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Artificial Intelligence in Drug Discovery Market to Hit USD 6.89 Billion by 2029 with 29.9% CAGR | MarketsandMarkets™

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DELRAY BEACH, Fla., Nov. 12, 2024 /PRNewswire/ — The global artificial intelligence (AI) in drug discovery market is projected to reach USD 6.89 billion by 2029 from USD 1.86 billion in 2024, at a CAGR of 29.9% from 2024  to 2029. The rising shift towards integrating AI for understanding diseases and small molecule design and optimization use cases augments the growth of the market. AI tools play a major role in accelerating target identification, optimizing lead compound selection, and predicting drug efficacy and toxicity. Supervised methods such as regression, decision trees, and neural networks help predict material properties and drug candidate profiles. In contrast, unsupervised techniques such as clustering algorithms (k-means and hierarchical clustering) and dimensionality reduction identify hidden trends, patterns, and groupings in data, aiding in novel drug discovery. Deep Learning is employed to predict molecular properties, design new compounds, and other applications. Convolutional Neural Networks (CNNs) and Recurrent Neural Networks (RNNs) are more commonly used for handling complex data, such as sequences or molecular structures. Generative Adversarial Networks (GANs) are utilized to generate de novo or novel drug candidates, molecular structure simulation, and lead optimization. These tools help streamline processes, as well as reduce the time and cost involved in screening, optimizing, and discovering new drug candidates.

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Based on therapeutic area, the artificial intelligence (AI) in drug discovery market is segmented into oncology, infectious diseases, neurology, metabolic diseases, cardiovascular diseases, immunology, mental health, and others (respiratory diseases, nephrology, dermatological diseases, genetic disorders, inflammatory diseases, and gastrointestinal). The neurology segment held the fastest market share in the Al drug discovery market due to the increasing number of neurological disorders and the difficulties associated with drug discovery in this field, The use of Al technologies accelerates drug development because neurological diseases such as Parkinson’s, Alzheimer’s, and multiple sclerosis are difficult to diagnose and treat.

According to the WHO, in 2021, neurological conditions affected over 3 billion people worldwide. This emphasizes the need for innovative healthcare solutions. Al-powered drug discovery platforms work well in neurology, allowing faster and more accurate analysis of complex neurological data to identify potential drug candidates. The increasing availability of large datasets from clinical trials, genomics, neuroimaging, and electronic health records (EHR) records, as well as the growth investments in neurology, also contribute to market growth. In 2023, venture investments in neurology companies were USD 1.14 billion in the US. Resources like the Alzheimer’s Disease Neuroimaging Initiative (ADNI) provide vast data for machine learning applications.

Based on the process, artificial intelligence (AI) in drug discovery market is broadly classified into target identification & selection, target validation, hit identification & prioritization, hit-to-lead identification/lead generation, lead optimization, and candidate selection & validation. Hit-to-lead identification/lead generation accounts for the largest process segment in this market; it is also expected to register the highest growth owing to its critical role in streamlining the early stages of the drug development process. AI can significantly reduce the number of compounds and experiments required to find and optimize leads. This procedure uses Al algorithms to analyse large datasets, such as chemical libraries and biological interactions, to identify potential drug candidates or hits and develop them into viable leads. AI helps address long design-make-test cycles across discovery journeys. Faster screening and better exploration of vast chemical libraries are fuelling market growth for AI solutions for hit-to-lead identification/lead generation. For example, activity prediction enables more targeted experiments, and predictive analytics can help forecast compound properties. However, the lack of existing clinical data for a new molecule can hinder market growth.

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There are several opportunities in AI in drug discovery market such as growing biotech industry, emerging markets, AI in single cell experiments, Growing demand for precision medicine and personalized medicine. Key players in the artificial intelligence (AI) in drug discovery are NVIDIA Corporation (US), Exscientia (UK), Google (US), BenevolentAI (UK), Recursion (US), Insilico Medicine (US), Schrödinger, Inc. (US), Microsoft (US), Atomwise Inc. (US), Illumina, Inc. (US), Valo Health (US) among others. These players not only have a comprehensive and diverse product portfolio but also a strong geographic presence.

