Artificial intelligence (AI) technology has the potential to revolutionise drug discovery and pharma companies need to make plans for a future in which AI is frequently utilised in research, says ResearchAndMarkets.com.
However, the change AI will bring about in drug discovery will take some time, according to the ‘Global Markets for Artificial Intelligence in Drug Discovery’ report. Despite the stunning results of AI-driven innovations, pharma companies must decide where and how AI may most benefit them.
The increasing prevalence of chronic diseases is boosting the already growing demand for AI in the drug discovery market. Chronic disease affects hundreds of million patients globally and this prevalence is expected to rise rapidly up to 2028.
The report points towards inorganic strategies amongst market players that are boosting AI in drug discovery. For instance, BioNTech’s acquisition of AI start-up InstaDeep for $683 million, which enabled it to take advantage of the firm’s AI-driven decision-making tools to enhance its own drug discovery and production procedures.
Other vital driving factors are innovation, technological advancements, adoption of AI technologies in pharma industries, and cross-industry collaborations and mergers, however, a shortage of AI workforce will likely impede market growth.
Based on the report, major players in AI in drug discovery markets include Atomwise, BenevolentAI, Exscientia, Insilico Medicine and Recursion Pharmaceuticals, amongst others.
