AI in Drug Discovery Market is Expected to Reach $4.0 billion | MarketsandMarkets.
Chicago, Oct. 24, 2023 (GLOBE NEWSWIRE) -- In the near future, artificial intelligence (AI) will catalyze a transformative revolution in the drug discovery industry. By leveraging advanced machine learning algorithms and high-performance computing, AI will expedite the process of drug development, substantially reducing costs and timelines. With the ability to rapidly analyze massive datasets, AI will identify novel drug candidates, predict potential side effects, and optimize compound design with unparalleled precision. Moreover, AI-driven virtual clinical trials will enable more efficient testing and approval processes. As a result, the drug discovery landscape will witness a paradigm shift towards more personalized, effective, and accessible healthcare solutions, fundamentally changing the way we combat diseases and improve patient outcomes.
AI in Drug Discovery market in terms of revenue was estimated to be worth $0.6 billion in 2022 and is poised to reach $4.0 billion by 2027, growing at a CAGR of 45.7% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. The growing need to curb the drug discovery cost & reduce the overall time taken in this process, the rising adoption of cloud-based applications and services, and the impending patent expiry of blockbuster drugs are some of the key factors driving the growth of this market.
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AI in Drug Discovery Market Scope:
|Market Revenue in 2022
|Estimated Value by 2027
|Poised to grow at a CAGR of 45.7%
|Market Size Available for
|Value (USD Billion)
|Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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