The global AI in drug discovery market is estimated to grow significantly, at a CAGR of 51.3%, during the forecast period. In recent years, the demand for early and accurate detection of diseases is increasing rapidly. The major reason for the early detection of diseases is that people are becoming more conscious about their health. Advancement in AI-based technology enables in early and accurate diagnosis of diseases. The computer-based diagnostic tools play a major role in diagnosis and provide a platform for effective treatment of patients. The AI has the potential to expand its capabilities in medical diagnosis through various AI applications. The technology enables in managing and increasing the demands of patients for AI tools as it is a time-efficient process of detecting diseases at the initial stage.
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& Trends Analysis Report By Application (Oncology, CVD, Neurodegenerative
Diseases, and Others), and by End-User (Pharmaceutical and Biotechnology
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Significant opportunities in emerging economies of the world such as India, China, and Brazil have been observed. Automation has reached a certain level in China that in the coming years half of the work activities in China could be automated, affecting hundreds of millions of Chinese workers. AI technologies may have a disruptive impact on the country’s economic growth and on its workforce owing to the fact that these technologies can dramatically boost productivity. Factors such as the vast population and diverse industry mix that have the potential to generate huge volumes of data are key drivers that support China to be leading global hubs of AI development.
In addition to China, India also provides a promising region to penetrate for AI in drug discovery market. India is currently the second most populated country in the world. With such a population where most of the people reside in rural areas, access to quality healthcare in the country is a challenge that AI technologies have the potential to alleviate greatly. The shortage of skilled medical personnel willing to serve away from cities is one of the major problems in the healthcare sector of the country. Modern AI facilitates ways to augment the capabilities of scarce personnel, and to some extent, offset the absence of regular lab facilities. The use of AI in the Indian healthcare sector is increasing with large ICT companies and new start-ups offering AI solutions for healthcare challenges in the country.
Brazil is the largest economy in terms of GDP (Gross Domestic Product) in the Latin America region and also contributes significantly to the AI in the drug discovery market. According to the World Bank, the country spends and invests approximately 9% of its GDP annually on healthcare, making the Brazilian Healthcare Sector one of the largest and fastest-growing markets in the world. With such good spending and investment rates by Brazilians in the healthcare sector, penetration of technologies such as AI in the healthcare sector may gain traction in the coming future. Deployment of AI technologies in the healthcare sector as a response to public health concerns such as to anticipate outbreaks of diseases such as Zika and dengue fever has been observed. For instance, the Brazilian NGO Viva Rio partnered with start-up AIME (Artificial Intelligence in Medical Epidemiology) which analyses existing local government datasets in combination with satellite image recognition systems.
Global AI in Drug Discovery Market- Segmentation
By Application
By End-User
Global AI in Drug Discovery Market– Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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