AI in Drug Discovery Market is expected to grow at 29.5 percent reaching 7104.46

AI in Drug Discovery Market size was valued at USD 898.2 Mn. in 2021 and the total Insulation revenue is expected to grow by 29.5% from 2022 to 2029, reaching nearly USD 7104.46 Mn.

Pune, Jan. 27, 2023 (GLOBE NEWSWIRE) — Maximize Market Research is a leading healthcare market research firm has published report on “AI in Drug Discovery Market”. The report includes major drivers of the market, demand analysis, pricing analysis, regional analysis and competitive landscape. AI in Drug Discovery Market size was valued at USD 898.2 Million in 2021 and is expected to grow by 29.5 percent from 2022 to 2029, reaching nearly USD 7104.46 Million.

AI in Drug Discovery Market Scope and Research Methodology

The report on AI in Drug Discovery Market offers a thorough analysis of the industry that is equipped with key findings that include major market drivers, challenges, emerging markets for business expansion, market size estimation and growth rate. This acts as a guide for the stakeholders and investors in the industry. The report used a bottom-up approach to estimate the market size which is validated by primary research.

Regional analysis is conducted at a local, regional and global level. This gives a deeper understanding of the dominant market share and penetration in the market. The tailor-made report also includes a competitive analysis with growth models and strategies, thereby giving a competitive edge over others. Big tech companies along with new entrants in the market were listed based on indicators such as the technological developments and adoption of the same, services offered, patents and discoveries, financial status, marketing strategies, mergers and acquisitions and joint alliances.

SWOT, PESTLE and Porter’s Five Force analysis tools were used for research that combined qualitative and quantitative methods of research. Such research tools help understand the various micro and macro factors influencing the growth of the AI in Drug Discovery Market. Primary research was used to validate the findings from the secondary research. Thus the report acts as a guide for investors, stakeholders and market followers of the AI in Drug Discovery Market.

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AI in Drug Discovery Market Overview

Artificial Intelligence (AI) is being used by various industries given the array of opportunities that the technology offers. The technology is used in the pharmaceutical industry for drug discovery and development, drug repurposing and improving the efficiency of the industry. This reduces human error by reducing workload and timely achievement of targets for clinical trials. Increasing digitization and machine learning are expected to be major drivers for the growth of the AI in Drug Discovery Market.

AI in Drug Discovery Market Dynamics

Big tech companies are increasing investments along with the pharmaceutical industry to increase the use of AI in drug discovery. An example of the same is the investment by Novartis to use AI algorithms on huge data sets used in the pharmaceutical industry. This helps produce enhanced medicines and improve gene and cell therapy by using picture analysis and generative methods. Nvidia patterned up with Schrodinger to improve the software’s ability to forecast molecules.

The use of big data and AI in the healthcare industry is resulting in an improved success rate of drug development. While big giants in the industry are investing huge sums in the development of the technology, startups are also trying their best to create AI and machine learning tools that can potentially improve drug development and its rate of success. However, the high cost of AI development and incorporation is expected to be a major restraint to the growth of the AI in Drug Discovery Market over the forecast period.

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AI in Drug Discovery Market Regional Insights

North America dominated the AI in Drug Discovery Market in 2021, holding a revenue share of 56 percent. The growth in the region is attributed to the concentration of global key players that are competing to grow in the region. The growth in North America is being led by the U.S. with the rise of IBM’s supercomputer ‘Watson’. Since then the concept of AI and its incorporation in an array of end-use industries has been growing. This is especially true in the pharmaceutical industry to improve research in medicine, thereby improving disease management and draw enhanced conclusions pertaining to disorders and other diseases.