Polaris Market Research recently published a research report on “Artificial Intelligence in Drug Discovery Market Share, Size, Trends, Industry Analysis Report, By Application (Drug Optimization & Repurposing, Preclinical testing, Others); By Therapeutic Area; By Offering; By Technology; By Region; Segment Forecast, 2022 – 2029” in its research database.
According to the research report, the global artificial intelligence (AI) in drug discovery market size & share was valued at USD 626.6 Million in 2021 and is expected to reach USD 5,558.0 Million by 2029, growing at a CAGR of 33.9% during the forecast period.
What is Artificial Intelligence in pharmaceutical industry? How Big is Artificial Intelligence (AI) in pharmaceutical Market?
Artificial intelligence in drug discovery is transforming the process of development and discovery of drugs in the healthcare industry. Drug discovery is a very expensive process, and therefore alternative technology needs to be used to discover new drugs. AI has the ability to address many challenges and obstructions in traditional R&D. AI is used to provide value in drug discovery through different methods such as accessing new biology, improved or novel chemistry, better success rates, and rapid and low-cost discovery processes.
AI solutions offer various benefits in the clinical trial process, such as eliminating possible obstacles, reducing clinical trial cycle time, and enhancing the productivity and accuracy of the clinical trial process. The growing applications of artificial intelligence in various drug discovery processes such as chemical synthesis, polypharmacology, drug design, drug screening, and drug repurposing is expected to drive the growth of artificial intelligence in drug discovery market during the forecast period.
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Some of the Top Market Players Are:
- Benevolent AI
- Berg Health
- Cloud Pharmaceuticals
- Deep Genomics
- GNS Healthcare
- IBM Corporation
- Insilico Medicine
- NVIDIA Corporation
- OWKIN Inc.
- Aria Pharmaceuticals Inc.
- Verge Genomics
- XtalPi Inc.
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Market Key Growth Drivers Are:
The increasing demand for the detection and development of new drug therapies is prominently fueling the need for artificial intelligence in drug discovery. The rising requirement to reduce drug discovery costs and curb time in the drug development process and the growing adoption of cloud-based applications and services are boosting the market’s growth. Constant measures taken by manufacturers in the life science industry to renew their product pipelines are another factor driving the industry growth.
The rapid use of computational artificial intelligence, increasing developments in molecular chemistry, and the growing advancements in medicine design methods for COVID-19 in medicinal chemistry are anticipated to augment the growth of artificial intelligence in drug discovery industry. Increasing cases of chronic diseases propel the adoption of AI in drug discovery. A surge in the number of collaborations, partnerships, and products launched in drug developments is further accelerating the market’s growth. Strict guidelines by regulatory authorities pertaining to clinical trial studies globally are expected to push the demand for artificial intelligence solutions in drug discovery methods.
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Artificial Intelligence in Drug Discovery Market: Report Segmentation
Based on application, the drug optimization & repurposing segment dominated the artificial intelligence in drug discovery market with the largest share due to its extensive use in therapeutic target finding and forecasting of new therapeutic applications. As compared to the traditional medicine discovery phases, the process of drug repurposing only involves the collection of medical information and analytics that are an inexpensive and quick alternative for medicine discovery. However, in the traditional method, basic research, pre-clinical research, clinical trials, and evaluation and approval of the product are required.
Artificial Intelligence in Drug Discovery Market: Report Scope
|Market Outlook for 2030||USD 5,558.0 Million|
|Market Size 2021 Value||USD 626.6 Million|
|Expected CAGR Growth||33.9% from 2022 – 2029|
|Forecast Year||2022 – 2030|
|Top Market Players||Atomwise, Benevolent AI, Berg Health, BIOAGE, BioSymetrics, Cloud Pharmaceuticals, Cyclica, Deep Genomics, DeepMind, Envisagenics, Euretos, Exscientia, GNS Healthcare, IBM Corporation, Insilico Medicine, Insitro, NuMedii, Numerate, NVIDIA Corporation, OWKIN, Inc., Aria Pharmaceuticals, Inc., Verge Genomics, XtalPi Inc.|
|Segments Covered||By Application, By Therapeutic Area, By Offering, By Technology, By Region|
|Customization Options||Customized purchase options are available to meet your research needs. Explore customized purchase options|
Read Press Release: Artificial Intelligence in Drug Discovery Market Size Worth USD 5,558.0 Million by 2029 | CAGR: 33.9%
Geographic Overview: Artificial Intelligence in Drug Discovery Market
Based on geography, North America held the largest share of artificial intelligence in drug discovery market. Due to the higher adoption of AI technology in medicine discovery and development, the U.S. accounts for the largest contributor in the region. Other factors positively influencing the market’s growth in the area include a surge in spending on research & development and the higher adoption of artificial intelligence technology among several pharmaceutical firms in the U.S.
Moreover, Asia Pacific is anticipated to create growth opportunities in the drug discovery market during the foreseen period. Developing countries like Japan and China in the region are taking initiatives to develop artificial intelligence in drug discovery market growth through planning large investments in the research & development domain. An India-based AI company in India, Intuition Systems, collaborated with Lantern Pharma for drug discovery and biomarker identification.
Browse the Detail Report “Artificial Intelligence in Drug Discovery Market Share, Size, Trends, Industry Analysis Report, By Application (Drug Optimization & Repurposing, Preclinical testing, Others); By Therapeutic Area; By Offering; By Technology; By Region; Segment Forecast, 2022 – 2029” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/ai-in-drug-discovery-market
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- In March 2021, Iktos (France) announced a collaboration with Pfizer (US) to apply Iktos’ AI-driven de novo design software to selected small-molecule programs of Pfizer.
- In August 2021, Aria Pharmaceuticals, Inc. announced positive pre-clinical data for two new therapeutic candidates, TXR-1002 and TXR-1007, for Idiopathic Pulmonary Fibrosis (IPF) treatment.
Polaris Market Research has segmented the artificial intelligence in drug discovery market report on the basis of application, therapeutic area, offering, technology, and region:
Artificial Intelligence in Drug Discovery Market: By Application Outlook
- Drug optimization & repurposing
- Preclinical testing
Artificial Intelligence in Drug Discovery Market: By Therapeutic Area Outlook
- Neurodegenerative Diseases
- Cardiovascular Disease
- Metabolic Diseases
- Infectious Disease
Artificial Intelligence in Drug Discovery Market: By Offering Outlook
Artificial Intelligence in Drug Discovery Market: By Technology Outlook
- Machine Learning
- Deep Learning
- Supervised Learning
- Reinforcement Learning
- Unsupervised Learning
- Other Machine Learning Technologies
- Other Technologies
Artificial Intelligence in Drug Discovery Market: By Regions Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK)
- Asia Pacific (Japan, China, Australia)
- Latin America
- Middle East & Africa
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