Artificial Intelligence (AI) in Drug Discovery Market

IBM Corporation (US), Microsoft Corporation (US) and Google (US) are leading Players in the Artificial Intelligence (AI) in Drug Discovery Market

The global AI in the drug discovery market is projected to reach USD 1,434 million by 2024 from USD 259 million in 2019, at a CAGR of 40.8% during the forecast period (2019–2024). The growth of the artificial intelligence in drug discovery market is primarily driven by factors such as the growing number of cross-industry collaborations and partnerships, the need to control drug discovery & development costs and reduce the overall time taken in this process, the rising adoption of cloud-based applications & services, and the impending patent expiry of blockbuster drugs.

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 challenging the growth of the market.

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The AI in the drug discovery market is a highly diversified and competitive market, with a large number of players, including mid-tier companies and startup firms, competing for market shares. IBM Corporation (US), Microsoft (US), Google (US), NVIDIA Corporation (US), Atomwise, Inc. (US), Deep Genomics (Canada), Cloud Pharmaceuticals (US), Insilico Medicine (US), Benevolent AI (UK), Exscientia (UK), Cyclica (Canada), BIOAGE (US), Numerate (US), Numedii (US), Envisagenics (US), twoXAR (US), OWKIN, Inc. (US), XtalPi (US), Verge Genomics (US), and Berg LLC (US) are some of the key players in this market. These players have adopted various growth strategies, such as product launches, expansions, acquisitions, and agreements, to expand their presence in the global market further.

Product launches, expansions, and agreements were the key growth strategies adopted by players from 2016 to 2018. Some of the leading players that adopted these strategies are IBM Corporation (US), Microsoft (US), Google (US), NVIDIA Corporation (US), Atomwise, Inc. (US), Deep Genomics (Canada).

IBM Corporation (US)

IBM Corporation (US) is one of the leading providers of the AI drug in the drug discovery market across the globe. With an extensive distribution network across the world, the company has established itself as one of the leading players in the AI drug in the drug discovery market. The company provides IBM Watson, an AI platform, through its Cognitive Solutions segment. Watson is used by pharmaceutical companies and biotech & academic institutions to support new drug target identification and drug repurposing. IBM follows organic as well as inorganic growth strategies to improve its position in the AI in drug discovery and other emerging AI markets. The company invested ~USD 6 billion to make 15 acquisitions in cognitive, cloud, and security businesses. Also, partnerships and collaborations with AI solution providers/consumers remain an important aspect of the company’s strategy to enhance its footprint in this market.

Microsoft Corporation (US)

Microsoft is one of the prominent players in the AI drug in the 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 the pharma 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, the company launched Azure Databricks in November 2017. Also, in May 2017, Microsoft (US) collaborated with Indegene (US) to deliver next-generation commercial cloud applications to life science professionals. Such development helps the company to maintain its strong position in the AI in the drug discovery market.

Google (US)

Google is one of the leading technology providers. The company competes based on innovation, high product efficiency, service to customers, and reliability. The company majorly focuses on investing in AI and machine learning to build innovative products that would help businesses across various sectors, including life sciences. The company has significantly increased its R&D spending and now aims to improve its computer vision, machine learning, and other AI training algorithms. Furthermore, the company adopts different growth strategies including new product launches, acquisitions, partnerships, and strategic alliances to maintain its leading position in the market.

Related Reports:

Artificial Intelligence (AI) in Drug Discovery Market by Component (Software, Service), Technology (ML, DL), Application (Neurodegenerative Diseases, Immuno-Oncology, CVD), End User (Pharmaceutical & Biotechnology, CRO), Region - Global forecast to 2024

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Report Code
HIT 7445
RI Published ON
11/19/2019
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