Artificial Intelligence In Drug Discovery and Screening Market 2024 To See Huge Growth by 2030 | Cognate Life Sciences

The Latest Research Report on Artificial Intelligence In Drug Discovery and Screening Market 2024 covering the micro level of analysis by competitors and key business segments. The Global Artificial Intelligence In Drug Discovery and Screening explores an inclusive study on various segments like growth drivers, opportunities, market size, shares, development, innovation, sales, and overall growth of major key players. The research is carried out on primary and secondary statistics sources and it consists of both qualitative and quantitative detailing.

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Major Major Players are:

IBM Watson, Exscientia, GNS Healthcare, Alphabet (DeepMind), Benevolent AI, BioSymetrics, Euretos, Berg Health, Atomwise Intro, Cyclica, among others

Market Size and Overview:

The global market for artificial intelligence in drug discovery and screening achieved a valuation of USD 364.67 million and is anticipated to attain a market size of USD 4000.56 million by the culmination of 2030. Projected to exhibit a Compound Annual Growth Rate (CAGR) of 40.8% over the forecast span from 2024 to 2030, the market's advancement is propelled by factors such as the escalating count of cross-industry collaborations and alliances.

Market Overview:

Artificial intelligence, a subfield of computer science focused on emulating intelligent behavior, empowers computers to emulate human and animal-like thinking and execution of tasks, incorporating learning from errors. Designed as algorithms to enable effective task execution with minimal errors, artificial intelligence applies deep learning and machine learning methodologies to imbue computers with personified knowledge for multifarious activities.

In the domain of drug development, artificial intelligence finds diverse applications encompassing disease tracking, formulation of remedies, and prediction of mutating animal viruses. Its pivotal role in enhancing Research and Development (R&D) for medication discovery has been demonstrated in aiding researchers to develop remedies for chronic diseases.

Drug discovery and development, integral processes in medicine, pharmacology, and biotechnology, entail the identification of a biological target such as an enzyme protein, gene, or receptor, followed by the design, development, and procurement of a drug. Unlike traditional methods where medications were identified by determining active ingredients, contemporary drug discovery evaluates pharmaceuticals based on new criteria encompassing bioavailability, effectiveness, potency, and toxicity.

Artificial intelligence is extensively harnessed in the healthcare sector, particularly in the exploration of novel medications. It contributes to the identification of therapeutic targets and plays a vital role in swiftly identifying, producing, detecting, and screening small compounds. The market is poised for exponential growth due to the advantages of employing advanced techniques over traditional procedures, further bolstered by increasing industry alliances and partnerships. The cost and time efficiency brought about by artificial intelligence in the drug discovery process are significant catalysts for market expansion. Nevertheless, the dearth of skilled professionals and datasets in the realm of drug discovery poses a challenge to market growth. Conversely, heightened awareness of artificial intelligence is expected to yield substantial benefits for manufacturers in the artificial intelligence for medication discovery and development market.

Impact of COVID-19 on the AI Drug Discovery & Screening Market:

The ongoing COVID-19 pandemic has strained existing healthcare systems, fostering demand for new medicine solutions. In response, pharmaceutical companies have increasingly turned to AI-powered solutions in clinical trials, expediting drug development during and post the pandemic.

The pandemic has reshaped the pharmaceutical industry landscape, resulting in significant repercussions across the entire innovation and manufacturing value chain. Patent filings have notably decreased during the epidemic, leading to a substantial reduction in industry revenue and overall workforce.

MARKET DRIVERS:

An increase in the number of cancer and other disease cases is estimated to boost the market growth.

The market is anticipated to experience growth driven by an escalation in the number of cancer and other disease cases. Cancer, presently a leading cause of global mortality, underscores the potential of Artificial Intelligence (AI) in comprehending the mechanisms through which cancer cells develop resistance to anticancer treatments. This understanding facilitates the creation and development of medications tailored to the market's needs. Additionally, the substantial demand for effective treatments for severe cancers contributes significantly to the burgeoning role of AI in drug discovery.

