According to the research report titled ‘Global Artificial Intelligence in Drug Discovery Market Size study, by Component (Software, Services), by Technology (Machine Learning, Deep Learning, Others), by Application (Immuno-Oncology, Neurodegenerative Diseases, Cardiovascular Diseases, Others), by End-Use (Pharmaceutical & Biotechnology Companies, Contract Research Organizations, Research Centres, Academic & Government Institutes) and Regional Forecasts 2020-2027’ available with Market Study Report, global Artificial Intelligence in drug discovery market was worth USD 259 million in the year 2019 and is projected to register a robust CAGR of 40.8% over 2020-2027.
 

The report states that Artificial Intelligence (AI) solutions are gaining popularity in drug discovery since aids in quick and efficient decision making for researchers and scientists operating in the industry vertical. The technology assists while investigating parameters such as spread history & disease mechanism and also helps in generating data for drug discovery processes.
 

Increasing prevalence of rare diseases such as Ebola, COVID-19, and chronic ailments including diabetes and heart diseases are propelling the growth of global artificial intelligence in drug discovery market.
 

Escalating number of strategic partnerships and increasing investments towards integrating AI solutions in drug development are also stimulating the overall market outlook. Citing an instance, Pharmaceutical leader Bayer AG recently collaborated with AI drug discovery company Exscientia in January 2020, in order to optimize the medications of oncological and cardiovascular treatments.
 

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Mounting pressure on drug manufacturers followed by decreasing drug prices is further aiding the market expansion. On the contrary, lack of skilled workers accustomed to the technology and complex designing process of the required models are impeding the growth of global Artificial Intelligence in drug discovery market.
 

Based on technology, global artificial intelligence in drug discovery market is divided into deep learning, machine learning, and others. With regards to the application spectrum, the market comprises of cardiovascular diseases, neurodegenerative diseases, immune-oncology, and others.
 

Elaborating on the end-user landscape, global Artificial Intelligence in drug discovery market is segmented into government & academic institutes, research centers, contract research organizations, and biotechnology & pharmaceutical companies.
 

According to the regional analysis of the report, North America region dominates global Artificial Intelligence in drug discovery market and is anticipated to witness consistent growth throughout the forecast duration. Early adoption of AI technologies across various industry verticals are stimulating the industry outlook in North America.
 

Alternatively, the report claims that Asia-Pacific Artificial Intelligence in drug discovery market is projected to register the highest CAGR over 2020-2027, primarily due to increasing in R&D activites in pharmaceutical verticals based in developing nations, predominantly India and China.
 

The companies that hold a strong presence in global Artificial Intelligence in drug discovery market are Exscientia Limited, BenevolentAI Limited, Insilico Medicine, Cloud Pharmaceuticals, Inc., Deep Genomics, Atomwise, Inc., NVIDIA Corporation, Google LLC, Microsoft Corporation, and IBM Corporation among others.