The growth of drug discovery is associated with the mounting synergistic activities promulgating the need for drug development. To manage the workflow and streamlining the process the stakeholders such as biopharmaceutical companies, contract service organizations, and academic research centers integrate the AI-enabled solutions for drug discovery and clinical trials enhancing efficiency.
In 2019, the sudden outbreak of COVID-19 pandemic in China and its larger impact on European and North American economies causing thousands of deaths and millions severely infected is expected to have a positive impact on the AI-enabled drug discovery and clinical trials market. The deployment of AI solutions in drug discovery is expected to cut short the entire drug discovery, development, and trial process. Therefore, the governments along with leading drug manufacturers are expected to invest heavily in such solutions
According to MarkNtel Advisors’ research report “Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market Analysis, 2020”, the global AI-Enabled Drug Discovery and Clinical Trials market is anticipated to grow at a CAGR of around 24.5% during 2020-25.
Immense Growth Potential for Asia-Pacific Region
North America in 2019 pocketed the largest market share on account of the rising mushrooming of patients dealing with chronic ailments. Also, the region witnessed the highest death toll due to the COVID-19 pandemic in 2020. Therefore, the investments are set to pour in the region in the forthcoming years which would further strengthen its global dominance.
However, the Asia-Pacific region has the growth potential as countries such as India and China are the leading drug manufacturing hubs with continuously improving healthcare infrastructure and research labs. During 2015-19, the adoption of AI-enabled drug discovery and clinical trials was moderate but sturdy growth is foreseen in the next few years. The incorporation of AI-enabled solutions in healthcare would enhance medical research and help research organizations in cost suppression.
Growing Use of AI Enabled Drug Discovery by Biopharmaceutical Companies
Biopharmaceutical companies are regarded as one of the leading end-users of the AI-enabled drug discovery and clinical trials. In 2019, the biopharmaceutical segment held the major market share. However, the academic research institutions and the contract service organizations (CSOs) are witnessing amplified usage of AI-enabled solutions. The penetration of AI-enabled solutions is more in a contact service organization and academic research institutes.
Snowballing Software Segment
The software segment witnessed growth in 2019 holding the major market share due to growing requirements from major end-users such as contract service organizations, biopharmaceutical industry, and academic research institutes. Therefore, the market share of the segment is projected to grow during the forecast period as well as revealed by the MarkNtel Advisors’ research report “Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market Analysis, 2020”.
According to MarkNtel Advisors’, Accutar Biotechnology, Ardigen, Atomwise Inc., AiCure, LLC, Berg LLC, Cloud Pharmaceuticals, Biovista, Cyclica Inc., Symphony Innovations, GNS Healthcare are few of the leading players in "Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market Analysis, 2020”.
“Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for AI Enabled Drug Discovery and Clinical Trials providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Market Segmentation:
1. By Component (Software, Service),
2. By Application (Data Aggregation and Analysis, Clinical Trials, Drug Design, Drug Characterization, Biomarker Research),
3. By Therapeutic Application (Oncology, Cardiovascular Disease, Nervous System Disease, Respiratory Disorder, Metabolic Disorder, Immunologic Disease, Infectious Disease),
4. By End-User (Biopharmaceutical Industry, Contract Research Organization (CROs), Academic Institutes and Research Centers),
5. By Country (US, Canada, Mexico, Brazil, Argentina, UK, Germany, Italy, Spain, China, India, Japan, South Korea, Australia, UAE, Saudi Arabia),
6. By Company (Accutar Biotechnology, Ardigen, Atomwise Inc., AiCure, LLC, Berg LLC, Cloud Pharmaceuticals, Biovista, Cyclica Inc., Symphony Innovations, GNS Healthcare)
Key questions answered in the study:
1. What are the current and future market trends of the AI Enabled Drug Discovery and Clinical Trials industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the AI Enabled Drug Discovery and Clinical Trials industry?
5. What are the customer orientation, purchase behavior, and expectations from the AI Enabled Drug Discovery and Clinical Trials firms across various regions?