Artificial Intelligence for Drug Development and Discovery Market Expecting 31.6% CAGR from 2020 to 2027
Pune, New York, USA, November 18 2020 (Wiredrelease) Research Dive –:The artificial intelligence for drug discovery and development market was valued at $520 million in 2019 and is projected to reach $4,815 million by 2027, registering a CAGR of 31.6% from 2020 to 2027.
Artificial intelligence (AI) is science and engineering adopted to design intelligent machines, especially intelligent computer programs. AI is an intelligent system that relates various human intelligence based functions such as reasoning, learning, and problem-solving skills on different disciplines such as biology, computer science, psychology, mathematics, linguistics, and engineering. In the healthcare industry, AI is applicable in medication management, treatment plans, drug discovery& developments and others.
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Drug discovery& development includes several processes and phases that demand a huge amount of funds. Furthermore, clinical trials and approval of the drug in the market might be a challenging task. Increase in number of collaborations between pharmaceutical & biotech companies and AI providers are the major driver for this market. Artificial intelligence decreases a large amount of time and cost utilized in the drug discovery and development process, which is mainly influencing the market growth. The increasing demand for cloud-based software that enables the researcher to design drugs quickly and accurately is expected to drive the market growth. Moreover, the integration of artificial intelligence (AI) and machine learning approaches within the life science R&D industry is making drug discovery and development more innovative, time-effective and cost-effective.
The artificial intelligence for drug discovery and development market is segmented on the type, indication, end user and region. By type, it is divided into target identification, molecules screening, de novo drug design &drug optimization and preclinical &clinical testing. On the basis of indication, it is classified into oncology, infectious disease, neurology, and others. By end user, it is segmented into pharmaceutical & biotechnology companies, and CROs.
Region wise, the market is analyzed across North America (US, Canada), Europe (Germany, France, UK, Rest of Europe), Asia-Pacific (Japan, China, Australia, India, Rest of Asia-Pacific), and LAMEA (Latin America and Middle East and Africa).North America held the major share of the artificial intelligence for drug discovery and development market in 2019 and is expected to continue its dominance during the forecast period, owing to strong economies in the U.S. and Canada; high adoption rate of AI technologies due to large number of investments to boost the drug discovery industry; and large number of cross industry collaborations and partnerships majorly fuels the market growth. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, owing to rise in adoption of advanced AI technologies, and growth in focus of major players on increasing their presence in emerging Asian countries.
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KEY MARKET SEGMENTS
By Type
• Target Identification
• Molecule Screening
• De Novo Drug Design and Drug Optimization
• Preclinical and Clinical Testing
By Indication
• Oncology
• Infectious Disease
• Neurology
• Others
By End User
• Pharmaceutical and Biotechnology Companies.
• Contract Research Organization (CROs)
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