AI In Drug Discovery Market Size to Hit USD 10.80 Billion by 2030
According to Report, the global AI in Drug Discovery Market was valued at USD 1.0 billion in 2021 and is projected to hit USD 10.80 billion by 2030, poised to grow at a CAGR of 36% from 2022 to 2030.
Artificial intelligence for drug discovery is a technology that uses and different algorithms that value add in decision-making processes for drug discovery. The increasing cases of rare diseases and demand for personalized drug are the major factor fueling the growth of the global Al for Drug Discovery marker.
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Trends and Opportunities
Artificial Intelligence (AI) is projected to a lucrative avenues in the healthcare industry. The implementation of AI reduces researches and development gap in the drug manufacturing process and help in the targeted manufacturing of the drugs. Owing to this biopharmaceutical industries are tending towards AI to enhance their market share. This is a major factor fueling the growth of the global AI for drug discovery market.
The increasing pressure on the drug manufacturer to reduce drug price is another factor expected to boost the AI for drug discovery market. This is because Al reduced the failure rate of clinical trials and also eliminated the cost of length research and development in the drug discovery. Dearth of skilled healthcare professionals are another factor anticipated to bolster the growth of the global AI for drug discovery market.
However, limited awareness, high cost and technical limitation of AI decision-making can impede the market growth. These limitations are expected to overcome with the untapped market opportunities in the emerging economies of the globe. Countries like India and China offers new avenues for the growth of the AI for drug discovery market.
Report Scope of the AI in Drug Discovery Market
Market Size by 2030
USD 10.80 billion
Growth Rate from 2022 to 2030
CAGR of 36.0%
Fastest Growing Market
2022 to 2030
Drug Type, Application, End User, Offering, Technology, Region
Exscientia, GNS Healthcare, Cloud Pharmaceuticals, Inc., Benevolent AI, PathAI, Inc., Berg Health, Atomwise, Insitro, Cyclica, BlackThorn Therapeutics, Insilico Medicine, Notable Labs, Standigm, Recursion Pharmaceuticals, and BioSymetrics..
Software to Dominate Global Market
In terms of offering, the global AI in drug discovery market has been bifurcated into software and services. The software segment accounted for a major share of the global market in 2020. Factors such as less cost and time to market the drug, low failure rate, large number of software developers for drug discovery, and strong demand for software among big pharma & biotech companies and research institutes drive the software segment.
Use of Machine Learning Algorithms in Drug Discovery
Based on technology, the global AI in drug discovery market has been classified into machine learning and other technologies. The machine learning segment held significant share of the market in 2020. Machine learning algorithms that have been widely used in drug discovery include Random Forest (RF), Naive Bayesian (NB), and support vector machine (SVM) as well as other methods. ML algorithms and techniques are not a monolithic, homogeneous subset of AI.
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Preference for Small Molecule Drugs
In terms of drug type, the global AI in drug discovery market has been split into small molecules and large molecules. The small molecules segment accounted for major share of the market in 2020. Small molecule drugs have some distinct advantages as therapeutics; most can be administered orally and pass through cell membranes to reach intracellular targets.
Oncology to Offer Lucrative Opportunities
Based on application, the global AI in drug discovery market has been categorized into oncology, infectious diseases, neurological disorders, rare diseases, metabolic diseases, cardiovascular diseases, and others. The oncology segment held significant share of the market in 2020. AI already plays a vital role in the early detection of cancer. Moreover, as treatments for cancer may vary for each patient, personalized medicine has proven to be an effective alternative for treating cancer. Artificial intelligence platforms designed to identify genetic mutations help oncologists design effective personalized treatment for patients.
Pharmaceuticals & Biotechnology Companies to Lead Global Market
Based on end user, the global AI in drug discovery market has been divided into pharmaceutical & biotechnology companies, contract research organizations, academics & research, and others. The pharmaceuticals & biotechnology companies segment accounted for major share of the market in 2020. The involvement of AI in the de novo design of molecules can be beneficial to the pharmaceutical sector, due to its various advantages, such as providing online learning and simultaneous optimization of the already-learned data as well as suggesting possible synthesis routes for compounds leading to swift lead.
Widespread Adoption of AI Systems in Healthcare Sector in U.S.
The global AI in drug discovery market has been segmented into five major regions North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2020. Rise in prevalence of lifestyle diseases and increase in healthcare expenditure are anticipated to boost the growth of the market in North America during the forecast period. According to the National Center for Chronic Disease Prevention and Health Promotion, six in 10 adults in the U.S. have a chronic disease, and there is widespread adoption of AI systems in the U.S., especially in the healthcare sector.
Some of the prominent players in the AI in Drug Discovery Market include:
- GNS Healthcare
- Cloud Pharmaceuticals, Inc.
- Benevolent AI
- PathAI, Inc.
- Berg Health
- BlackThorn Therapeutics
- Insilico Medicine
- Notable Labs
- Recursion Pharmaceuticals
- AI in Drug Discovery Market, by Drug Type
- Small Molecules
- Large Molecules
- AI in Drug Discovery Market, by Application
- Infectious Diseases
- Neurological Disorders
- Rare Diseases
- Metabolic Diseases
- Cardiovascular Diseases
- AI in Drug Discovery Market, by End User
- Pharmaceutical & Biotechnology Companies
- Contract Research Organizations
- Academics & Research
- AI in Drug Discovery Market, by Offering
- AI in Drug Discovery Market, by Technology
- Machine Learning
- Other Technologies
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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