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AI for Drug Discovery Market Trends, Challenges, In-Depth Insights, Strategies (2022-2027)

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A plethora of opportunities have opened up in the healthcare sector with the advent of Artificial Intelligence (AI) in this field. Evidently, AI has also penetrated the drug discovery market. Several firms, in order to launch their products faster in the market, are leveraging AI in a multitude of forms. Reduced time-to-market, increased collaborations, and progressive capital-raising funding rounds are key factors contributing to the growth of AI for drug discovery market. In addition to this, the soaring use of cloud-based applications and services is also expected to improve the performance of AI for drug discovery market. The cumulative force of these factors is anticipated to unlock new business opportunities and expand the overall market growth.

 

For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/ai-drug-discovery-market

 

Firms in AI for Drug Discovery Market Aim to Raise Capital Through Funding Rounds

 

Until a decade ago, it used to take around 4-5 years for a drug to be approved as an eligible drug candidate. With advancements in clinical trials and research, this time has been cut short to 8-10 months. The major aim of the firms in AI for drug discovery market is to raise capital from funding rounds and speed up the process of a small molecular drug candidate. Key players in the tech and pharma industry are collaborating and implementing AI algorithms on pharma’s large datasets. For instance, Microsoft, and Novartis collaborated on a similar project. Nvidia and Schrodinger also launched an alliance to increase the speed and accuracy of prediction molecules. Such strategic collaborations are poised to present numerous funding rounds, nurturing the grounds for a robust rise in capital.

 

Assurance of Higher Success Rates Entices Companies to Adopt AI in Drug Discovery

 

Over the recent past, several pharmaceutical companies have acceded to the power of AI technologies in generating improved value. In this context, a defining factor driving the growth of the AI for drug discovery market is the improvement in success rate of new drugs. To this end, AI is enabling companies to boost the efficacy of existing drugs and discover new drug formulas. Moreover, the overall discovery process has become cheaper owing to the induction of artificial intelligence tools and technologies. AstraZeneca has been leading the pack in induction of next-generation technologies for pharmaceutical manufacturing and drug discovery. As the global pharmaceutical industry attracts formidable investments, the AI for drug discovery market is poised to grow at a stupendous pace.

 

Early Adoption of AI Technology Paves the Way for North America in Global AI for Drug Discovery Market

 

As an early adopter of AI technology, North America is projected to continue its lead in AI for the drug discovery market. Further, it is expected to experience the highest market growth during the forecasted period. Currently, it occupies the largest market share. Moreover, the concentration of AI firms along with biotech and pharma hubs have laid the base for effective collaborations and substantial funding. On the other hand, Europe and Asia countries are following suit in leveraging AI for discovering newer and better drugs.

 

Prominent Market Players

 

Some of the major players in the AI for drug discovery market are BioAge Labs, Insilico Medicine, Google, IBM, Microsoft, Verge Genomics, Deep Genomics, Cloud Pharmaceuticals, Atomwise, Inc, Numerate and BERG LLC, Exscientia, and IBM.

 

For More Information Visit: https://www.fairfieldmarketresearch.com/report/ai-drug-discovery-market

 

About Us

Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.

 

 

 

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