The key players in this market can tap these opportunities to enhance and improve their product offerings and develop innovative AI solutions for various processes, use cases, and end users. Moreover, these companies can integrate AI in drug design and optimization, understanding diseases, drug repurposing, single-cell analysis, and identification of biomarkers, disease types, and subtypes. Additionally, key players invest in AI algorithms that can examine complicated data and interpret disease mechanisms and pathways. Collaborations and partnerships between key players continue to grow rapidly, which in turn has accelerated the development of targeted therapies and contributed to rapidly expanding drug pipelines.

These market players have offered a diverse range of products and services and have operations worldwide with a major focus on North America. They rely on technological advancements to avail themselves of innovative end-to-end solutions, software, and services and increase their global footprint. These players focus on product launches and enhancements, investments, partnerships, collaborations, agreements, joint ventures, funding, acquisitions, expansions, conferences, FDA clearances, sales contracts, alliances, and other recent developments to expand their global reach and develop AI in drug discovery solutions.

NVIDIA Corporation:

NVIDIA Corporation, a prominent technology company, has made remarkable advances in artificial intelligence (AI), particularly drug discovery. NVIDIA GPUs power AI workloads in drug discovery applications such as molecular modeling, simulation, and machine learning. Nvidia’s AI software includes development tools, libraries, and frameworks that can be used to build and deploy AI applications for drug discovery. The company provides generative AI platforms like BioNeMo and Clara Discovery. NVIDIA BioNeMo simplifies the deployment of AI models, hastening the transition to AI-driven drug discovery. It offers models for 3D protein structure prediction, molecule generation, property predictions, and molecular docking. Users can customize AI models with their data, access pre-trained models, and integrate them into drug discovery workflows. NVIDIA Clara Discovery is a software suite that includes a variety of tools for AI-driven drug discovery.

NVIDIA Corporation operates more than 50 offices across the Americas, Asia, and Europe, along with manufacturing facilities in the US and Taiwan. The company collaborates with several pharmaceutical companies and biotech startups to develop solutions for AI-driven drug discovery. For example, in November 2023, NVIDIA collaborated with Genentech to improve computational models and incorporate generative AI into drug discovery processes, allowing for faster exploration of molecular designs.

Insilico Medicine:

Insilico Medicine is an end-to-end generative AI-driven biotech company accelerating drug discovery and development to treat cancer and age-related diseases. Its proprietary Pharma.AI platform spans biology, chemistry, and clinical development. The company pioneered the application of reinforcement learning and generative adversarial networks (GANs) to develop new molecular structures for diseases with known and unknown targets. Its products and services are used by pharmaceutical companies, biotechnology companies, and academic research institutions. Insilico Medicine has produced a diversified internal pipeline of 31 programs for 29 drug targets. The company’s lead drug is ISM001-055, a small-molecule chemical drug candidate primarily designed to treat fibrosis-related indications, including idiopathic pulmonary fibrosis. The company has offices in the US, Hong Kong, Canada, and the UAE. The company has more than 150 academic and industrial collaborations worldwide. For instance, in September 2024, Insilico Medicine collaborated with Inimmune to leverage its proprietary AI platform, Chemistry42, in accelerating the discovery and development of next generation immunotherapeutic.

Exscientia:

Exscientia is an AI-driven small-molecule drug discovery and design company. The company designed and developed an end-to-end solution of AI and experimental technologies for target identification, drug candidate design, translational models, and patient selection. The company’s patient-first AI process comprises four elements, namely, Precision Target (experimental and literature-based AI systems to prioritize projects), Precision Design (an extensive platform of AI technologies to design innovative drugs), Precision Experiment (tech-enabled precision experimentation to derive better data), and Precision Medicine (integrated analysis of patient data to ensure clinical relevance). The platform has helped design candidate drug molecules that have progressed into clinical trials and improve disease understanding through AI-guided assessment and generative AI. Exscientia collaborates with pharmaceutical companies such as GSK, Sanofi, and Roche. The company has offices in the UK, the US, and Japan. For instance, in July 2024, Exscientia announced the expansion of its collaboration with Amazon Web Services, Inc. to utilize AWS’s AI and machine learning services, further enhancing its end-to-end drug discovery and automation platform.

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Leading Business Events Management Company, PRA Acquires Island Style Innovations in Hawai’i

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CHICAGO, Nov. 25, 2024 /PRNewswire/ — PRA, a leader in the Business Events industry, announced today the company has acquired Island Style Innovations, local destination management experts in the exclusive Hawaiian market. This move marks the second acquisition in the last 18 months in this important meeting, convention, and incentive program market, delivering continued growth and execution of PRA’s overall expansion strategy. The Island Style Innovations team will join the PRA Hawai’i office, under the leadership of Debbie Weil-Manuma, and rebrand as PRA, integrating with the current team.

