Artificial Intelligence (AI) in Drug Discovery Market Outlook 2031:
The global artificial intelligence (AI) in drug discovery market size was valued at USD 1.15 Billion in 2022 and is projected to reach USD 11.54 Billion by 2031, expanding at a CAGR of around 29.2% during the forecast period, 2023–2031. The growth of the market is attributed to the rising demand for the development of new medication therapies.
The use of AI solutions is being facilitated by the digitalization of the biomedical and clinical research fields. The use of AI-powered solutions is being boosted by the wide range of datasets produced by drug discovery processes including the molecular screening phase and preclinical research.
Researchers struggle to accurately analyze the studies because of the enormous datasets, but AI solutions can speed up the screening procedures and shorten turnaround times. Additionally, the current Covid-19 pandemic has significantly changed how people see clinical trials and accelerated the adoption and use of AI solutions.
The market is being driven by the accessibility of numerous alternatives, including data mining and personalization capabilities, for using AI technologies in drug discovery procedures. In order to determine the molecular binding qualities of drug with high precision, deep learning and machine learning algorithms are integrated into AI platforms.
Additionally, incorporating cutting-edge technologies like electronic data capture (EDC) helps manufacturers handle patient data better and lowers monitoring expenses. Integration of Electronic Clinical Outcome Assessment (e-COA) into AI technologies can reduce process mistakes.
These cutting-edge AI solutions, which help stakeholders with data mining, patient recruiting, and the maintenance of medical and clinical records, are increasingly incorporating advanced analytics. Preclinical testing is the stage of a clinical trial study that results in maximum revenue loss and low profits.
The preclinical testing stage can be optimized to cut costs by implementing AI technology. AI-based models are used to precisely evaluate human physiological responses and reduce the need for expensive experimental testing.
Artificial Intelligence (AI) in Drug Discovery Market Trends, Drivers, Restraints, and Opportunities
- Stringent standards related to clinical trial research set down by regulatory agencies is projected to drive the market.
- Increasing public-private partnerships are encouraging the usage of AI-powered technologies, which is expected to propel the market during the forecast period.
- Implementation of AI solutions reduces the potential barriers and the length of the clinical trial cycle is minimized, this is anticipated to fuel the market in the coming years.
- Integrating AI technology into current systems is a difficult task that requires intensive data processing, which is projected to hinder the market growth.
- Lack of professional standards and certifications in AI/ML technology is estimated to hamper the market growth.
- Government authorities in a number of developed and developing economies are implementing positive steps to enhance the adoption of AI solutions and clinical trials, which are anticipated to create immense growth opportunities during the forecast period.
Scope of Artificial Intelligence (AI) in Drug Discovery Market Report
The report on the global artificial intelligence in drug discovery market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Artificial Intelligence (AI) in Drug Discovery Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016–2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
Applications (Metabolic diseases, Cardiovascular diseases, Neurodegenerative diseases, Immuno-oncology, and Others), Offerings (Services and Software), Technology (Unsupervised Learning, Reinforcement Learning, Supervised Learning, Deep Learning, Machine Learning, and Others)
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
BenchSci; Standigm; Iktos; Owkin, Inc.; Verge Genomics; XtalPi; Envisagenics; BIOAGE; Deep Genomics; Google; Schrödinger; NVIDIA Corporation; Valo Health; Insitro; IBM Watson; GNS Healthcare; Exscientia; Euretos; Cyclica; BioSymetrics; Berg Health; Benevolent AI; Atomwise; Microsoft Corporation; and Alphabet (DeepMind).
|
Artificial Intelligence (AI) in Drug Discovery Market Segment Insights
Applications Segment Analysis
Based on applications, the market is segregated into metabolic diseases, cardiovascular diseases, neurodegenerative diseases, immuno-oncology, and others. The neurodegenerative diseases segment is projected to expand at a high CAGR during the forecast period.
Growth rate of the neurodegenerative illnesses sector can be attributed to the potential of AI to develop treatments for inflammatory traits and the focus of market players on delivering AI-based platforms for neurological diseases.
Offerings Segment Analysis
On the basis of offerings, the market is bifurcated into services and software. The services segment is estimated to grow at a rapid pace during the forecast period. The growth of the segment is attributed to advantages of AI services and the high demand for AI services among end users.
Technology Segment Analysis
In terms of technology, the market is fragmented into unsupervised learning, reinforcement learning, supervised learning, deep learning, machine learning, and others. The deep learning segment held major market share in 2021 and is projected to maintain its dominance during the forecast period.
Deep learning assists in reducing the workload of end-users, lowers the risk of mistakes during the drug discovery process, and speeds up data management these factors are estimated to boost the segment.
Regional Analysis
On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market in 2021 and held around 52% of the total market share.
To accelerate medication research, design, and repurposing, major tech corporations in the United States have all partnered with esteemed institutions. Additionally, they are utilizing AI to research diseases and draw insightful conclusions that can enhance disease management.
Segments
The global artificial intelligence in drug discovery market has been segmented on the basis of
Applications
- Metabolic diseases
- Cardiovascular diseases
- Neurodegenerative diseases
- Immuno-oncology
- Others
Offerings
Technology
- Unsupervised Learning
- Reinforcement Learning
- Supervised Learning
- Deep Learning
- Machine Learning
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- BenchSci
- Standigm
- Iktos
- Verge Genomics
- Owkin, Inc.
- XtalPi
- Envisagenics
- BIOAGE
- Deep Genomics
- Google
- Schrödinger
- NVIDIA Corporation
- Valo Health
- Insitro
- IBM Watson
- GNS Healthcare
- Exscientia
- Euretos
- Cyclica
- BioSymetrics
- Berg Health
- Benevolent AI
- Atomwise
- Microsoft Corporation
- Alphabet (DeepMind)
Competitive Landscape
Key players competing in the artificial intelligence in drug discovery market include BenchSci; Standigm; Iktos; Owkin, Inc.; Verge Genomics; XtalPi; Envisagenics; BIOAGE; Deep Genomics; Google; Schrödinger; NVIDIA Corporation; Valo Health; Insitro; IBM Watson; GNS Healthcare; Exscientia; Euretos; Cyclica; BioSymetrics; Berg Health; Benevolent AI; Atomwise; Microsoft Corporation; and Alphabet (DeepMind).
Some of these players are using several market strategies such as acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares, generate revenue, and raise their production line of the business in the coming years. For instance,
- In March 2021, Iktos and Pfizer worked together to deploy Iktos' AI-driven de novo design software to a few of Pfizer's small-molecule initiatives.
- In February 2021, The University of Oxford and Exscientia (UK) worked together to create treatments for Alzheimer's disease.
Request For Customization
Enquiry Before Buying
Speak With Analyst
