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According to Reports and Data, theArtificial Intelligence in Drug Discovery Marketwas valued at USD 253.8 million in 2019 and is expected to reach USD 2,127.9 million by the year 2027, at a CAGR of 31.9%. Artificial intelligence has known to have enormous applications in the field of drug discovery as it helps to analyze outbreaks, develop cures for diseases, and also predict which animal viruses tend to mutate. In drug discovery, artificial intelligence has known to improve research and development, which allowed researchers to discover treatments for chronic diseases. The use of machine learning to manage the huge number of data sets is increasing advances in drug discovery. The rising need to manage drug discovery costs is expected to drive the market in the future.

Drug discovery includes various processes and stages that demand a huge amount of funds. Moreover, clinical trials and acceptance of the drug in the market could be a challenging task. Artificial intelligence is capable of reducing such high costs in research and development as it finds solutions faster and with precision. Furthermore, increasing collaborations among companies to produce patented drugs could also be a major driver for the market. Artificial intelligence may reduce a large amount of time utilized in the drug discovery process. Therefore, reduction in time factor could be a primary market driver in the forecast period. The increasing demand for cloud-based software that enables the researcher to design drugs quickly and accurately is expected to drive the market widely.

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Some Key Factors Contributing to the Global Pharma & Healthcare Market Growth

Unprecedented revenue growth of the global pharma & healthcare industry is attributed to factors such as rising prevalence of chronic and acute diseases worldwide, increasing geriatric population, rising awareness of health & wellness among consumers, and growing demand for more advanced healthcare services. Increasing demand for advanced drugs and therapeutics, growing availability of next-generation diagnostics and treatment options especially in developing countries like India and China rise in R&D activities and clinical trials in the pharmaceutical and biotechnology sectors, increasing public and private investments in healthcare research projects, and rising consumer expenditure on healthcare are among the other significant factors contributing to the industry revenue growth.

Further key findings from the report suggest

Top Players in the Global Artificial Intelligence in Drug Discovery Market:

NVIDIA Corporation, Deep Genomics, Cloud Pharmaceuticals, IBM Corporation, Microsoft and Google, Insilico Medicine, BenevolentAI, Cyclica, BERG LLC, and Envisagenics.

The coronavirus pandemic has had a drastic impact on the global healthcare industry, with rising cases of COVID-19 worldwide, substantially growing hospital admission and readmission rates, and rising demand for telehealth and telemedicine services for remote patient monitoring. Furthermore, rising focus on development of rapid COVID-19 diagnostics such as the RT-PCR test kits, increased government funding for vaccine development, stringent regulatory norms and protocols for COVID-19 safety, and increasing sales of COVID-19 safety equipment, such as N-95 masks, face shields, PPE kits, and hand sanitizers, have driven the global pharma & healthcare industry revenue growth over the recent past.

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Artificial Intelligence in Drug Discovery Market Segmentation:

By Drug Type Outlook (Revenue in Million USD; 20172027)

By Offerings Outlook (Revenue in Million USD; 20172027)

By Technology Outlook (Revenue in Million USD; 20172027)

By Application Outlook (Revenue in Million USD; 20172027)

By End Use Outlook (Revenue in Million USD; 20172027)

Global Artificial Intelligence in Drug Discovery Market Report: Regional Segmentation

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Global Artificial Intelligence in Drug Discovery Market: Table of Contents

Chapter 1. Methodology & Sources

1.1. Market Definition

1.2. Research Scope

1.3. Methodology

1.4. Research Sources

1.4.1. Primary Sources

1.4.2. Secondary Sources

1.4.3. Paid Sources

1.5. Market Estimation Technique

Chapter 2. Executive Summary

Chapter 3. Key Insights

Chapter 4. Global Pharma & Healthcare Market Segmentation

4.1. Global Pharma & Healthcare Market COVID-19 Impact Analysis

4.2. Industrial Outlook

4.2.1. Market indicators analysis

4.2.2. Market drivers analysis

4.2.3. Market restraints analysis

4.3. Technological Insights

4.4. Porters Five Forces Analysis

4.5. Regulatory Framework

4.6. Price trend Analysis

4.7. Competitive Metric Space Analysis

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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Artificial Intelligence in Drug Discovery Market to Witness Robust Growth by 2027| Top Players mbu timeline - mbu timeline