Founded in 2014 by Tatiana von Oelhoffen and Colleen Reyes, Island Style Innovations is one of the leading events and incentive management teams operating across the Hawaiian Islands. With decades of combined event management experience, extensive local knowledge and strong operational excellence, the team specializes in comprehensive event design and execution. With well-established strategic relationships with many leading hotel brands, event venues, suppliers and business partners throughout the region, Island Style Innovations excels at delivering the highest quality meetings and events with a keen focus on local, authentic experiences. The company’s clientele spans programs for the insurance, financial, pharmaceutical, and technology sectors, along with diverse corporate clients.

Laurie Knapp, Chief Growth Officer of PRA, stated, “We welcome the incredible Island Style Innovations team to the PRA family who share our passion for creating once-in-a-lifetime experiences for valued clients. This continued expansion of our PRA Hawai’i team in this key destination emphasizes PRA’s steadfast commitment to deliver innovative event concepts through the industry’s most talented event designers and operators. Now working in conjunction with PRA’s industry leading creative, production, and global sales organization, the team will be able to deliver enhanced solutions in this important market.” 

The acquisition of Island Style Innovations along with the previous Weil & Associates Hawai’i purchase in 2023, marks a key step in the execution of PRA’s strategic growth plan.

“We are excited to have the Island Style Innovations team join PRA Hawai’i in this thriving market for events, enhancing our standing as the premier business events management company in the islands,” added Weil-Manuma. “Tatiana, Colleen, and the team have so much to be proud of in their creation of this successful business and we look forward to building our exciting next chapter together.”

“When it was time to consider the future for Island Style Innovations, we knew we wanted to collaborate with a group that aligned with our values and dedication to the personalized service our clients have come to expect over the years,” shared Reyes. “I couldn’t be prouder of what our team has achieved, yet this is just the beginning. And, while Tatiana will be heading off to new pursuits, the team will remain in place, and we look forward to working alongside the outstanding group at PRA Hawai’i. With increased resources and access to a robust network of destination experts nationwide, we are eager to see what the future brings. I extend my gratitude to Tatiana for all her significant contributions to the success of our Hawai’i team through her leadership and valued partnership over the years.”  

PRA (pra.com)
Headquartered in Chicago with teams throughout every major and secondary market in North America, PRA is a leading business event management firm, creating experiences which move hearts, minds, and businesses forward. Through its strategic approach to creative design, production services and destination programs, PRA offers end-to-end integrated service capabilities and solutions aligned with business meetings and events. PRA blends Passion, Reach and Authenticity to consistently deliver incomparable experiences that engage participants and exceed business goals. PRA’s reach runs deep, delivering value to millions of participants for 40 years in every major destination and beyond. For information on our complete portfolio of services, please visit pra.com.

PRA is majority owned by investment funds managed by EagleTree Capital.

About EagleTree Capital: 
EagleTree Capital is a leading New York-based middle-market private equity firm, with $5.3 billion of assets under management, that has completed 45 private equity investments and over 100 add-on transactions over the past 20+ years. EagleTree primarily invests in North America in the following sectors: business services, consumer, and water and specialty industrial. For more information, visit www.eagletree.com or find EagleTree on LinkedIn. 

Media Contact:  Laurie Knapp
Laurie.Knapp@PRA.com
M: +1.312.623.3713

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Michael Baker International Increases Geographic Reach with Fayetteville, Arkansas, Office

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Firm’s third Arkansas location opens in rapidly growing market

PITTSBURGH, Nov. 25, 2024 /PRNewswire/ — Michael Baker International, a global leader in engineering, planning and consulting services, today announced the opening of the firm’s Fayetteville, Arkansas, office.  The office is the firm’s third Arkansas location, joining outposts in Little Rock and Bentonville, and will serve as an extension of Bentonville operations, which has exceeded its existing office capacity due to the high demand for the firm’s urban roadway design and construction inspection services in Northwest Arkansas. The office will be led by Mike Stengel, P.E., Office Executive for Michael Baker’s Bentonville location.

“We are thrilled to expand Michael Baker’s footprint in the fast-growing Northwest Arkansas region. This new location will allow us to better serve statewide clients and accelerate growth in Arkansas,” said Tommy Montgomery, P.E., Southern Regional Director at Michael Baker International. “In opening our third Arkansas office, Michael Baker is reaffirming our commitment to our local clients and community. We look forward to continuing to Make a Difference in Arkansas and beyond.”

