In a recently published report, Artificial Intelligence in Drug Discovery Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Artificial Intelligence in Drug Discovery Market products.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Global Artificial Intelligence in Drug Discovery Market is valued approximately at USD 259 million in 2019 and is anticipated to grow at a CAGR of 40.80% over the forecast period 2020-2027. Artificial Intelligence in Drug discovery has been gaining popularity as this technology adds value for scientists and researchers in the industry in decision making processes. With the rise in the number of chronic diseases such as diabetics and imbalanced blood pressure and rare diseases such as COVID-19 and Ebola, the market of Artificial Intelligence in Drug Market fuels up. Overall usage of AI worldwide has risen, accelerating the market growth. For Instance: As per Gartner in 2019, the enterprise uses of AI increased by 270% in past 4 years. AI helps to understand the disease mechanism and spread history and generate data or models for the process of discovery whereas helps the pharmaceutical industries to propel over the next few years.
Market is experiencing growth due to rise in the number of cross-industry collaboration and enhancement in the venture capital investments. For Instance: Pharmaceutical Company Bayer AG in January 2020 announced collaboration with AI in drug discovery firm Exscientia to optimize the medications for patients with treating cardiovascular and oncological diseases. Further, rising pressure on the drug manufacturers in order to reduce the price of the drugs accelerates the market growth of AI in Drug Discovery as it reduces the number of clinical failures resulting loss reduction in R&D. However, complexity to design the required model and lack of skilled workers to work with the technology are the major factors restraining the growth of the market over the forecasted period of 2020-2027.
The regional analysis of global Artificial Intelligence in Drug Discovery market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the due to early adoption of Artificial Intelligence across various sectors. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rise in research and development in the pharmaceutical industries in emerging economies such as India and China would create lucrative growth prospects for the Artificial Intelligence in Drug Discovery market across Asia-Pacific region.
Major market player included in this report are:
IBM Corporation (US)
Microsoft Corporation (US)
Google LLC (US)
NVIDIA Corporation (US)
Atomwise, Inc. (US)
Deep Genomics (Canada)
Cloud Pharmaceuticals, Inc. (US)
Insilico Medicine (US)
BenevolentAI Limited (UK)
Exscientia Limited (UK)
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
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Pharmaceutical & Biotechnology Companies
Contract Research Organizations
Academic & Government Institutes
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Artificial Intelligence in Drug Discovery Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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