Increased AI research and development activities are propelling market growth.

The surge in research and development activities related to AI is a pivotal driver propelling market growth. The flourishing market for AI in drug research and development owes its momentum to increased collaborations and cross-industry alliances. The indispensability of AI in medication discovery, coupled with substantial investments in AI research and development, is expected to fuel the expansion of the market. Rising awareness of artificial intelligence, particularly in burgeoning markets such as China and India, further adds to the escalating demand in the market.

MARKET RESTRAINTS:

Market expansion in low-income countries is hampered by a lack of advanced instruments.

The expansion of the market in low-income countries encounters hindrances due to the lack of advanced instruments. The vast data sets available for drug development in pharmaceutical corporations, containing millions of chemicals, may pose challenges for artificial intelligence techniques. This limitation is forecasted to impede the growth of AI in the drug discovery sector, particularly in regions with lower economic capacities.

The expensive cost of AI integration is limiting market expansion.

The prohibitive cost associated with the integration of AI serves as a constraint on market expansion. The drug development market for artificial intelligence faces challenges stemming from high technology costs and technological constraints. Throughout the projection period spanning 2023 to 2030, a shortage of skilled professionals and a lack of awareness are poised to act as additional restraints, decelerating the pace of market growth.

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Market Segmentation are:

By Application (Drug Optimization & Repurposing, Preclinical Testing), By Therapeutic Area (Oncology, Neurodegenerative Diseases, Cardiovascular Diseases, Metabolic Diseases, Infectious Diseases, Others) and Region - Size, Share, Growth Analysis | Forecast (2024 2030)

Artificial Intelligence In Drug Discovery and Screening insights, overview and deep study of factors are considered to have greater influence over future course of the industry such as market size, market share, different dynamics of the industry, Artificial Intelligence In Drug Discovery and Screening market companies, regional analysis of the domestic markets, value chain analysis, consumption, demand, key application areas and more.

NOTE: Our report highlights the major issues and hazards that companies might come across due to the unprecedented outbreak of COVID-19.

How will this report benefit potential stakeholders?
-Comprehensive assessment of all opportunities and risks in the Artificial Intelligence In Drug Discovery and Screening market.
-The detailed study of business strategies for the growth of the Artificial Intelligence In Drug Discovery and Screening market-leading players.
-Conclusive study about the growth plot of the Artificial Intelligence In Drug Discovery and Screening market for forthcoming years.
-In-depth understanding of Artificial Intelligence In Drug Discovery and Screening market-particular drivers, constraints, and major micro markets.
-Favorable impression inside vital technological and market latest trends striking the Artificial Intelligence In Drug Discovery and Screening market.

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What Artificial Intelligence In Drug Discovery and Screening Market report offers:
1.Artificial Intelligence In Drug Discovery and Screening Market share assessments for the regional and country-level segments
2.Market share analysis of the top industry players
3.Artificial Intelligence In Drug Discovery and Screening Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
4.Strategic recommendations in key business segments based on the market estimations
5.Competitive landscape covering following points: Company Overview, Product Portfolio, Financial Performance, Recent Highlights, Strategies

COVID-19 has had a major impact on the world economy in addition to that on the public health. This particular pandemic had caused severe economic destruction and not a single country has been left unaffected. The virus has forced businesses around the globe to change the way they operate. This report gives an analysis of the COVID-19 aftermath on Artificial Intelligence In Drug Discovery and Screening market.

Competitive Rivalry:

The report highlights vital details based on the leading players in the global Industrial Artificial Intelligence In Drug Discovery and Screening market. It features their details such as product/business portfolio, market share, financial status, regional share, segment revenue, SWOT analysis, manufacturing base, capacities, production volume, major vendors, raw material sourcing strategies, organizational structure. Their latest corporate deals, joint ventures, mergers and acquisitions, product launches, and other brand promotions are other facts about the market players included in the report.

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