New York, United States, June 17, 2021 (GLOBE NEWSWIRE) – Overview of the Artificial Intelligence in Drug Discovery Market:
According to a comprehensive research report from Market Research Future (MRFR), “AI in the drug discovery market – Information by product type, molecule type, technology, indication, application, end user and region – Forecast to 2025“The market is expected to reach $ 2,015.1 million by 2025 at a CAGR of 40.8%.
In recent years, artificial intelligence (AI) has sparked the interest and minds of medical technology practitioners, as many companies and large research laboratories have worked to perfect these technologies for clinical purposes. The first commercialized demonstrations of how AI (also known as deep learning, machine learning, or artificial neural networks) can help clinicians are now available. These systems can provide a paradigm shift in clinician workflow, increasing productivity while simultaneously improving treatment and patient throughput.
Artificial intelligence in healthcare is on the rise, and with the limitless possibilities offered by this cutting-edge technology, many business giants are investing in healthcare applications. Integration of AI and machine learning tools into drug discovery and development applications could improve healthcare outcomes by increasing the efficiency of drug discovery, facilitating the identification of molecules targeted, reducing drug discovery times and, most importantly, reducing drug development costs for drug manufacturers. Apart from this, a large number of pharmaceutical companies and entrepreneurs around the world are launching projects and investing in the creation of AI and machine learning technologies to improve drug discovery and drug development outcomes.
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The main players presented in Report are:
- Microsoft Corporation
- IBM Company
- Google LLC. (A subsidiary of Alphabet Inc.)
- Atomwise, Inc.
- Deep genomics
- Cloud Pharmaceuticals, Inc.
- Insilico medicine
- Benevolent IA
- Numerate, Inc.
- Numedii, Inc.
- Owkin, Inc.
- Xtalpi, Inc.
- Verge Genomics
- Berg SARL
The industry is divided into two types of products: software and services. The AI industry is dominated by software, which includes AI platforms focused on machine learning and deep learning technologies. In the global AI drug discovery market, the software division holds the largest share. Microsoft Azure and Google AI are two of the most popular AI platforms out there. However, a growing number of small businesses are building AI platforms, propelling the industry at an unprecedented rate.
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The market has been divided into large molecules and small molecules based on molecular type. Applicants for drugs with huge and diverse molecular structure, such as biologics, belong to the large segment. Increased use of AI technologies to study complex molecular structures and drug development in biologics, as well as the increased demand for life-saving drugs and biologics.
By technology, the market has been segmented into machine learning, deep learning, others. Machine learning (ML) methods include a range of techniques that can help people make better decisions because they have a lot of good data. The use of machine learning will help facilitate data-driven decision making, which has the ability to speed up the process of drug discovery and production and minimize failure rates. This segment is expected to grow in importance. During the evaluation period, deep learning is expected to be the fastest growing segment in the AI industry in drug discovery.
As an indication, the market has been segmented into immuno-oncology, neurodegenerative diseases, cardiovascular diseases, metabolic diseases and others. In the global market, the immuno-oncology group is expected to have the highest share. In the field of precision medicine, AI technology shows promise for differentiating genetic mutations. Oncologists can help manage their patients by assessing and locating genetic abnormalities. The use of artificial intelligence in cancer drug research has enormous potential, and a growing number of companies are doing it.
The industry has been divided into five segments based on application: target recognition, candidate screening, drug optimization and reuse, drug de novo design, and preclinical testing. In the global AI drug discovery industry, the candidate screening division is expected to have the biggest share.
The industry has been divided into pharmaceutical and biotechnology companies, CROs and research centers, and academic and government institutes based on end users. The integration of AI into drug research would be of great benefit to the pharmaceutical and biotechnology industries. With AI, drug developers can dramatically increase the productivity of their drug development process while reducing the time required. During the evaluation period, pharmaceutical and biotechnology companies are expected to hold the highest market share in the global market. In the global AI drug discovery industry, the group of contract research agencies is expected to be the second largest market. The convergence of AI is expected to drastically reduce the prices of drug research and manufacturing, which would benefit both service providers and innovators.
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Countries of the Americas, such as the United States and Canada, have long been at the forefront of the healthcare industry. One of the main reasons for the region’s rapid growth in the AI drug development market is the growing number of large AI platform developers. Large pharmaceutical companies use some of the best AI tools, such as Google AI, Microsoft Azure, and TensorFlow, for use in the drug development process. In addition, the industry is driven by the growing demand for artificial intelligence technologies from large pharmaceutical companies such as AbbVie, Genentech, Amgen and Eli Lilly and Company, among others. In addition, the demand for new drugs in Latin America is propelling the Americas’ rise in AI in the drug development industry.
After the Americas, Europe is the second market for AI in drug discovery. Growing R&D initiatives in the pharmaceutical industry, along with strong demand for AI solutions from large pharmaceutical companies, are expected to propel the regional market forward. To integrate AI technology into the drug development process, major pharmaceutical companies have formed relationships with AI service providers. A number of startups, such as Pharnext, Alphanosos, Antiverse, among others, also contribute to the expansion of the market in Europe.
The growing demand for successful drug development solutions can be attributed to the boom in the Asia-Pacific market. Various startups are trying to integrate AI into the drug development process. With the rapid emergence of the pharmaceutical industry in Asia, it is expected that AI innovations will be incorporated into conventional drug development protocols in the near future. As a result, during the forecast period, the Asia-Pacific region is expected to have the fastest growth rate of AI in the drug discovery industry.
Due to inadequate health care facilities, a small number of actors involved in drug research and growth, and low disposable incomes per capita in underdeveloped areas of Africa, the Middle East and Africa are the smallest sector.
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