The Artificial Intelligence in Drug Discovery Market is expected to reach USD 4,197.5 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 41.20% from 2022 to 2028. Factors such as the increasing adoption of cloud-based services & applications, the rising need for controlling the drug development & discovery costs, and an increasing number of cross-industry partnerships & collaborations are expected to accelerate the growth of artificial intelligence in drug discovery market in the coming years.
- The software offering segment is accounted for the significant growth of artificial intelligence in the drug discovery market during the forecast period. Factors such as low failure rate, strong demand for the software among big pharma & biotech companies & research institutes, a large number of software developers for drug discovery, and less cost & time to market the drug are propelling the segmental growth of the market.
- The neurodegenerative diseases application segment is anticipated the potential growth in the market over the forecast period. This surge is attributed because of the power of AI for discovering complex drug applications and the prominence of major players in developing AI-based products related to neurological diseases.
- North America incorporated the largest share in 2021. This is mainly accelerated due to the high presence of the largest market players for AI in the drug discovery market in the countries like US, Canada, and Mexico.
The major players involved in the development of Artificial Intelligence in Drug Discovery Market 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).
Increasing awareness towards the use of AI in the pharmaceutical sector and increasing investment in drug development is concentrating various manufacturers to focus on the development of new pharma products using AI technology. With the help of advanced AI technology, it is possible to move drug screening without doing any extensive experiments. Thus, it increases the high demand for AI in the drug discovery market in the past few years. In addition, AI is changing drug discovery by providing various detection parameters such as target selection & validation, compound screening & lead optimization, offered preclinical studies, and clinical trials for recognizing diseases of patients. All these parameters are propelling the growth of artificial intelligence in the drug discovery market in the coming years.
The innovations and advancements in artificial intelligence like deep learning and machine learning have enabled pharmaceutical companies to identify the molecule binding property of the drug with high precision, this, fuels the growth of artificial intelligence in the drug discovery market. There are several options to carry out the standard processes like customization capability of artificial intelligence platforms and data mining. This happens because of the availability of new technological advancement in AI; therefore, it helps in fuelling the AI in drugs discovery market growth.