The global AI in the drug discovery market is projected to reach USD 1,434 million by 2024 from USD 259 million in 2019, at a CAGR of 40.8% -…

NEW YORK, Nov. 25, 2019 /PRNewswire/ --

Growing number of cross-industry collaborations and partnerships and the need to control drug discovery & development costs and reduce the overall time taken in this process are the key factors driving the AI in the drug discovery market.

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The global AI in the drug discovery market is projected to reach USD 1,434 million by 2024 from USD 259 million in 2019, at a CAGR of 40.8% during the forecast period. Growth in this market is mainly driven by growing number of cross-industry collaborations and partnerships, the need to control drug discovery & development costs and reduce the overall time taken in this process, the rising adoption of cloud-based applications & services, and the impending patent expiry of blockbuster drugs. On the other hand, a lack of data sets in the field of drug discovery and the inadequate availability of skilled labor are some of the factors challenging the growth of the market.

The immuno-oncology segment accounted for the largest share in 2019.Based on application, the artificial intelligence in the drug discovery market is segmented into neurodegenerative diseases, immuno-oncology, cardiovascular disease, metabolic diseases, and other applications. The immuno-oncology segment accounted for the largest share of 44.6% of the AI in the drug discovery market in 2018, owing to the increasing demand for effective cancer drugs. Neurodegenerative diseases form the fastest-growing application segment, with a CAGR of 42.9% during the forecast period. The ability of AI to discover drugs for complex diseases and the emphasis of market players on providing AI-based platforms for neurological diseases are responsible for the fast growth of this application segment.

The Research centers and academic & government institutes segment to register the highest growth rate in the forecast period.Based on end-user, the AI in the drug discovery market is segmented into pharmaceutical & biotechnology companies, contract research organizations, and research centers and academic, & government institutes.In 2018, the pharmaceutical & biotechnology companies segment accounted for the largest share in the AI in the drug discovery market.

AI and machine learning to allow pharmaceutical companies to operate more efficiently and substantially improve success rates at the early stages of drug development.This is one of the major factors driving the growth of this market.

Research centers and academic & government institutes are expected to show the highest growth of 43.6%.during the forecast period. The growth of the CROs segment is tied to that of pharmaceutical & biotechnology companies, as the rise in research and production activity will ensure sustained demand for contract services.

North America to be the largest and the fastest-growing regional market.

North America, which comprises the US, Canada, and Mexico, forms the largest market for AI in drug discovery.These countries have been early adopters of AI technology in drug discovery and development.

In the North American market, the US is a significant contributor.Also, prominent AI technology providers, such as IBM, Google, Microsoft, NVIDIA, and Intel, are headquartered in the US; their strong presence is a key contributor to market growth.

Other drivers include the well-established pharmaceutical industry, high focus on R&D & substantial investment, and the presence of globally leading pharmaceutical companies. These are some of the major factors responsible for the large share and high growth rate of this market.

The primary interviews conducted for this report can be categorized as follows: By Company Type: Tier 1 (28%), Tier 2 (42%), and Tier 3 (30%) By Designation: C-level (30%), D-level (34%), and Others (36%) By Region: North America (46%), Europe (25%), Asia (18%), and the RoW (11%)

List of Companies Profiled in the Report IBM Corporation (US) Microsoft (US), Google (US) NVIDIA Corporation (US) Atomwise, Inc. (US) Deep Genomics (Canada) Cloud Pharmaceuticals (US) Insilico Medicine (US) Benevolent AI (UK) Exscientia (UK) Cyclica (Canada) BIOAGE (US) Numerate (US) Numedii (US) Envisagenics (US) twoXAR (US) OWKIN, Inc. (US) XtalPi (US) Verge Genomics (US) Berg LLC (US)

Research Coverage:This report provides a study of the AI in the drug discovery market.It aims at estimating the size and future growth potential of the market across different segments, such as offering, technology, application, end-user, and region.

The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.

Key Benefits of Buying the Report:The report will help market leaders/new entrants by providing them with the closest approximations of revenue numbers for the overall AI in drug discovery market and its subsegments.This report will also help stakeholders understand the competitive landscape, and gain insights to better position their business and make suitable go-to-market strategies.

It will also enable stakeholders to understand the pulse of the market and provide them with information on the key market drivers, challenges, and opportunities.

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The global AI in the drug discovery market is projected to reach USD 1,434 million by 2024 from USD 259 million in 2019, at a CAGR of 40.8% -...