In April of 2021, the European Commission submitted its proposal for a European Union regulatory framework on artificial intelligence. The Artificial Intelligence Act represents the first attempt globally to horizontally regulate artificial intelligence (AI). The extraterritorial application of the AI Act and its likely demonstration effect (the so-called Brussels effect) for policymakers means that the AI Act will have a range of implications for the development of AI regulation globally, as well as efforts to build international cooperation on AI.

The following outlines next steps for the AI Act as it winds its way through the EU system before becoming law, the key issues in the AI Act that will receive the most attention, and how the AI Act may affect international cooperation in AI. This policy brief draws from discussions in the multistakeholder Forum on Cooperation in AI (FCAI), jointly led by Josh Meltzer, Cameron Kerry, and Andrea Renda, as well analysis originally published in the October 2021 FCAI report, Strengthening International Cooperation on AI.

Download the full policy brief

Link:
The European Union AI Act: Next steps and issues for building international cooperation in AI - Brookings Institution

Mintlify, which automates software documentation tasks announced that it raised $2.8 million in a seed round led by Bain Capital Ventures. The startup developing software's CEO Han Wang said that the proceeds will go to product development and double their staff. Currently, Mintlify is a three-person team.

The New York-based software company was founded in 2021 by Han Wang and Hahnbee Lee. Both are software engineers and their profession drove them to build Mintlify.

Both Wang and Lee's experiences in software development involved working with documentation that wasn't always high quality or complete.

"We've worked as software engineers at companies in all stages ranging from startups to big tech and found that they all suffer from bad documentation if it even existed at all," Wang said.

He also added that documentation is crucial to engineers and those that are working on new codebases.

Also read:AI-Powered Video Editing Platform: Why Should You Use It- Virtual Doppelganger?

With that, Mintlify is established to address documentation challenges with auto-generating documentation. The software reads code and creates docs to explain it using technologies, such as Natural Language Processing (NLP) and web scraping.

This only shows that generating documentation from code is possible with the help of Artificial Intelligence (AI).

However, Mintlify isn't the first one to do this. In fact, the software company already has a few competitors that are taking similar approaches.

Still, Wang assures that their software delivers higher-quality results and they don't force developers to host documentation on a cloud service.

"Mintlify's mission is to solve documentation rot by developing continuous documentation into a standard practice for software teams," Wang said.

Aside from document generation, the software also scans for stale documentation and detects how users engage with the documentation. These help improve its readability. The software that will not store code and ensures all user data at rest and in transit are encrypted.

The platform is free for developers and can be integrated with existing systems.

Since its launch in January, Mintlify continues to grow with 6,000 active accounts. With this, they are looking to offering a premium that is aimed at enterprise customers.

It has also received good feedback from developers and people who have texted the software. For many, it saves a lot of time and keystrokes from writing docstrings from scratch and it would be useful for reading and understanding undocumented code by ghosts.

They also noted that the global pandemic's impact on the work environment has even made it more important to have high-quality documentation for more efficient product development. And this is exactly what Mintlify is doing as they expand into workflow automation that addresses documentation challenges.

Related article:Top 5 Best Bot Platforms Software for Better Customer Support

This article is owned by TechTimes

Written by April Fowell

2021 TECHTIMES.com All rights reserved. Do not reproduce without permission.

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Mintlify Uses Artificial Intelligence To Address Software Documentation Challenges, Raises $2.8 Million - Tech Times

The application of AI has been largely a private sector phenomenon. The public sector has advanced regulatory questions, especially in Europe, but struggled to find its own role in how to use AI to improve society and well-being of its citizens. The Wilson Center invites you to take a critical look at the use of AI in public service, examining the societal implications across sectors: environmental sustainability, finance, and health. Where are the biases in the design, data, and application of AI and what is needed to ensure its ethical use? How can governments utilize AI to create more equitable societies? How can AI be used by governments to engage citizens and better meet societal needs? The webinar aims to engage in a dialogue between research and policy, inviting perspectives from Finland and the United States.

