Artificial intelligence (AI) has become a crucial part of the technological infrastructure. Key players in the healthcare technology market are transitioning their product portfolio to include AI technology which is acting as a major growth factor of the market. AI can improve efficiency and outcomes in drug development across therapeutic areas along with reducing the cost of drug development. Major players in the market are IBM, Google, Microsoft, NVIDIA, and others. Rapid growth in cases of rare diseases, as well as demand for a personalized drug, will help to boost global AI in the drug discovery market. In addition, rising adoption of cloud-based applications and rising demand from developing economies such as India, China, Japan, and others expected to fuel the growth of AI in the Drug Discovery market during the forecasted period.According to AMA, the market for Artificial Intelligence (AI) in Drug Discovery is expected to register a CAGR of 38.3% during the forecast period to 2024. This growth is primarily driven by Increasing Importance of Precision Medicine and Growing Adoption of Cloud-Based Applications and Services.
Globally, a noticeable market trend is evident Increasing Number of Cross-Industry Collaborations
. Major Players, such as IBM Corporation (United States), Microsoft (United States), Google (United States), NVIDIA Corporation (United States), Atomwise, Inc. (United States), Deep Genomics (Canada), Cloud Pharmaceuticals (United States), Insilico Medicine (United States), BenevolentAI (United Kingdom), Exscientia (United Kingdom), Cyclica (Canada), BIOAGE (United States), Numerate (United States) and NuMedii (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 30th May 2018, GSK collaborated with Cloud Pharmaceutical, an Artificial Intelligence-driven drug design, and Development Company for AI-driven drug design. The company is set to apply artificial intelligence technology to improve its drug discovery efforts through a collaboration with Cloud Pharmaceuticals.
“The Food and Drug Administration announced that it is developing a framework for regulating artificial intelligence products used in medicine that continually adapt based on new data. A new approach to these technologies would address the need for the algorithms to learn and adapt when used in the real world.”
- Increasing Importance of Precision Medicine
- Growing Adoption of Cloud-Based Applications and Services
- Increasing Number of Cross-Industry Collaborations
- Emphasizing on Technological Advancement in the Healthcare Industry
- Stringent Government Regulations Regarding Integration of AI in Drug Discovery
- Limited Availability of Datasets in the Field of Drug Discovery
Growth in Biotechnology Industry and Untapped Market in Developing Regions
Lack of Awareness in the Emerging Economies
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