during the forecast period. The growth of this market is primarily driven by factors such as the need to control drug discovery & development costs and reduce the overall time taken in this process, the rising adoption of cloud-based applications and services.
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On the other hand, the inadequate availability of skilled labor is key factor restraining the market growt at certain extent over the forecast period. .
Services segment is estimated to hold the major share in 2022 and also expected to grow at the highest over the forecast period
On the basis of offering, the AI in drug discovery market is bifurcated into software and services. the services segment expected to account for the largest market share of the global AI in drug discovery services market in 2022, and expected to grow fastest CAGR during the forecast period. The advantages and benefits associated with these services and the strong demand for AI services among end users are the key factors for thegrowth of this segment.
Machine learning technology segment accounted for the largest share of the global AI in drug discovery market
On the basis of technology, the AI in drug discovery market is segmented into machine learning and other technologies.The machine learning segment accounted for the largest share of the global market in 2021 and expected to grow at the highest CAGR during the forecast period.
High adoption of machine learning technology among CRO, pharmaceutical and biotechnology companies and capability of these technologies to extract insights from data sets, which helps accelerate the drug discovery process are some of the factors supporting the market growth of this segment.
Pharmaceutical & biotechnology companies segment expectd to hold the largest share of the market in 2022
On the basis of end user, the AI in drug discovery market is divided into pharmaceutical & biotechnology companies, CROs, and research centers and academic & government institutes.In 2021, the pharmaceutical & biotechnology companies segment accounted for the largest share of the AI in drug discovery market.
On the other hand, research centers and academic & government institutes are expected to witness the highest CAGR during the forecast period. The strong demand for AI-based tools in making the entire drug discovery process more time and cost-efficient is the key growth factor of pharmaceutical and biotechnology end-user segment.
North America to dominate the AI in drug discovery market in 2021
The global AI in the drug discovery market is segmented into four major regions, namely, North America, Europe, APAC, and the Rest of the World.In 2021, North America accounted for the largest and the fastest-growing regional market for AI in drug discovery.
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.
Presence of key established players, well-established pharmaceutical and biotechnology industry, and high focus on R&D & substantial investment are some of the major factors responsible for the large share and high growth rate of this market.
Breakdown of supply-side primary interviews, by company type, designation, and region:
• By Company Type: Tier 1 (31%), Tier 2 (28%), and Tier 3 (41%)
• By Designation: C-level (31%), Director-level (25%), and Others (44%)
• By Region: North America (45%), Europe (20%), Asia Pacific (28%), and RoW (7%)
Prominent players in this market are NVIDIA Corporation (US), Microsoft Corporation (US), Google (US), Exscientia (UK), Schrödinger (US), Atomwise, Inc. (US), BenevolentAI (UK), NuMedii (US), BERG LLC (US), Cloud Pharmaceuticals (US), Insilico Medicine (US), Cyclica (Canada), Deep Genomics (Canada), IBM (US), BIOAGE (US), Valo Health (US), Envisagenics (US), twoXAR (US), Owkin, Inc. (US), XtalPi (US), Verge Genomics (US), Biovista (US), Evaxion Biotech (Denmark), Iktos (France), Standigm (South Korea), and BenchSci (Canada). Players adopted organic as well as inorganic growth strategies such as product upgrades, collaborations, agreements, partnerships, and acquisitions to increase their offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
• The report studies the AI in drug discovery market based on offering, technology, application, end user, and region
• The report analyzes factors (such as drivers, restraints, opportunities, and challenges) affecting the market growth
• The report evaluates the opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders
• The report studies micro-markets with respect to their growth trends, prospects, and contributions to the total AI in drug discovery market
• The report forecasts the revenue of market segments with respect to five major regions
Key Benefits of Buying the Report:
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the AI in drug discovery market and provides them information on key market drivers, restraints, challenges, and opportunities.
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