Artificial Intelligence in Drug Discovery Market

Market Synopsis:

Global Artificial Intelligence in Drug Discovery market is valued at USD 627.1 Million in 2021 and is projected to attain a value of USD 4,197.5 Million by 2028 at a CAGR of 41.5% during the forecast period, 2022–2028. In recent years, there has been an increasing push to reduce the cost of innovative drug development and production, which is likely to boost demand for Artificial Intelligence in Drug Discovery area. As per analysis, the average cost of developing a new medicine is USD 2.6 billion. This is primarily owing to the limited development testing funnel, which excludes the bulk of prospective medicines from preclinical and phase 1 trials. As a result, the pharmaceutical industry's deployment of artificial intelligence for faster, more efficient, and cost-effective drug discovery is gaining traction.

Factors such as the growing population, the need to expand healthcare access, the rising prevalence of chronic diseases and conditions, a physician shortage, advancements in telecommunications, increasing awareness, government support, and increasing technology adoption are all driving growth in the Artificial Intelligence in Drug Discovery market.

Additionally, widespread use by multiple businesses for the identification and screening of existing medicines for the treatment of COVID-19, the COVID-19 outbreak had a beneficial impact on the growth of artificial intelligence in the drug discovery market.

Increasing Demand for Artificial Intelligence in Drug Discovery

Another important aspect driving artificial intelligence adoption in the drug development area is the massive amounts of data generated by molecular screening and preclinical trials. The vast amount of data makes reviewing all of the scientific literature a difficult task for the scientist. Artificial intelligence can help speed up the screening process and cut down on the time it takes to study and identify drug molecule interactions and histology data in these situations. Another important aspect of AI's growing adoption in the drug discovery space is the availability of a wide range of options for carrying out standard processes like data mining and customising AI platforms. Pharmaceutical firms can benefit from breakthroughs in artificial intelligence, such as machine learning and deep learning.

On the other side, the market's expansion is being hampered by lack of data sets in the field of drug research and an insufficient supply of competent workers.

Market Segmentation:

The Global Artificial Intelligence in Drug Discovery Market can be segmented by Application, into Drug optimization and repurposing, Preclinical testing and Others. Based on Therapeutic Area, Artificial Intelligence in Drug Discovery Market can be segmented into Oncology, Neurodegenerative Diseases, Cardiovascular Disease, Metabolic Diseases, Infectious Disease and Others. Based on Region, the Artificial Intelligence in Drug Discovery Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

The oncology therapeutic area had the biggest revenue share in the Artificial Intelligence in Drug Discovery market, based on therapeutic area. AI is already helping to detect cancer in its early stages. Furthermore, because cancer treatments differ by patient, personalised medicine has proven to be a successful cancer therapy option. Oncologists can use artificial intelligence platforms to find genetic abnormalities and provide successful tailored treatments for their patients.

North America to Continue Dominating the Artificial Intelligence in Drug Discovery Market

The greatest market for Artificial Intelligence in Drug Discovery is North America, which includes the United States and Canada. These countries were among the first to use Artificial Intelligence in Drug Discovery and development. The United States is a key player in the North American market. Furthermore, major AI technology companies such as Microsoft, NVIDIA, IBM, Google, and Intel are based in the United States, and their substantial presence is a crucial contributor to market growth. The well-established pharmaceutical industry, a strong focus on R&D and significant investment, and the presence of globally leading pharmaceutical corporations are all further drivers. These are some of the primary elements that have contributed to this industry's big share and rapid growth rate.

USD 362.4 Million

Key Players:

Some of the players are IBM Corporation (US), Microsoft (US), and Google (US), NVIDIA Corporation (US), Atomwise, Inc. (US), Deep Genomics (Canada), Cloud Pharmaceuticals (US), Insilico Medicine (US), BenevolentAI (UK), Exscientia (UK), Cyclica (Canada), BIOAGE (US), Numerate (US), NuMedii (US), Envisagenics (US), twoXAR (US), OWKIN, Inc. (US), XtalPi (US), Verge Genomics (US), and BERG LLC (US).

The Artificial Intelligence in Drug Discovery market is segmented as follows:

The Artificial Intelligence in Drug Discovery market is tabulated as follows: