AI for Drug Discovery Market Size, Growth Industry Analysis Report, 2027

Drug discovery is the preliminary step in the process of a novel drug identification and its therapeutic target. Artificial intelligence (AI) is commonly used in the healthcare industry for drug discovery. Artificial intelligence technology has the ability to recognize drug targets, and play a significant role in drug design, discovery, identification and screening of molecules instantly and effectively. Drug discovery or new drug target are being estimated based on potency, bioavailability, efficacy, and toxicity. The AI for drug discovery market is expected to grow during the forecast period due to the increasing number of cross-industry partnerships & collaborations, a significant growth in venture capital investments, rise in importance of drug discovery and increase in funding of the R&D activities for the use of AI technology in the field of drug discovery. However, limited awareness, unwillingness among medical practitioners to adopt AI-based technologies, unclear regulatory guidelines for medical software and lack of interoperability among AI solutions offered by different vendors are likely to hamper the growth of the market in the forecast period.