The Artificial intelligence/AI in drug discovery Market is projected to reach USD 4.0 billion by 2027 from USD 0.6 billion in 2022, at a CAGR of 45.7% during the forecast period. Growing number of cross-industry collaborations and partnerships, the need to control drug discovery & development costs are some of the major factors bossting the growth of this market. On the other hand, a lack of data sets in the field of drug discovery and the inadequate availability of skilled labor are some of the factors restraning the growth of the market at certain extent during the forecast period.
The 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 (US), Valo Health (US), Envisagenics (US), twoXAR (US), Owkin, Inc. (US), XtalPi (US), Verge Genomics (US), Biovista (US), Evaxion Biotech (Denmark), Iktos (France), Standigm (South Korea), and BenchSci (Canada). Players adopted organic as well as inorganic growth strategies such as product upgrades, collaborations, agreements, partnerships, and acquisitions to increase their offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
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NVIDIA CORPORATION (US)
NVIDIA is among the world leaders in the visual computing business. It has a well-established geographic footprint and deals with key OEMs or ODMs. The company continues to lead in the development of new products for AI. In order to maintain its leading position in the market, the company focuses on adopting different organic growth strategies. For instance, in September 2018, NVIDIA launched the NVIDIA Clara platform. In October 2017, the company launched the NVIDIA GPU Cloud (NGC). NVIDIA GPUs help in extracting AI insights from several pharmaceutical datasets, which, in turn, help in the quick identification and development of novel drugs. Tos sleverage this advantage, in August 2019, the MELLODDY Consortium (Machine Learning Ledger Orchestration for Drug Discovery) joined forces with NVIDIA to accelerate the AI drug discovery process.
MICROSOFT CORPORATION (US)
Microsoft is one of the prominent players operating in the AI in drug discovery market. The leading position of the company can be attributed to its strong brand recognition and extensive product portfolio in this market. The company’s cloud-based Azure platform helps pharmaceutical and life science companies to accelerate innovation and improve operational outcomes. The company majorly focuses on organic as well as inorganic growth strategies to maintain its foothold in the market. For instance, in November 2017, the company launched Azure Databricks. In addition, in May 2017, Microsoft (US) collaborated with Indegene (US) with an aim to deliver next-generation commercial cloud applications to life science professionals. Such developments help the company to maintain its strong position in the AI in drug discovery market.
Artificial Intelligence/AI in Drug Discovery Market by Offering (Software, Service), Technology (Machine Learning, Deep Learning), Application (Cardiovascular, Metabolic, Neurodegenerative), End User (Pharma, Biotech,CROs) - Global Forecasts to 2027
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