Artificial Intelligence (AI) in Drug Discovery Market Worth $1,434 Million by 2024 - Exclusive Report by MarketsandMarkets

According to the new market research report "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", published by MarketsandMarkets, the AI in 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. Some of the factors responsible for the growth of this market are 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. "The services segment is expected to grow at the highest CAGR during the forecast period." On the basis of offering, the Artificial Intelligence in drug discovery market is segmented into software and services.