Global Blockchain as a Service (BaaS) Market (2018-2025)-GMI Research Global Artificial Intelligence | Page 2

AI for the drug discovery market is highly fragmented and have a lower level
of competition as few companies matched the required level of expertise. For
instance, there are more than 100 AI companies in the world today but only a
few of them can enter the AI in the drug discovery sector due to the lack of
expertise
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The AI for Drug Discovery market is rapidly growing, due to the rising number
of cross-industry partnerships and collaborations, a significant increase in
venture capital investments. Furthermore, the growth in importance of drug
discovery and rise in funding of the R&D activities for the use of AI technology
in the field of drug discovery is expected to fuel the market growth. Moreover,
untapped market opportunities in developing regions such as India and China
will support the growth of artificial intelligence in drug discovery in the
coming years. However, reluctance among medical practitioners to adopt AI-
based technologies, ambiguous regulatory guidelines for medical software
and lack of interoperability between AI solutions offered by different vendors
are few factors which may impede the growth of AI for drug discovery market
during the forecast period.
Various notable players operating in the market, include Atomwise, Insilco
Medicine, Inc., BIOAGE, Exscientia, twoXAR, Incorporated, Numerate, Inc.,
NuMedii, Inc., Envisagenics, Globavir, Inc. Cloud Pharmaceuticals, Inc,
BenevolentAI among others. Major players are looking toward AI to speed up
drug discovery, cut R&D costs, decrease failure rates in drug trials, and
eventually create better medicines. For instance, Pfizer entered into research
collaboration with IBM Watson to design a system that uses machine
learning, to power its search for immuno-oncology drugs.