This webinar has been organized in coordination with the Finnish-American Research & Innovation Accelerator.

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Lessons from Europe: Deployment of Artificial Intelligence in the Public Sphere - Wilson Center

SOPHIA ANTIPOLIS, France--(BUSINESS WIRE)--Regulatory News:

Median Technologies (Paris:ALMDT) announces that the company is expanding its portfolio of services with Imaging Lab, a new entity whose mission is to leverage AI, data mining, and radiomics technologies to exploit imaging data from clinical trials in oncology.

The creation of Imaging Lab materializes the convergence of iCRO's activities for image management in the development of new oncologic drugs and iBiopsy's activities for the development of software as medical device targeting early diagnosis of cancers, especially lung cancer.

"We are seeing a paradigm shift of pharmaceutical companies towards new drug candidates targeting patients with early-stage cancers," said Fredrik Brag, CEO and founder of Median Technologies. "The synergy between our iCRO and iBiopsy businesses is perfect to respond to this change: iBiopsy develops software as medical device, integrating AI technologies, which allow the diagnosis of diseases at a very early stage, when patients are still asymptomatic. At the same time, iCRO has extensive knowledge of image processing and its management in clinical trials. The cross-fertilization of our two businesses will enable us to leverage imaging data in conjunction with other clinical information in an unparalleled way and provide biopharmaceutical companies with tools for Go/No-Go decisions in trials," adds Fredrik Brag.

Imaging Lab will provide new answers in four areas that determine the success of clinical trials: selection of patients included in trials, especially inclusion of patients diagnosed at early stages of disease thanks to AI technologies, prediction of response to therapy, measurement of disease progression, and evaluation of the safety of drug candidates. The goal is to optimize development plans, including facilitating Go/No-Go decisions to increase the success rate of clinical trials. This rate is especially low in oncology, generating an average development cost of $2.8 billion to take a new molecule to market, compared with an average of $1 billion per new molecule brought to market for other therapeutic areas1.

"Our experience of image management in clinical trials has shown that trial data is vastly underutilized. We can extract much more information from images through the widescale use of data mining, AI, and radiomics and use these technologies to better support our customers and biopharmaceutical partners in their clinical developments," says Nicolas Dano, COO iCRO of Median Technologies.

The Imaging Lab team will be present from June 4-6 (exhibition dates) at the ASCO Annual Conference in Chicago , Medians booth #2098, Exhibit Hall A, to meet the pharmaceutical community.

About Median Technologies: Median Technologies provides innovative imaging solutions and services to advance healthcare for everyone. We harness the power of medical images by using the most advanced Artificial Intelligence technologies, to increase the accuracy of diagnosis and treatment of many cancers and other metabolic diseases at their earliest stages and provide insights into novel therapies for patients. Our iCRO solutions for medical image analysis and management in oncology trials and iBiopsy, our AI-powered software as medical device help biopharmaceutical companies and clinicians to bring new treatments and diagnose patients earlier and more accurately. This is how we are helping to create a healthier world.

Founded in 2002, based in Sophia-Antipolis, France, with a subsidiary in the US and another one in Shanghai, Median has received the label Innovative company by the BPI and is listed on Euronext Growth market (Paris). FR0011049824 ticker: ALMDT. Median is eligible for the French SME equity savings plan scheme (PEA-PME), is part of the Enternext PEA-PME 150 index and has been awarded the Euronext European Rising Tech label. For more information: http://www.mediantechnologies.com

1 https://www.biopharmadive.com/news/new-drug-cost-research-development-market-jama-study/573381/

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Median Technologies Launches Imaging Lab, Spearheading the Integration of iBiopsy Artificial Intelligence Technologies Into iCRO Imaging Services for...