AI is literally everywhere. Right from our work spaces, places of commute, to our very own homes. Technological advances are rushing along at a swift pace, making the involvement of machines in the fields of construction, finance, agriculture and farming, medicine and drug discovery etc. We are at the cusp of new age – Automation. It is the new flavour of the market, right from the evolution of automated cars, computers and programs with artificial intelligence to industrial robots; we are getting surrounded with smart or rather to say, super intelligent machines.
With the advancing revolution taking place in all the spheres of life, the new era is bringing humans and machines to start working together, as we take the help of smart devices to enhance our daily work. The smart technology is making waves in every industry and AI is being streamlined for an automated approach in drug discovery. Although there have been many other methods to reduce the testing period and miscalculations of the process, it is found that AI has the potential to get even more accurate results and in lesser time.
AI technique has been designed to imitate the way our brains work. Not only has it provided meaningful results in natural language processing, controlling automated cars, image recognition but also facilitated the development of new drugs proficiently.
So what exactly is Drug Discovery and how is AI helping?
Commonly known as a process in which new medicines are identified, through various branches of science comprising of biology and pharmacology. During the earlier times, many of the medications were unexpected discoveries, whereas some were administered by mixing known active ingredients based on the patient’s illness. While there may have been few hits and misses in getting the correct remedy, the tedious process of drug discovery involves the patient’s identification, combination and description of drugs involved, as well as assessing the effectiveness of the developments with repetitive trials.
By introducing AI in the field of drug discovery, the expedition for new pharmaceuticals is expected to be quicker, cheaper and even more effective. It is worth noting that from enhancing the process of production and collecting scientific figures, to gauging the differences of the inhabitants, AI has helped with a better response rate. According to experts, AI can determine arrangements and provide solutions that humans may not be able to configure. The way AI approaches data due to advanced algorithms; it helps to transform the discovery better by replicating human activity and automating monotonous work.
Global Artificial Intelligence in Drug Discovery Market is valued approximately at US$259 million in 2019 and is anticipated to grow at a CAGR of 40.80% over the forecast period 2020-2027. Artificial Intelligence in Drug discovery has been gaining popularity as this technology adds value for scientists and researchers in the industry in decision making processes. With the rise in the number of chronic diseases such as diabetics and imbalanced blood pressure and rare diseases such as COVID-19 and Ebola, the market of Artificial Intelligence in Drug Market fuels up. Overall usage of AI worldwide has risen, accelerating the market growth. For Instance: As per Gartner in 2019, the enterprise uses of AI increased by 270% in past 4 years. AI helps to understand the disease mechanism and spread history and generate data or models for the process of discovery, and also supports the pharmaceutical industries to propel over the next few years.
Improvising the field of Drug Discovery
The market is experiencing growth due to the rise in the number of cross-industry collaboration and enhancement in the venture capital investments. For Instance: Pharmaceutical Company Bayer AG in January 2020 announced collaboration with AI in drug discovery firm Exscientia to optimize the medications for patients with treating cardiovascular and oncological diseases. Further, rising pressure on the drug manufacturers in order to reduce the price of the drugs accelerates the market growth of AI in Drug Discovery as it reduces the number of clinical failures resulting loss reduction in R&D. However, complexity to design the required model and lack of skilled workers to work with the technology are the major factors restraining the growth of the market over the forecasted period of 2020-2027.
North America is the leading/significant region due to early adoption of Artificial Intelligence across various sectors. Asia Pacific is also anticipated to exhibit the highest CAGR over the forecast period, wherein factors such as rise in research and development in the pharmaceutical industries in emerging economies such as India and China would create lucrative growth prospects for the Artificial Intelligence in Drug Discovery market across Asia-Pacific region. Some of the major market players include IBM Corporation (US), Microsoft Corporation (US), Google LLC (US), Deep Genomics (Canada), Cloud Pharmaceuticals, Inc. (US), Exscientia Limited (UK) etc.
Some of the leading pharmaceutical companies are shifting towards AI driven technologies, in the means to get the required expertise and know-how. Considered as a new phase in human development, the advanced technology of today has enabled to bring the physical, digital and biological worlds together. However, it is more than just a technology driven change, which is likely an opportunity to help everyone connect towards a human centred future. The incorporation of AI in our daily work makes it an important part of our lives, thereby saving time, money and giving us an opportunity to enjoy a more-customized future.