Artificial Intelligence (AI) Enabled Drug Discovery & Clinical Trials involves collecting information regarding various potential drug entities, formulating their design, followed by planning and pre-clinical trials execution. It helps in saving time, cost, and human efforts in the drug developmental process.
The “Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market” is likely to grow at a CAGR of around 23.6% during the forecast period, i.e., 2021-26, says MarkNtel Advisors. The market growth primarily attributes to the rising demand for reducing the cost of novel drug discovery and their production. Additionally, the adoption of artificial intelligence is significantly increasing, as faster, efficient, and cost-effective drug discovery is gaining momentum amongst the pharmaceutical industry stakeholders.
The research report, “Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market Analysis, 2021,” states that the burgeoning volume of data generated by the molecule screening processes & preclinical studies is another crucial factor fueling the adoption of artificial intelligence, thereby propelling the market growth.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR | 23.6% |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, UK, France, Italy, Spain | |
| Asia-Pacific: China, India, Japan, South Korea, Australia and Others | |
| South America: Brazil, and Argentina | |
| Middle East & Africa: UAE, Saudi Arabia | |
| Key Companies Profiled | Accutar Biotechnology, Ardigen, Atomwise Inc., AiCure, LLC, Berg LLc, Cloud Pharmaceuticals, Biovista, Cyclica Inc., Symphony Innovations, GNS Healthcare |
| Unit Denominations | USD Million/Billion |
Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market Have positively impacted by COVID-19 Pandemic
With the global Covid-19 pandemic outbreak in early 2020, the pharma and biotech companies have increasingly turned to artificial intelligence to enhance precision and speed in drug development. The pandemic has set the stage for massive investments toward fast development and trials of drugs.
Moreover, the adoption of artificial intelligence helps in offering a high level of precision to the complicated and time-consuming discovery phase in the drug development process, thereby leading to faster development of drugs and lower failure risk.
