during the forecast period. The growth of this market is primarily driven by factors such as the need to control drug discovery and development costs and reduce the overall time required in this process, and the increasing adoption of cloud-based applications and services. .
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On the other hand, the insufficient availability of skilled labor is a major factor that inhibits the market growth to some extent over the forecast period. †
The services segment is estimated to have the largest share in 2022 and is also expected to grow the highest during the forecast period
Based on the supply, the AI in the drug discovery market is broken down into software and services. the services segment is expected to represent the largest global AI market share in the drug discovery services market by 2022, and is expected to grow the fastest CAGR over the forecast period. The benefits and advantages of these services and the strong demand for AI services among end users are the main factors driving the growth of this segment.
Machine learning technology segment accounted for the largest share of global AI in the drug discovery market
Based on technology, the AI in the 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 is expected to grow at the highest CAGR during the forecast period.
High adoption of machine learning technology among CRO, pharmaceutical and biotechnology companies and the ability 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.
The pharmaceutical and biotechnology segment is expected to have the largest market share in 2022
Based on the end user, the market for AI in drug discovery is divided into pharmaceutical and biotechnology companies, CROs and research centers, and academic and government institutions. In 2021, the pharmaceutical and biotechnology companies segment represented the largest share of AI in the drug discovery market.
On the other hand, research centers and academic and government institutions are expected to witness the highest CAGR during the forecast period. The strong demand for AI-based tools to make the whole drug discovery process more time and cost efficient is the key growth driver of the end-user segment of pharmaceutical and biotechnology.
North America dominates 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 Rest of the World. By 2021, North America was responsible for the largest and fastest growing regional market for AI in drug discovery.
North America, which includes the US, Canada and Mexico, is the largest market for AI in drug discovery. These countries are early adopters of AI technology in drug discovery and development.
The presence of important established players, an established pharmaceutical and biotechnology industry and a strong focus on R&D and substantial investments are some of the main factors responsible for the large share and fast growth rate of this market.
Breakdown of primary interviews on the supply side, by business type, name and region:
• By business 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 ( USA), Valo Health (USA), Envisagenics (USA), twoXAR (USA), Owkin, Inc. (US), XtalPi (US), Verge Genomics (US), Biovista (US), Evaxion Biotech (Denmark), Iktos (France), Standigm (South Korea) and BenchSci (Canada). Players applied both organic and inorganic growth strategies such as product upgrades, collaborations, agreements, partnerships and acquisitions to increase their offerings, address unmet customer needs, increase profitability and expand their presence in the global market.
• The report studies the AI in Drug Discovery market on the basis of supply, technology, application, end user and region
• The report analyzes factors (such as drivers, constraints, opportunities and challenges) that influence market growth
• The report evaluates the opportunities and challenges in the market for stakeholders and provides details on the competitive landscape for industry leaders
• The report studies micromarkets with respect to their growth trends, prospects, and contributions to the overall AI in Drug Discovery market
• The report forecasts the revenue of market segments covering five major regions
Key benefits of buying the report:
The report will help the leaders / new entrants in this market with information on the best approaches to the revenue figures for the total market and its sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan appropriate go-to-market strategies.
The report also helps stakeholders understand the pulse of the AI in the Drug Discovery market and informs them about key market drivers, restraints, challenges and opportunities.
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