2024 Global Deep Learning In Drug Discovery And Diagnostics Market Size, Share, Trends And Growth Analysis Report

"The Business Research Company recently released a comprehensive report on the Global Deep Learning In Drug Discovery And Diagnostics Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The deep learning in drug discovery and diagnostics market size has grown exponentially in recent years. It will grow from $6.39 billion in 2023 to $8.21 billion in 2024 at a compound annual growth rate (CAGR) of 28.5%. The growth in the historic period can be attributed to increased investment in AI research, growing demand for personalized medicine, increased funding from public and private sectors, rise in chronic diseases and complex conditions, and growing adoption of electronic health records.

The deep learning in drug discovery and diagnostics market size is expected to see exponential growth in the next few years. It will grow to $22.45 billion in 2028 at a compound annual growth rate (CAGR) of 28.6%. The growth in the forecast period can be attributed to improved diagnostic accuracy, growing collaboration between tech companies and pharmaceutical firms, progress in explainable AI (xai) for better model transparency, increased emphasis on real-world evidence (RWE), and expansion into emerging markets. Major trends in the forecast period include the adoption of AI technologies, advancements in computational power, integration of big data, development of novel deep learning architectures, and expansion of cloud-based platforms for AI.

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Market Drivers and Trends:

The growing demand for personalized medicine is expected to propel the growth of deep learning in drug discovery and diagnostics market going forward. Personalized medicine tailors medical treatment and interventions to individual genetic, environmental, and lifestyle factors to optimize efficacy and minimize side effects. The growing demand for personalized medicine is driven by advancements in genomics and data analytics, which enable more precise and effective treatments based on individual patient profiles. Deep learning in drug discovery and diagnostics enhances personalized medicine by analyzing complex biological data to identify unique biomarkers and predict patient responses to treatments more accurately. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to six in 2022. Therefore, the growing demand for personalized medicine drives deep learning in drug discovery and diagnostics market.

Major companies operating in the deep learning in drug discovery and diagnostics market are focusing on the advancement of high-performance computing technologies, such as supercomputers, to accelerate innovation through improved performance and efficiency in complex tasks and AI applications. Advancements in supercomputers enhance deep learning in drug discovery and diagnostics by speeding up complex data analysis and simulations, leading to faster identification of drug candidates and more accurate diagnostics. For instance, in November 2022, Hewlett-Packard Enterprise, a US-based information technology company, introduced the HPE Cray EX and HPE Cray XD supercomputers. These new systems offer powerful performance and AI-at-scale capabilities in a more compact and cost-efficient design, aimed at accelerating drug discovery and speeding up disease treatments. This enables research scientists and pharmaceutical labs to gain deeper insights into chemical interactions, fostering the development of innovative drug therapies for both challenging and newly emerging diseases.

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Major Key Players of the Market:

Google Inc., Microsoft Corporation, International Business Machines Corporation, NVIDIA Corporation, Zebra Medical Vision Ltd., Tempus Labs Inc., Nanostring Technologies Inc., Owkin Inc., Insilico Medicine Inc., SOPHiA GENETICS SA, Qureai Technologies Pvt Ltd., H2Oai Inc., Arterys Inc., Deep Genomics Inc., GNS Healthcare Inc., MedAware Systems Inc., PathAI Inc., Kheiron Medical Technologies Ltd., CureMetrix Inc., OncoImmunity AS, Proscia Inc., BenevolentAI Ltd., BioXcel Therapeutics Inc.

Deep Learning In Drug Discovery And Diagnostics Market 2024 Key Insights:

• The deep learning in drug discovery and diagnostics market size is expected to see exponential growth in the next few years. It will grow to $22.45 billion in 2028 at a compound annual growth rate (CAGR) of 28.6%.
• Rising Demand For Personalized Medicine Fuels Growth In Deep Learning In Drug Discovery And Diagnostics
• New Supercomputers Boost AI Capabilities In Drug Discovery And Diagnostics
• North America was the largest region in the deep learning in drug discovery and diagnostics market in 2023

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