. Adoption of cloud based services and applications will further create new and ample opportunities for growth in artificial intelligence in Drug discovery market
Artificial Intelligence in Drug Discovery market is expected to register a strong growth rate during the forecast period due to factors such as advancement in the technology, increasing need to reduce cost and drug discovery along with reduce time, growing number of cross-industry collaborations and partnerships along with rising adoption of cloud based applications like AbbVie used AiCure's AI-based patient monitoring platform to advance adherence in phase 2 schizophrenia trial. Increasing investment by major players in biopharma companies and rising R&D activities are other factors expected to boost the growth of the target market.
However, a lack of data sets in the field of drug discovery and the inadequate availability of skilled labor are some of the major factors likely to restrict the growth of global market.
Key Market Driver -
Technological Advancements and increasing diversification of Drug discovery pipeline.
Key Market Restraint -
Unavailability of skilled labor
Globally, the Artificial Intelligence in Drug Discovery market can be segmented on the basis of technology, offerings, application, end-user, and region. Based on technology, the market can be segmented into machine learning and other technologies. Based on offerings, the market can be segmented into Software and services. Based on applications market can be segmented into Metabolic Disease, Cardiovascular Diseases, Oncology, Others. Based on End Users market is segmented into Pharmaceutical & Biotechnological Companies, Academic & Research Institutes, Others Geographically, the Artificial Intelligence in Drug Discovery market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Some of the major companies that are present in the Artificial Intelligence in Drug Discovery market are Microsoft, NVIDIA Corporation, IBM Corporation, Atomwise, Inc., DEEP GENOMICS, Cloud Pharmaceuticals, Inc., Insilco Medicine and other prominent players.
Geographically, the Artificial Intelligence in Drug Discovery market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is projected to account as the prevailing market. Countries like USA have been early adopters of AI technology in drug discovery and development. In the North American market, the US is a major contributor. The prominent AI technology providers, such as IBM, Google, Microsoft, NVIDIA, and Intel, are headquartered in the US. Europe is expected to grow moderately in global market owing to the rising need for AI technology in drug discovery and development. Strong healthcare expenditure are primarily responsible for Europe’s strong share in the global market. The United Kingdom is the leading country in terms of investment and number of AI tech companies, and it is maintaining the same pace of growth. The Asia Pacific region is projected to grow at the highest CAGR primarily owing to fast adoption of AI technology in pharmaceutical industry and drug development with the implementation of favorable government initiatives and strategies. Latin America and the Middle East & Africa are estimated to account for comparatively lower market revenue shares and growth rates.
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