AI In Drug Discovery Market Size to Reach USD 10.80 Bn by 2030
According to Report Study, the global AI in Drug Discovery Market was valued USD 1.0 billion in 2021 and is set to reach USD 10.80 billion by 2030 and growing at a CAGR of 36% from 2022 to 2030.
Artificial intelligence (AI) is expected to be a lucrative technology in the healthcare industry. The implementation of AI reduces research and development gap in the drug manufacturing process and helps in targeted manufacturing of drugs. Hence, biopharmaceutical companies are turning to AI to enhance market share. This is a major factor fueling the growth of the global AI for drug discovery market.
The increase in pressure on drug manufacturers to reduce drug prices is another factor expected to boost the growth of the global AI for drug discovery market. Shortage of skilled healthcare personnel is likely to accelerate the growth of the global AI for drug discovery market. However, limited awareness, high cost, and technical limitation of AI decision-making is projected to hamper the growth of the global market. Developing countries such as India and China offer significant opportunities in the AI for drug discovery market.
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Increase in Incidence of Chronic Diseases
The incidence of chronic diseases, including diabetes, chronic obstructive pulmonary disease (COPD), coronary artery disease, arthritis, asthma, hepatitis, and cancer, has increased significantly in major regions across the globe. This can be attributed to increase in the geriatric population across the world (over 20% of the global population is anticipated to be aged over 65 years by 2050), changing lifestyles, and dietary changes due to rapid urbanization.
According to the International Diabetes Federation, in 2020, 502 million people across the world were diagnosed with diabetes. Moreover, the number of new cancer cases per year is projected to increase to 23.4 million by 2030. Lung cancer is the leading cause of cancer deaths in Asia Pacific. China alone accounts for over 50% of all cancer cases in the region. Changes in lifestyle and socio-cultural factors are the leading causes of cervical cancer. Major countries affected by breast cancer in Asia Pacific are India, Thailand, and China.
Market Size By 2030
USD 10.80 Billion
Growth Rate from 2022 to 2030
CAGR of 36%
Fastest Growing 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
Apart from cancer, a number of other diseases have shown increase in prevalence rates. Rise in prevalence of cancer, cardiovascular diseases, and diabetes; surge in sedentary lifestyle; and increase in geriatric population drive the need of better treatment options, which, in turn, propels the global AI in drug discovery market.
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Increase in cross-industry alliances and collaborations drives the global AI for drug discovery market. Rise in relevance of AI in drug discovery & development and surge in funding for R&D activities, including AI technology in the field of drug research, are projected to propel the global market.
In July 2020, IBM acquired WDG Automation to advance AI-Infused Automation Capabilities for Enterprises. This acquisition advances IBM's comprehensive AI-infused automation capabilities, spanning business processes to IT operations.
Artificial intelligence (AI) drug discovery company Exscientia expanded its ongoing anti-viral drugs partnership with the U.K.’s national synchrotron facility Diamond Light Source and the University of Oxford across the Atlantic Ocean to include California-based Scripps Research’s Calibr and focus on COVID-19 research.
In January 2021, Nucleai, the U.S.-based provider of biomarkers-based therapy, signed a collaboration agreement with Debiopharm Pharma Company, a pioneer in drug development. According to the terms of the agreement, Debiopharm Pharma Company will use Nucleai’s artificial intelligence (AI) platform for its pipeline oncology drug candidates.
Hence, increase in cross-industry collaborations and partnerships drives the global AI in drug development market
In terms of drug type, the global AI in drug discovery market has been bifurcated into large molecules and small molecules
Based on application, the global AI in drug discovery market has been classified into oncology, infectious diseases, neurological disorders, rare diseases, metabolic diseases, cardiovascular diseases, and others
In terms of end user, the global AI in drug discovery market has been divided into pharmaceutical & biotechnology companies, contract research organizations, academics & research, and others
Based on offering, the global AI in drug discovery market has been split into software and services
In terms of technology, the global AI in drug discovery market has been segregated into machine learning and other technologies
Each of the segments has been analyzed in detail for market trends, recent trends, and developments, drivers, restraints, opportunities, and useful insights. The AI in drug discovery market report provides current and expected revenue (US$ Mn) for each of these segments from 2022 to 2030, considering 2020 as the base year. The compound annual growth rate (percentage CAGR) has been provided for each segment and market from 2022 to 2030 along with market size estimations.
In terms of region, the global AI in drug discovery market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions have been divided into major countries and sub-regions.
North America is projected to account for the largest share of the global AI for drug discovery market in the near future, as the region is technologically advanced and one of the early adopters of latest technologies. High awareness about AI in drug discovery among the key players in the region is another driver of the global AI for drug discovery market.
The current and expected market revenue (US$ Mn) of these regional markets and their major countries have been provided in the report from 2021 to 2030, with their CAGRs from 2021 to 2030
The study also offers a list of recommendations, highlights, and useful insights of the global AI in drug discovery market, which would help new companies willing to enter the market and existing companies to increase market shares and in the decision-making proces
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
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
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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