ALBANY, N.Y., Sept. 23, 2021 /PRNewswire/ -- Artificial Intelligence (AI) is at the forefront of modern technologies, and has penetrated life sciences and pharmaceutical sectors extensively. Drug discovery mechanisms are gaining traction with the help of AI. Hence, based on these factors, the AI in drug discovery market is expected to observe steady growth during the forecast period of 2021-2031.
Transparency Market Research (TMR) has conducted extensive research on various aspects associated with the growth of the AI in drug discovery market. According to the analysts at TMR, the global market for AI in drug discovery is projected to expand at a CAGR of 36.1% during the forecast period. The global AI in drug discovery market stood at 0.35 Bn in 2020 and is expected to cross the valuation of US$ 10.93 Bn by 2031.
The use of AI in drug discovery has accelerated extensively over the years. AI has emerged as a viable option for overcoming time constraint faced due to traditional research methods. With the onset of the COVID-19 pandemic, the demand for drugs to decrease the spread of the coronavirus infection in the body is increasing at a rapid rate. AI is proving to be a boon for speeding up the research for COVID-19 drugs. Exscientia, a tech firm using AI to discover drugs, recently entered into an agreement worth US$ 70 Mn with the Bill andMelinda Gates Foundation to develop and discover drugs that will help in treating the COVID-19 infection. Such developments are projected to fuel the growth of the AI in drug discovery market.
Key Findings of Report
Oncology to Emerge as Fast Growing Application
Cancer is one of the leading causes of death around the world. The cases of cancer are increasing steadily across the globe. AI can assist researchers to understand how cancer cells become resistant to anticancer drugs. These findings can help researchers to design and develop drugs accordingly. Furthermore, the demand for drugs to treat serious cancer cases is on the rise. This factor is likely to propel the AI in drug discovery market.
Mindful AI to Further Shape Market Growth Structure
Mindful AI, which is still in the nascent stage, has the potential to gain substantial popularity in the upcoming years. It is emerging as an appropriate solution for creating drugs that are more effective. Mindful AI can boost a pharmaceutical organization's ability to innovate and improve the effectiveness of drugs. All these factors are likely to add to the growth of the AI in drug discovery market.
Pharmaceutical Companies Leveraging AI Platforms for Enhanced Drug Delivery Mechanisms
Many well-established companies in the pharmaceutical sector are taking advantage of AI platforms for enhancing target identification and validation. AI models assist in accelerating clinical trials and understand diseases more clearly.
Below are some of the major companies collaborating with AI companies to enhance drug development:
AstraZeneca recently collaborated with Mila, a machine learning company for maximizing its potential in drug discovery and developmen
Optellum, a lung-health AI firm partnered with Johnson & Johnson's Lung Cancer Initiative to use its AI-based clinical decision support platform for accelerating developments in lung cancer treatment
Some well-entrenched players in the AI in drug discovery market are Cloud Pharmaceuticals, Inc., BlackThorn Therapeutics, BioSymetrics, Cyclica, GNS Healthcare, and Exscientia.
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
Drug Discovery Outsourcing Market: Major developments that are likely to gain considerable traction over the next few years across the drug discovery outsourcing market include a decline in time utilized for drug development, improving the conversion rate of hits to leads, and expanding the number of high-quality compounds. At the back of these factors and evolving economic landscape, the global drug discovery outsourcing market is expected to reach ~US$ 12.7 Bn by the end of 2030.
Microarray Scanners Market: The microarray scanners market is predicted to surpass ~27,000 units by the end of 2030. Companies in the microarray scanners market are entering into strategic partnerships to increase the availability of high technology solutions pertaining to innovative microarray platforms for viral infections screening and protein biomarkers analysis.
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