Artificial intelligence (AI) in drug discovery market worth $4.0 billion by 2027
Browse the in-depth table of contents at “Artificial Intelligence (AI) in the Drug Discovery Market”
177 – Tables
33 – Numbers
198 – Pages
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North America expected to lead the market for artificial intelligence in drug discovery in 2022.
North America accounted for the largest share of the global AI in drug discovery market in 2021 and are also expected to grow at the highest CAGR during the forecast period. North Americawhich includes the United States, Canadaand Mexico, is the largest market for AI in drug discovery. These countries were the first to adopt AI technology in drug discovery and development. The presence of established key players, a well-established pharmaceutical and biotechnology industry, and a strong focus on R&D and substantial investments are some of the key factors responsible for the large share and high growth rate of this market.
Leading Players of Artificial Intelligence in Drug Discovery Market:
- NVIDIA Corporation (USA),
- Microsoft Corporation (USA),
- Google (USA),
- Exscientia (UK),
- Schrödinger (USA),
- Atomwise, Inc. (USA),
- BenevolentAI (UK),
- NuMedii (USA),
- BERG LLC (USA),
- Cloud Pharmaceuticals (USA),
- Insilico Medicine (USA),
- Cyclic (Canada),
- Deep Genomics (Canada),
- IBM (USA),
- BIOAGE (USA),
- Valo Health (USA),
- Envisagenics (USA),
- twoXAR (US),
- Owkin, Inc. (USA),
- XtalPi (USA),
- Verge Genomics (USA),
- Biovista (USA),
- Evasion Biotech (Denmark),
- Iktos (France),
- Standard (South Korea), and
- Bench Sci (Canada).
Players have adopted organic and inorganic growth strategies such as product upgrades, collaborations, agreements, partnerships, and acquisitions to increase their offerings, address unmet customer needs, increase profitability, and expand their reach. presence in the world. AI in the drug discovery industry.
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Ai in drug discovery market dynamics
What are the benefits of AI in the drug discovery and development process?
Drug discovery is a very expensive and time-consuming process, due to which there is a need for alternative tools to discover new drugs. Drug discovery and development is usually conducted by in vivo and in vitro methods, which are very expensive and time consuming. Moreover, it takes about 10 years on average for a new drug to enter the market at a cost of ~$2.6 billion (Source: Biopharmaceutical Research and Development.org). Several players operating in this market are developing platforms that can aid in rapid drug discovery. For example, Insilico Medicine (USA) has developed an AI-based drug discovery system, GENTRL, with which it could develop six new experimental molecules in 21 days.
How and why AI labor shortage is a significant retraining factor restraining market growth?
AI is a complex system and companies need a workforce with specific skills to design, manage and implement AI systems. Personnel dealing with AI systems should be familiar with and aware of technologies such as artificial intelligence, deep learning, cognitive computing, image recognition and other AI technologies. Moreover, integrating AI technologies into existing systems is a difficult task that requires substantial data processing in order to replicate the behavior of the human brain. Even slight errors can lead to system failure and negatively impact the desired outcome. Lack of professional standards and certifications in AI/ML technologies is holding back AI growth
What are the emerging markets for artificial intelligence in drug discovery?
Emerging economies such as India, Chinaand the countries of Middle East are expected to provide potential growth opportunities for players operating in the AI in Drug Discovery market. In most of these countries, the demand for pharmaceuticals is expected to increase significantly, due to the rising incidence of chronic and infectious diseases, rising income levels and improved healthcare infrastructure. As a result, these markets are very attractive to companies whose profit margins are affected by stagnating mature markets, expiring drug patents and increasing regulatory hurdles.
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Scope of the Artificial Intelligence (AI) in Drug Discovery Market Report:
Market size available for years
Base year considered
Value (USD billion)
Offer, technology, application, end user and region
North America (US and Canada), Europe (Germany, France, UK, Italy and RoE), Asia-Pacific (Japan, China, India and RoAPAC) and RoW
NVIDIA Corporation (US), Microsoft (US), Google (US), Exscientia (UK), Schrödinger (US), Atomwise, Inc. (US), BenevolentAI (UK) United), NuMedii (US), BERG LLC (US), Cloud Pharmaceuticals (US), Insilico Medicine (US), Cyclica (Canada), Deep Genomics (Canada), IBM (US ), BIOAGE (US), Valo Health (US), Envisagenics (US), twoXAR (US), Owkin, Inc. (US), XtalPi (US), Verge Genomics (United States), Biovista (United States), Evaxion Biotech (Denmark), Iktos (France), Standigm (South Korea) and BenchSci (Canada)
- The services segment is expected to grow at the highest rate during the forecast period.
- The machine learning technology segment accounted for the largest share of the global artificial intelligence in drug discovery market.
- The immuno-oncology applications segment accounted for the largest share of artificial intelligence (AI) in the drug discovery market in 2021.
- The pharmaceutical and biotech companies segment accounted for the largest share of global AI in the drug discovery industry.
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