AI in drug discovery market to increase at CAGR of 40.8 percent

New research has found that artificial intelligence (AI) in the drug discovery market is projected to increase at a compound annual growth rate (CAGR) of 40.8 percent from 2019 to 2024. According to MarketsandMarkets™, AI in drug discovery has been worth $259 million this year but will grow to be worth $1,434 million by the end of the forecast period. Some of the factors that are expected to be responsible for this increase include a growing number of cross-industry collaborations and partnerships, the need to control drug discovery and development costs and the rising adoption of cloud-based applications and services. The impending patent expiry of blockbuster drugs is a further reason given for this potential growth. However, some of the challenges that could weaken this market are an inadequate availability of skilled labour and a lack of datasets in the field of drug discovery. The researchers say that as AI is complex method it entails the implementation of sophisticated algorithms for a wide range of applications in drug discovery. This means it requires support and maintenance services, which will result in the services market growing more than the software market.