The global artificial intelligence (AI) in the drug discovery market signifies a transformative phase in pharmaceutical research and development, driven by substantial data digitalization growth. With a surge in chronic diseases such as cardiovascular disorders and diabetes, the demand for AI in drug discovery intensifies. This shift is poised to advance the global AI drug discovery market rapidly, offering innovative solutions for the evolving landscape of pharmaceutical research and development. Integrating AI technologies addresses the pressing need for efficient, data-driven approaches in the quest for novel therapeutic solutions.
Data Bridge Market Research analyses that the Global Artificial Intelligence (AI) in Drug Discovery Market which was USD 885.32 million in 2022, is expected to reach USD 13,998.71 billion by 2030, and is expected to undergo a CAGR of 5.3% during the forecast period 2023 to 2030.
An increase in the incidence of chronic diseases drives the market growth"
The rising prevalence of chronic diseases, exemplified by CDC reports indicating that six in ten U.S. adults contend with chronic conditions, fuels the quest for groundbreaking solutions. Chronic ailments such as diabetes and heart disease stand as major contributors to mortality rates. Artificial intelligence in drug discovery emerges as a promising avenue to tackle these issues. AI platforms provide valuable insights, potentially alleviating severity and formulating treatments for chronic diseases. The escalating demand for effective solutions positions the AI in drug discovery market for substantial growth in the forecast period.
What restraints the growth of the global artificial intelligence (AI) in drug discovery market?
" High cost associated with technology hamper the market growth"
The high cost associated with artificial intelligence (AI) technology in drug discovery impedes market growth. The substantial financial investment required for implementing and maintaining AI-driven solutions creates barriers for many pharmaceutical companies, particularly smaller ones or those with limited budgets. This cost constraint limits widespread adoption, hindering accessibility to advanced AI tools and methodologies in drug discovery.
Segmentation: Global Artificial Intelligence (AI) In Drug Discovery Market
The global artificial intelligence (AI) in drug discovery market is segmented into application, technology, drug type, offering, indication, and end use.
- On the basis of application, the global artificial intelligence (AI) in drug discovery market is segmented into novel drug candidates, drug optimization and repurposing preclinical testing and approval, drug monitoring, finding new diseases associated targets and pathways, understanding disease mechanisms, aggregating and synthesizing information, formation and qualification of hypotheses, de novo drug design, finding drug targets of an old drug, and others
- On the basis of technology, the global artificial intelligence (AI) in drug discovery market is segmented into machine learning, deep learning, natural language processing, and others
- On the basis of drug type, the global artificial intelligence (AI) in drug discovery market is segmented into small molecule and large molecule
- On the basis of offering, the global artificial intelligence (AI) in drug discovery market is segmented into software and services
- On the basis of indication, the global artificial intelligence (AI) in drug discovery market is segmented into immuno-oncology, neurodegenerative diseases, cardiovascular diseases, metabolic diseases, and others
- On the basis of end use, the global artificial intelligence (AI) in drug discovery market is segmented into contract research organizations (cros), pharmaceutical and biotechnology companies, research centers and academic institutes, and others
Regional Insights: North America is expected to dominate the Global Artificial Intelligence (AI) In Drug Discovery Market
North America is expected to dominate the global artificial intelligence (AI) in drug discovery market, propelled by substantial investments in research and development and the widespread adoption of AI technology in medicine discovery and development. The region's market leadership is reinforced by the formidable presence of key AI technology providers, including IBM, Google, Microsoft, among others. This convergence of technological prowess and investment trends positions North America as a frontrunner in shaping the trajectory of AI-driven drug discovery solutions.
Asia-Pacific is expected to dominate the global artificial intelligence (AI) in drug discovery market, emerging as the fastest-growing region from 2023 to 2030. A surge in investment in innovative research and development within the region fuels this dominance. Additionally, ongoing advancements in healthcare infrastructure development contribute to an accelerated growth rate. The collective impact positions Asia-Pacific as a key player, driving significant advancements in AI-driven solutions for drug discovery in the forecast period.
Recent Developments: Global Artificial Intelligence (AI) In Drug Discovery Market
- In March 2022, NVIDIA Corporation unveiled Clara Holoscan MGX, an extension of the Clara Holoscan platform. It offers a medical-grade reference architecture and long-term software support, fostering real-time AI applications in the medical device industry. This advancement enhances AI performance in healthcare applications, spanning surgery, diagnostics, and drug discovery, positioning NVIDIA for a significant role in advancing medical AI solutions
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The Prominent Key Players Operating In The Global Artificial Intelligence (AI) In Drug Discovery Market Include:
- NVIDIA Corporation (U.S.)
- IBM Corp. (U.S.)
- Atomwise Inc. (U.S.)
- Microsoft (U.S.)
- Benevolent AI (U.K.)
- Aria Pharmaceuticals, Inc. (U.S.)
- DEEP GENOMICS (Canada)
- Exscientia (U.K.)
- Cloud (U.S.)
- Insilico Medicine (U.S.)
- Cyclica (Canada)
- NuMedii, Inc. (U.S.)
- Envisagenics (U.S.)
- Owkin Inc. (U.S.)
- BERG LLC (U.S.)
- Schrödinger, Inc. (U.S.)
- XtalPi Inc. (China)
- BIOAGE Inc. (Canada)
Above are the key players covered in the report, to know about more and exhaustive list of global artificial intelligence (AI) in drug discovery market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Artificial Intelligence (AI) In Drug Discovery Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
