Artificial Intelligence (AI) has been finding wide application in healthcare industry and the key areas include surgeries, robotics, and electronic health record (EHR) maintenance. While deepening AI penetration has been unlocking opportunities in disease diagnosis, and treatment, it has also been clearing its way in drug discovery. Fairfield Market Research intends to analyse the growth prospects of the application of AI for drug discovery and estimates the global revenue of the same to reach beyond US$1.5 Bn toward the end of 2027. Global AI for drug discovery market is expected to witness stupendous 41% growth between 2022 and 2027 according to the report indications.
To Read Complete Report of AI for Drug Discovery Market: https://www.fairfieldmarketresearch.com/report/ai-drug-discovery-market
An Escalating Rate of Cloud Adoption Augurs Well for Market Expansion
The report highlights that the market will be prominently upheld by a few strong factors, i.e., growing strategic collaborations among tech, biotech, and drug making brands, shorter time-to-market, and increasing funding in this realm. In addition, ascending adoption of cloud-based services, and applications is likely to provide a significant boost to market expansion in future. The report however also marks that the inadequacy of properly trained and skilled labour, and dearth of availability of the appropriate data sets will remain the longstanding challenges facing the overall performance of global AI for drug discovery market when it comes to forecasting the long-term growth.
Funding, and Venture Capital Flow in to Fuel AI for Drug Discovery Market
The entire process of drug discovery that typically takes around 4-5 years to complete before a drug is officially considered as an eligible candidate can potentially be completed in the span of 8-10 months if AI application is involved. While this reveals a drastically reduced time frame involved in the application of AI for drug discovery, there has been a constantly growing series funding in this market over the recent past. Venture capitalists are also stepping into the game, which is further uplifting the growth prospects of global market.
North America Pre-eminent with Maximum Adoption, Europe Follows
North America is expected to continue to lead the pack in global market for AI for drug discovery. While the region will remain the largest revenue contributor throughout the period of forecast on account of the maximum adoption, it is also likely to maintain the fastest growth pace as suggested by primary projections. The US market has been the early adopter of AI and is estimated to thrive on the back of a growing number of and strong presence of AI firms, as well as the pharma and biotech hubs that collectively provide a major impetus to strategic collaborations, and robust funding in industry. Europe will follow with growing adoption of AI in healthcare and drug discovery.
Global AI For Drug Discovery Market – Key Players
The report would cover some of the leading market players under its competition analysis section to reveal what strategies would drive the competition ahead. A few of the profiled companies include Microsoft, IBM, Google, Deep Genomics, BioAge Labs, Cloud Pharmaceuticals, Verge Genomics, Insilico Medicine, Atomwise, Inc, Exscientia, and Numerate and BERG LLC. The recent alliance between Novartis, and Microsoft, and Nvidia’s partnership with Schrodinger indicate a dynamic activity across the competitive landscape expected to be followed by many more. Some of the recent ones include that of AstraZeneca and BenevolentAI, and Insilico Medicine and Jansen (J&J).
For More Information: https://www.fairfieldmarketresearch.com/report/ai-drug-discovery-market
The global artificial intelligence (AI) in drug discovery market size is expected to reach USD 4.05 billion by 2028 according to a new study by Polaris Market Research.
The report “Artificial Intelligence in Drug Discovery Market Share, Size, Trends, Industry Analysis Report, By Therapeutic Area (Oncology, Neurodegenerative Diseases, Cardiovascular Disease, Metabolic Diseases, Infectious Disease, Others); By Application; By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Based on therapeutic areas, the global artificial intelligence (AI) in drug discovery market is segmented into oncology, neurodegenerative diseases, cardiovascular disease, metabolic diseases, infectious diseases, and others.
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