Artificial Intelligence (AI) in Drug Discovery Market is valued approximately at USD 260 million in 2019 and is anticipated to grow with a healthy growth rate of more than 40.7% over the forecast period 2019-2026.
The Centers for Medicare and Medicaid Services report that US healthcare expenditures grew by 4.6% to US$ 3.8 trillion in 2019, or US$ 11,582 per person, and accounted for 17.7% of GDP. Also, the federal government accounted for 29.0% of the total health expenditures, followed by households (28.4%). State and local governments accounted for 16.1% of total health care expenditures, while other private revenues accounted for 7.5%.
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
Artificial intelligence for drug discovery is a technology that uses distinct algorithms which add value in decision-making processes for drug discovery. The implementation of AI reduces the gap of researches and development in the drug manufacturing process and also help in the targeted of manufacturing of the drugs. For this reason, the biopharmaceutical industries are increasingly adopting AI technology to optimize the drug manufacturing process.
Further, rising investment & funding in drug discovery, along with the surging need to control drug discovery & development costs and reduce time are the few factors responsible for high CAGR of the market over the forecast period. For instance, as per India Brand Equity Foundation, 2018, the Indian Government is planning a $640 million fund for boosting the drug discovery and pharmaceutical infrastructure.
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The initiative ‘Pharma Vision 2020′ of Indian Government has a goal for making India a major hub for drug discovery. This, in turn, is expected to accelerate the demand of artificial intelligence (AI) in drug discovery across the world. However, lack of awareness and high cost & technical limitation of AI decision-making are some major forces expected to impede the growth of global Artificial Intelligence (AI) in Drug Discovery market over the forecast period of 2020-2026.
The regional analysis of global Artificial Intelligence (AI) in Drug Discovery Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising focus on R&D & substantial investment, along with the high awareness of the AI in drug discovery among key players located in the region.
However, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period, due to constant technological advancements in the pharmaceutical sector and increasing number of pharmaceutical manufacturers in developing countries such as China and India.
Major market player included in this report are:
Cloud Pharmaceuticals, Inc.
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
Pharmaceutical & Biotechnology Companies
Contract Research Organizations
Academic & Government Institutes
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Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global Artificial Intelligence (AI) in Drug Discovery Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
What are the aspects of this report that relate to regional analysis?
The report’s geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.
Reports on the market include the growth rates of each region, which includes their countries, over the coming years.
How are the key players in the market assessed?
This report provides a comprehensive analysis of leading competitors in the market.
The report includes information about the key vendors in the market.
The report provides a complete overview of each company, including its profile, revenue generation, cost of goods, and products manufactured.
The report presents the facts and figures about market competitors, alongside the viewpoints of leading market players.
A market report includes details on recent market developments, mergers, and acquisitions involving the key players mentioned.
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