Global Artificial Intelligence (AI) in Drug Discovery Market is Projected to Grow at a CAGR of 49.6% during the forecast period 2020 to 2027
A new research report published by Fior Markets with the title Global Artificial Intelligence (AI) in Drug Discovery Market by Type (Service, Software, Hardware), Technology (Context-Aware Processing, Natural Language Processing, Querying Method, Deep Learning), Application (Personalized Medicine, Clinical Research Trial, Metabolic Diseases, Cardiovascular Diseases, Neurodegenerative Diseases, Immuno-oncology, Drug Discovery & Repurposing), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global artificial intelligence (AI) in drug discovery market is expected to grow from USD 1.60 billion in 2019 to USD 40.36 billion by 2027, at a CAGR of 49.6% during the forecast period 2020-2027. North-America has the largest share of artificial intelligence (AI) in the drug discovery market due to substantial capital investments in research and development. Technological innovations and advancement in artificial intelligence regarding the medical field is also driving the market in North-America.
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Key players in the global artificial intelligence (AI) in drug discovery market are Intel Corporation, Google Inc., Microsoft Corporation, Enlitic, Inc., Berg Health, Welltok, Inc., IBM Corporation, BioXcel Corporation, Nvidia Corporation, General Vision, Inc., Globavir Biosciences, Benevolent AI, Verge Genomics, Recursion Pharmaceuticals, GNS Healthcare, Cloud Pharmaceuticals, InSilico Medicine, Atomwise and Flatiron Health. Pfizer is using machine learning with the help of IBM Watson to speed-up the search for oncology-immune drugs. Sanofi is using Exscientia’s platform to search for metabolic diseases. Genentech is using GNS Healthcares AI platform to drive the search for research regarding Cancer.
The type segment includes service, software and hardware. Software segment is expected to show growth at a higher rate during the forecast period. Increased artificial intelligence-based technological advancement, which caters to the demand of the pharmaceutical and healthcare sector is driving the software segment of artificial intelligence (AI) in the drug discovery market.
The technology segment includes context-aware processing, natural language processing, querying method and deep learning. The natural language processing segment has the largest share of artificial intelligence (AI) in a drug discovery market due to more comprehensive applications in an identification of clinical trial and drug discovery.
The application segment includes personalized medicine, clinical research trial, metabolic diseases, cardiovascular diseases, neurodegenerative diseases, immuno-oncology, drug discovery & repurposing. Fastest growing application segment is the neurodegenerative diseases due to an increased emphasis on artificial-intelligence-based software by the key players in neurological disorders.
The global artificial intelligence (AI) in the drug discovery market is driven by the availability of large data sets, development of advanced algorithms, increased computer processing power. Skilled healthcare professionals are also contributing in the growth of the market. Increased investment in research and development in the field of medicine with the help of artificial intelligence is driving the drug discovery market. Fastest growing application segment is the neurodegenerative diseases due to an increased ability of artificial intelligence in drug discovery is contributing mainly in this segment. Less time and less cost to market the drug, the large number of software developers, low failure rate and increased demand for artificial intelligence among the companies are driving the software segment of artificial intelligence (AI) in drug discovery market.
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- CDN Newswire