The new Fayetteville location enables Michael Baker to better serve the firm’s clients and provides an additional gateway for delivering its full spectrum of services to the Arkansas Department of Transportation (ARDOT) and other public and private clients, including major universities and retailers in the region. Additionally, the new office’s prominent location in a high-traffic area will enhance the firm’s engagement with clients and elevate its visibility as it continues to expand.

Michael Baker was recently named as one of the 2024 Best Places to Work in Arkansas by Arkansas Business Magazine. The new Fayetteville location will accommodate the firm’s growing workforce and provide room for ongoing expansion.

About Michael Baker International
Michael Baker International is a leading provider of engineering and consulting services spanning five distinct Verticals: Infrastructure, Design-Build Services, Federal Programs and Services, Consulting and Technology Solutions (CTS) and Sustainable and Resilient Solutions (SRS). The firm’s Practices encompass all facets of infrastructure, including design and civil engineering for diverse bridge, highway, water, rail and transit and aviation projects, as well as planning, architecture, environmental and construction and program management. For more than 80 years, the company has been a trusted partner to clients, providing comprehensive services and solutions, delivering expertise and quality, and embracing emerging technologies and the latest innovations – like intelligent transportation, engineered models and public safety software as a service (SaaS).

The company has more than 4,900 employees across more than 90 office locations. Michael Baker’s Wolf Pack is committed to Making a Difference for clients and communities through a culture of innovation, collaboration and technological advancement while evolving its business to become a full-service engineering and consulting firm.

To learn more, visit https://mbakerintl.com/.

Contact: Julia Covelli
julia.covelli@mbakerintl.com
(866) 293-4609

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ERIN Launches ‘Sloths for Sloths’ to Fill CEO’s Office with Holiday Toys for Pittsburgh’s Underprivileged Youth

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Employee referral software platform ERIN has announced ‘Sloths for Sloths’ — a holiday toy drive hosted in collaboration with Hall of Fame running back Jerome “The Bus” Bettis.

PITTSBURGH, Nov. 25, 2024 /PRNewswire-PRWeb/ — Pittsburgh-based employee referral software platform ERIN is getting into the holiday spirit with the launch of Sloths for Sloths — a holiday toy drive hosted in collaboration with Hall of Fame running back Jerome “The Bus” Bettis. Through an Amazon storefront set up specifically for this purpose, the ERIN team hopes to fill CEO Mike Stafiej’s office with toys for kids of all ages.

“There are two things that people will always support — giving toys to children for the holidays, and Jerome “The Bus” Bettis. At ERIN, we’re supporting a holiday toy drive with The Bus, and trying to fill a bus with toys.” – ERIN CEO Mike Stafiej

“ERIN’s notorious symbol is Sammy the Sloth, so we’ve aptly named this effort after our company’s kid-friendly mascot,” said Stafiej. “It’s our hope that every single underprivileged child in Pittsburgh will be greeted on Christmas morning with a toy that brightens their holiday. We’re proud to be taking initiative on their behalf, and hope for great success so we can continue this new tradition for years to come.”

Since 1997, Bettis and his The Bus Stops Here Foundation have been supporting Pittsburgh’s underprivileged inner-city youth through education, sports, technology and recreational opportunities. ERIN is proud to partner with such a valuable organization this holiday season to bring joy to the city’s youth.

Here’s how the program works:

Order a toy from the company’s Amazon storefront, or select a toy that you know a lucky child will love.Ship it to the ERIN headquarters at 600 River Avenue, Suite 103, Pittsburgh, PA 15212, c/o CEO Mike Stafiej.Email proof of your purchase to marketing@erinapp.com.

For every proof of a toy purchased, ERIN will match with another toy donation of up to $500 and add a stuffed Sammy the Sloth as a bonus gift. The Sloths for Sloths toy drive will end on December 13, after which all donated toys will be delivered to The Bus Stops Here Foundation for delivery to the kids of Pittsburgh.

For additional information, visit https://erinapp.com/toys. To hear more about Sloths for Sloths directly from CEO Mike Stafiej, watch this episode of The HR Morning Show.

Media Contact

Evan White, ERIN, 509.995.9105, ewhite@erinapp.com, https://erinapp.com 

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