Artificial intelligence is the replica of human intelligence in machines which are designed to think like humans and mimic their activity. This provides prospective to change the pharmaceutical industry as well various pharma competitors are now investing in this technology to some extent. There is a crucial growth in the number of applications which focuses on the objective and drug discovery, preclinical and clinical development, and post approval activities. Artificial intelligence will aid in improving the drug approval rates, reducing the designing and development costs, quick availability of medications and assist patients follow with their treatments. Apart from that, the inadequate skilled labour and dearth of data sets are acting as market challenges for the growth of artificial intelligence in drug discovery in the above mentioned forecast period.
Request for a sample report: https://whipsmartmi.com/sample/he0581/AI-in-Drug-Discovery-Market
Key Driving Factors: Rising focus of market players on controlling drug discovery & development costs
The most prominent factor which is projected to enhance the AI for the drug discovery market is the increased burden on the drug maker to minimize the drug price. This is because the emergence of artificial intelligence has lowered the failure rate of clinical trials as well as eliminated the expense of long-term drug discovery research and development. Helix, an artificial intelligence start-up, utilizes machine learning to answer to verbal questions and respond to requests, enabling researchers to increase productivity, intensify laboratory safety, stay up to date on prominent research topics, and manage inventory. Market growth is projected to boost by a growth in the value of drug discovery and an increase in the funding of research and development activities for the use of AI technology in the domain of drug discovery. One of the key fields which considered for high loss of sales and low returns is preclinical research. Preclinical research optimization can help minimize the cost.
This report provides the profiles of the major competitors of the artificial intelligence in drug discovery market which include IBM Corporation, Google, Microsoft, Cloud Pharmaceuticals, NVIDIA Corporation, Atomwise, Inc., twoXAR, Deep Genomics, Benevolent AI, Exscientia, Insilico Medicine, Cyclica, BIOAGE, Numerate, Numedii, Envisagenics and OWKIN, Inc.
Opportunities: Expanding biotechnology industry
The enormously expanding biotechnology industry is providing wide opportunities for the drug discovery industry with the integration of artificial intelligence. The increasing number of chronic ailments such as diabetes and cancer across the world is the key factor likely to foster the demand for the biopharmaceuticals thus, driving the demand for the effective drugs and vaccines. Therefore, eventually generate potential opportunities for the artificial intelligence in drug discovery market growth.
On the basis of End Users:
Based on end users of the artificial intelligence in drug discovery market, the market includes pharmaceutical & biotechnology companies, contract research organizations, research centers and academic & government institutes. Over the forecasted period, the pharmaceutical & biotechnology companies segment is projected to be the most significant end-use category in the market. The pharmaceutical and biotechnology companies are the key end users of the artificial intelligence in drug discovery as to enhance the drug discovery and drug development with the help of artificial intelligence.
By End User
Access to Full Report Summary: https://whipsmartmi.com/Report/AI-in-Drug-Discovery-Market
Published Date : March-2021