The global artificial intelligence in drug discovery market size is expected to reach USD 3.5 billion by 2027, expanding at a CAGR of 28.8%, according to a new report by Grand View Research, Inc. The growing adoption of artificial intelligence (AI) platforms aimed at reducing the overall cost associated with drug discovery and to enhance results is expected to propel the demand for these platforms in the pharma market.
Based
on the application, the drug optimization and repurposing segment accounted for
the largest revenue share in 2019. AI platforms help in identifying alternative
applications for existing medicines. This can help pharma companies diversify
their portfolio of offerings and assist in producing alternative therapies
through minor alterations in the pharmaceutical product. Furthermore, AI
platforms also enable researchers to identify the toxic effects of the medicine
on the body and thus reduce the chances of adverse effects.
In
2019, oncology application accounted for the largest share whereas, the
infectious disease application segment is expected to emerge as the fastest-growing
application segment over the forecast period. Artificial intelligence already
plays a vital role in the early detection of cancer. Furthermore, as treatments
for cancer may vary for each patient, personalized medicine has
proven to be an effective alternative.
North
America dominated the market with a revenue share of 59.4% in 2019 owing to the
increasing adoption of artificial intelligence and the presence of a large
number of market players. Asia Pacific is expected to emerge as the
fastest-growing region in the market over the forecast period. The growing
adoption of new technology in India and China for new drug development and a
focus towards boosting pharmaceutical capacities within the countries is
expected to drive the market in the region.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/artificial-intelligence-drug-discovery-market
Artificial
Intelligence In Drug Discovery Market Report Highlights
- The drug
optimization and repurposing segment accounted for the largest revenue
share of 54.4% in 2019
- By
therapeutic area, the oncology segment was valued at USD 125.0 million in
2019
- By therapeutic
area, the infectious disease segment is expected to witness the fastest
growth of 31.4% from 2020 to 2027
- In Asia
Pacific, the AI in drug discovery market is expected to witness a CAGR of
32.1% from 2020 to 2027
- North America
and Europe together accounted for 78.6% share of the market revenue in
2019.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
No comments:
Post a Comment