With 31.6% of Huge CAGR AI for Drug Discovery and Development Market to Hit USD 4.81 Billion by 2027
Pune, Maharashtra, India, September 10 2020 (Wiredrelease) Allied Analytics –:The Artificial Intelligence for Drug Discovery and Development Market generated $520.00 million in 2019, and is estimated to reach $4.81 billion by 2027, registering a CAGR of 31.6% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in cross industry collaborations and partnerships to boost the drug discovery drives the growth of the global artificial intelligence for drug discovery and development market. However, lack of skilled professional restrains the market growth. Furthermore, growing awareness related to artificial intelligence is expected to provide new opportunities for market players in near future.
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• 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 on type, indication, end-user, and region.
Based on type, the preclinical and clinical testing segment contributed to the largest share in 2019, accounting for more than one-third of the total share, and is estimated to maintain its dominant position during the forecast period. However, the De Novo drug design and drug optimization segment is estimated to portray the highest CAGR during the forecast period.
Based on indication, the oncology segment is 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 America contributed the highest share in 2019, accounting for more than half of the global market, and will maintain its dominant position throughout the forecast period. However, Asia-pacific is expected 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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