According to a new report published by Allied Market Research, titled, โArtificial Intelligence for Drug Development and Discovery Market By Type, Indication, and End User: Opportunity Analysis and Industry Forecast, 2020โ2027,โthe artificial intelligence for drug discovery and development market size was valued at $0.52 billion in 2019 and is projected to reach $4.81 billion by 2027, registering a CAGR of 31.6% from 2020 to 2027.
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Prominent key players operating in the artificial intelligence for drug discovery and development market include Alphabet Inc., Atomwise, Inc., Benevolent AI, Cloud Pharmaceutical, Deep Genomics, Exscientia, IBM Corporation, Insilico Medicine Inc., Microsoft Corporation, and Nvidia Corporation.
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- By type, the preclinical and clinical testing segment occupied 33.9% share of the artificial intelligence for drug discovery and development market in 2019.
- By indication, the oncology segment is anticipated to grow with the highest CAGR throughout the forecast period.
- By end user, the pharmaceutical and biotechnology companies segment occupied 86.1% share of the artificial intelligence for drug discovery and development market in 2019.
- By region, North America is anticipated to experience growth at 53.50% during the forecast period.
๐ ๐จ๐ซ ๐๐ฎ๐ซ๐๐ก๐๐ฌ๐ ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ https://www.alliedmarketresearch.com/purchase-enquiry/5239
The oncology segment is projected to grow at the highest CAGR of 32.6% during the forecast period, owing to increase in adoption of AI to discover drug for treatment of different forms of cancer, large number of promising drugs in the oncology pipeline, higher adoption of AI to discover & develop oncology drugs and increase in number of collaborations between large pharma companies with AI providers are majorly driving the growth of this segment.
North America held the major share of the artificial intelligence for drug discovery and development market in 2019 and is expected to continue its dominance during the forecast period, owing to strong economies in the U.S. and Canada; high adoption rate of AI technologies due to large number of investments to boost the drug discovery industry; and large number of cross industry collaborations and partnerships majorly fuel the market growth. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, owing to rise in adoption of advanced AI technologies, and growth in focus of major players on increasing their presence in emerging Asian countries.
๐๐ฒ๐ ๐๐ฒ๐๐ฎ๐ถ๐น๐ฒ๐ฑ ๐๐๐ฉ๐จ๐ซ๐ญ https://www.alliedmarketresearch.com/artificial-intelligence-for-drug-development-and-discovery-market
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