DUBLIN, June 29, 2022 /PRNewswire/ — The “Artificial Intelligence (AI) in Drug Discovery Market by Component (Software, Service), Technology (ML, DL), Application (Neurodegenerative Diseases, Immuno-Oncology, CVD), End User (Pharmaceutical & Biotechnology, CRO), Region – Global forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
The Artificial intelligence/AI in drug discovery Market is projected to reach USD 4.0 billion by 2027 from USD 0.6 billion in 2022, at a CAGR of 45.7% during the forecast period. The growth of this market is primarily driven by factors such as the need to control drug discovery & development costs and reduce the overall time taken in this process, the rising adoption of cloud-based applications and services. On the other hand, the inadequate availability of skilled labor is key factor restraining the market growth at certain extent over the forecast period.
Services segment is estimated to hold the major share in 2022 and also expected to grow at the highest over the forecast period
On the basis of offering, the AI in drug discovery market is bifurcated into software and services. the services segment expected to account for the largest market share of the global AI in drug discovery services market in 2022, and expected to grow fastest CAGR during the forecast period. The advantages and benefits associated with these services and the strong demand for AI services among end users are the key factors for the growth of this segment.
Machine learning technology segment accounted for the largest share of the global AI in drug discovery market
On the basis of technology, the AI in drug discovery market is segmented into machine learning and other technologies. The machine learning segment accounted for the largest share of the global market in 2021 and expected to grow at the highest CAGR during the forecast period. High adoption of machine learning technology among CRO, pharmaceutical and biotechnology companies and capability of these technologies to extract insights from data sets, which helps accelerate the drug discovery process are some of the factors supporting the market growth of this segment.
Pharmaceutical & biotechnology companies segment expected to hold the largest share of the market in 2022
On the basis of end user, the AI in drug discovery market is divided into pharmaceutical & biotechnology companies, CROs, and research centers and academic & government institutes. In 2021, the pharmaceutical & biotechnology companies segment accounted for the largest share of the AI in drug discovery market. On the other hand, research centers and academic & government institutes are expected to witness the highest CAGR during the forecast period. The strong demand for AI-based tools in making the entire drug discovery process more time and cost-efficient is the key growth factor of pharmaceutical and biotechnology end-user segment.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Growing Need to Control Drug Discovery & Development Costs is a Key Factor Driving the Adoption of AI in Drug Discovery Solutions
4.2 Services Segment to Witness the Highest Growth During the Forecast Period
4.3 Deep Learning Segment Accounted for the Largest Market Share in 2021
4.4 North America is the Fastest-Growing Regional Market for AI in Drug Discovery
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
Figure 18 Artificial Intelligence in Drug Discovery Market: Drivers, Restraints, Opportunities, and Challenges
5.2.1 Market Drivers
5.2.1.1 Growing Number of Cross-Industry Collaborations and Partnerships
5.2.1.2 Growing Need to Control Drug Discovery & Development Costs and Reduce Time Involved in Drug Development
5.2.1.3 Patent Expiry of Several Drugs
5.2.2 Market Restraints
5.2.2.1 Shortage of AI Workforce and Ambiguous Regulatory Guidelines for Medical Software
5.2.3 Market Opportunities
5.2.3.1 Growing Biotechnology Industry
5.2.3.2 Emerging Markets
5.2.3.3 Focus on Developing Human-Aware AI Systems
5.2.3.4 Growth in the Drugs and Biologics Market Despite the COVID-19 Pandemic
5.2.4 Market Challenges
5.2.4.1 Limited Availability of Data Sets
5.3 Value Chain Analysis
Figure 19 AI in Drug Discovery Market: Value Chain Analysis (2021)
5.4 Porter’s Five Forces Analysiss
5.5 Ecosystem
5.6 Technology Analysis
5.7 Pricing Analysis
5.8 Business Models
5.9 Regulations
5.10 Conferences and Webinars
5.11 Case Study Analysis
6 Artificial Intelligence in Drug Discovery Market, by Offering
7 Artificial Intelligence in Drug Discovery Market, by Technology
8 Artificial Intelligence in Drug Discovery Market, by Application
9 Artificial Intelligence in Drug Discovery Market, by End-user
10 Artificial Intelligence in Drug Discovery Market, by Region
11 Competitive Landscape
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/rr29jz
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