Artificial intelligence (AI) is widely used in different sectors, especially the pharmaceutical industry. AI is adopted in a variety of areas in the pharmaceutical industry, including drug discovery and development, enhancing pharmaceutical productivity, drug repurposing, and clinical trials.
This AI application minimizes human workload while also accomplishing targets in a short amount of time. Drug companies recognize the necessity of introducing Artificial Intelligence-based systems that can mine data on gene variations, metabolic enzymes, illness occurrences, and clinical studies to uncover hidden drug-disease connections.
Given that AI may aid rational drug design, assist in decision making, select the proper therapy for a patient, including tailored medicines, and manage clinical data gathered and apply it for future drug research. AI is expected to play a role in the development of pharmaceutical products from the bench to the bedside. The increased awareness of the benefits of artificial intelligence among physicians and patients has had a direct impact on the market’s growth.
Increasing Effectiveness of AI in Developing Novel Drug
The growing need to lower drug discovery costs while also reducing time, the expansion of the pharmaceutical industry through collaborations with other industries, the use of cloud-based services, and the postponement of patent expiration are some of the factors that will propel artificial intelligence in drug discovery market. Furthermore, the presence of fewer rivals, a higher adoption rate, and the efficiency of AI in discovering new drugs are expected to give attractive prospects for global artificial intelligence in the drug discovery market.
The use of AI in the medication manufacturing process decreases the gap between research & development and aids in targeted drug manufacture. The market for artificial intelligence in drug discovery is booming, thanks to an increase in cross-industry alliances and collaborations. Furthermore, the growth in funding of R&D activities for the application of AI technology in the field of drug discovery, as well as the increasing importance of AI in drug discovery and development, is predicted to fuel artificial intelligence in the drug discovery market.
Role of Artificial Intelligence during COVID-19 Pandemic
Artificial intelligence technologies are critical in the fight against the epidemic. Though the use of artificial intelligence in medication research is not a new concept, its implementation in the COVID-19 epidemic crisis has demonstrated the sector’s potential.
Due to the Covid-19 pandemic, artificial intelligence in the drug discovery market is expected to grow significantly, owing to an increase in AI usage and a rise in the number of partnerships between AI providers and pharmaceutical companies to create drugs for COVID-19 treatment.
Artificial Intelligence in Drug Discovery Market Dynamics across Regions
North America dominated the artificial intelligence in the drug discovery market with the largest revenue share owing to the increasing usage of artificial intelligence and the existence of a large number of market players.
The Asia Pacific is predicted to be the fastest-growing region and likely to be driven by the increased adoption of new technology in India and China for new medication development, as well as a focus on strengthening pharmaceutical capacities within the country.
Deep-dive Insights on Artificial Intelligence in Drug Discovery Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/ai-in-drug-discovery-market/request-for-sample