According to FutureWise analysis the market for artificial intelligence in drug discovery in 2023 is US$ 0.88 billion, and is expected to reach US$ 18 billion by 2031 at a CAGR of 45.9%.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Artificial Intelligence in Drug Discovery Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Artificial Intelligence in Drug Discovery Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.
The primary factors accountable for the growth of the market are the rising number of cross-industry partnerships, the growing necessity of controlling the costs of drug development and discovery and the reduction in the time required for processing drugs. Manufacturers in the life science industry constantly focus on replenishing their product pipelines as the majority of the big sellers go off patent. Furthermore, a growing number of public-private partnerships boosting the adoption of AI-powered solutions in drug discovery and development processes is driving the market. Countries such as France, the U.S., Spain, and Japan dominate the clinical trial space, while the U.K. is focused on enhancing research and development activities.