- Surge in cross industry collaborations and partnerships to boost the drug discovery drives the growth of the AI for drug discovery and development market. North America contributed the highest share in 2019, and will maintain its dominance.
PORTLAND, Ore., Sept. 1, 2020 /PRNewswire/ -- Allied Market Research published a report, titled," Artificial Intelligence For Drug Development and Discovery Market by Type (Target Identification, Molecule Screening, De Novo Drug Design & Drug Optimization, and Preclinical & Clinical Testing), Indication, (Oncology, Neurology, Infectious Disease and Others), and End User (Pharmaceutical & Biotechnology Companies, and Contract Research Organization): Global Opportunity Analysis and Industry Forecast, 2019-2027." According to the report published by Allied Market Research,the global artificial intelligence for drug discovery and developmentmarket generated $520.00million in 2019, and is estimated to reach $4.81billion by 2027, registering a CAGR of 31.6% from 2020 to 2027.The report offers anextensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in cross industry collaborations and partnershipsto boost the drug discoverydrivesthe growth of the global artificial intelligence for drug discovery and development market.However,lack of skilled professionalsrestrainsthe market growth. Furthermore,growing awareness related to artificial intelligenceis expected to provide new opportunitiesfor market playersin near future.
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Covid-19 scenario:
- Due to Covid-19 outbreak, artificial intelligence for drug discovery and development market have grown significantly. This is due to surge in adoption of AI with rise in number of partnership between AI providers and pharma and biotech companies to develop drug for treatment of patients affected from coronavirus.
- The demand for AI for drug discovery and development has been surged as it helps to understand the protein structure of the virus and plays an integral role in drug design and accelerating vaccine technologies.
The report offers a detailed segmentation of the global artificial intelligence for drug discovery and development market based ontype, indication, end-user,and region.
Based on type, the preclinical and clinical testing segmentsegmentcontributed to the largest share in 2019, accounting formore thanone-third of the total share, and is estimated to maintain its dominant position during the forecast period. However, theDe Novo drug design and drug optimization segmentis estimated to portray the highest CAGR during the forecast period.
Based on indication, the oncology segmentis expected to register the fastest CAGR of 32.6% from 2020 to 2027.By end user, the pharmaceutical and biotechnology companies segment accounted for more than four-fifths of total share of the artificial intelligence for drug discovery and development market in 2019, and will maintain its dominance by 2027.
Based on region,North Americacontributed the highest sharein 2019, accounting for more than half of the global market, and will maintain its dominant positionthroughout the forecast period.However,Asia-pacificisexpected to grow at the highest CAGR from 2020 to 2027.
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Leading market players-
- Atomwise, Inc.
- Alphabet Inc.
- Cloud Pharmaceutical
- Benevolent AI
- Exscientia, Deep Genomics
- Insilico Medicine Inc.
- IBM Corporation
- Nvidia Corporation
- Microsoft Corporation
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