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.

Market Size in 2021	USD 898.2 Mn.
Market Size in 2029	USD 7104.46 Mn.
CAGR	29.5 % (2022-2029)
Forecast Period	2022-2029
Base Year	2021
Number of Pages	201
No. of Tables	103
No. of Charts and Figures	105
Segment Covered	Offering, Therapeutic Insights, Application
Regional Scope	North America, Europe, Asia Pacific, Middle East and Africa, South America
Report Coverage	Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.

AI in Drug Discovery Market Segmentation

By Offering:

• Software
• Service

By Therapeutic Insights:

• Oncology
• Neurodegenerative Diseases
• Cardiovascular Diseases
• Metabolic Diseases
• Infectious Diseases
• Others

By Application:

• Target Selection and Validation
• Drug Screening and Lead Optimization
• Clinical Studies
• Preclinical studies

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AI in Drug Discovery Market Key Competitors include:

• IBM Watson
• Exscientia
• GNS Healthcare
• Alphabet (DeepMind)
• Benevolent AI
• BioSymetrics
• Euretos
• Berg Health
• Atomwise
• Insitro
• Cyclica
  
  

Key questions answered in the AI in Drug Discovery Market are:

• What is AI in Drug Discovery?
• What is the current growth rate of the AI in Drug Discovery Market?
• Who are the key players in the AI in Drug Discovery Market?
• What are the factors affecting growth in the AI in Drug Discovery Market?
• What is the demand pattern for the AI in Drug Discovery Market?
• Who held the largest market share in AI in Drug Discovery Market?
• Which segment is expected to witness the fastest growth and why in the AI in Drug Discovery Market?
• What are the opportunities for the AI in Drug Discovery Market?
• What are the strategies used by competitors in the AI in Drug Discovery Market?
• What are the growth prospects in developing countries for the AI in Drug Discovery Market?

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Key Offerings:

• Market Share, Size & Forecast by Revenue | 2022−2029
• Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
• Market Segmentation – A detailed analysis by Offering, Therapeutic Insights, Application and Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

Maximize Market Research is leading healthcare research firm, has also published the following reports:

Drug Discovery Services Market-The market size is expected to reach USD 53.58 billion by 2029 at a CAGR of 15.6 percent during the forecast period. It is expected to be driven by increasing use of AI in drug discovery, increasing prevalence of chronic illnesses and growth in drugs and biologics.

Drug Discovery Outsourcing Market -The market size is expected to reach USD 5.89 billion by 2029 at a CAGR of 7.4 percent during the forecast period. It is expected to be driven by increasing use in pharmacology, biotechnology and pharmaceuticals and technological advancements.

Computational Medicine and Drug Discovery Software Market -The market size is expected to reach USD 1002 million by 2029 at a CAGR of 3.7 percent during the forecast period. It is expected to be driven by growing popularity for customized medicine, the development of information technology and the introduction of speedy and precise computational platforms.

Cloud Based Drug Discovery Platform Market-The market size is expected to reach USD 6.12billion by 2029 at a CAGR of 14.65 percent during the forecast period. It is expected to be driven by increasing investment in drug discover, the use of AI and research and development.

Drug Discovery Informatics Market-The market size is expected to reach USD 4.97 billion by 2029 at a CAGR of 9.2 percent during the forecast period. It is expected to be driven by growth of sequencing and data analysis and increasing use of advanced software.

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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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