AI in drug discovery market to increase at CAGR of 40.8 percent
Research has found that artificial intelligence in drug discovery will be worth $1,434 million by the end of 2024.
New research has found that artificial intelligence (AI) in the drug discovery market is projected to increase at a compound annual growth rate (CAGR) of 40.8 percent from 2019 to 2024.
According to MarketsandMarkets™, AI in drug discovery has been worth $259 million this year but will grow to be worth $1,434 million by the end of the forecast period.
Some of the factors that are expected to be responsible for this increase include a growing number of cross-industry collaborations and partnerships, the need to control drug discovery and development costs and the rising adoption of cloud-based applications and services.
The impending patent expiry of blockbuster drugs is a further reason given for this potential growth.
However, some of the challenges that could weaken this market are an inadequate availability of skilled labour and a lack of datasets in the field of drug discovery.
The researchers say that as AI is complex method it entails the implementation of sophisticated algorithms for a wide range of applications in drug discovery. This means it requires support and maintenance services, which will result in the services market growing more than the software market.
Some of the most prominent players in the AI in drug discovery market listed by the report include IBM Corporation, Microsoft, Atomwise Inc and Google.