DUBLIN--(BUSINESS WIRE)--The "Artificial Intelligence For Drug Development and Discovery Market by Type, Indication, and End User: Global Opportunity Analysis and Industry Forecast, 2019-2027" report has been added to ResearchAndMarkets.com's offering.
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.
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 market growth.
The increasing demand for cloud-based software that enables the researcher to design drugs quickly and accurately is expected to drive 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.
- Growing Number of Cross Industry Collaborations and Partnerships
- Artificial Intelligence Reduces Cost and Time Utilized in the Drug Discovery & Development Process.
- Lack of Skilled Professionals
- Lack of Data Sets in the Field of Drug Discovery
- Increase in Awareness Related to Artificial Intelligence
- Untapped Market in Developing Regions
- Alphabet Inc.
- Atomwise, Inc
- Benevolent AI
- Cloud Pharmaceutical
- Deep Genomics
- Insilico Medicine Inc.
- Microsoft Corporation
- Nvidia Corporation
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