The global artificial intelligence (AI) in drug discovery market size was estimated at USD 1,495.28 million in 2022 and is projected to reach around USD 14,518.68 million by 2032, growing at a CAGR of 20.08% between 2022 and 2032.
The global artificial intelligence (AI) in drug discovery market size was estimated at USD 1,495.28 million in 2022 and is projected to reach around USD 14,518.68 million by 2032, growing at a CAGR of 20.08% between 2022 and 2032.
The global artificial intelligence in drug discovery market is projected to surpass around USD 10,611.66 million by 2029.
Driving Factors for AI in Drug Discovery Industry:
The increasing prevalence of chronic diseases worldwide, as well as the rising importance of AI in drug discovery and development, are discussed. The report explores how AI has the potential to transform drug discovery by shortening R&D schedules, reducing costs, and increasing the probability of drug approval. Cross-industry alliances and collaborations are identified as significant drivers for market growth.
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Role of AI in Drug Discovery:
This section elucidates the primary objectives of drug discovery research and the traditional methods employed. It highlights the challenges and costs associated with traditional drug discovery methods and introduces the potential for AI systems to revolutionize and expedite the process.
Implementation and Advancements in AI Solutions:
The adoption of AI solutions in the clinical trial process is eliminating obstacles, reducing cycle times, and enhancing productivity and accuracy. This section delves into how AI is facilitating the discovery of new compounds, identifying therapeutic targets, and developing personalized medications.
AI platforms are proving to be essential tools for gaining insights into drug discovery, particularly for chronic diseases.
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Driving Forces Behind the Industry Growth
1. Cross-Industry Collaborations
The drug discovery industry is witnessing a surge in cross-industry alliances and collaborations. This collaborative approach has become a driving force behind the advancements in AI-driven drug discovery. As different sectors converge their expertise, the synergy created accelerates the development and deployment of AI technologies in drug research. The collaborative spirit fosters innovation, contributing to the growth and evolution of the AI in Drug Discovery Industry.
2. Increased Funding for R&D Activities
A significant driver of global market growth is the escalating importance of AI in drug discovery and development. The infusion of increased funding into Research and Development (R&D) activities, particularly in the realm of AI technology for drug research, is propelling the industry forward. This financial support fuels the exploration of cutting-edge technologies and methodologies, reinforcing AI’s role in the pharmaceutical landscape.
Key Developments
AI, the AI working stage, reported the dispatch of a pay-more-only as costs rise AI stage for drug improvement in July 2021. This stage enables SMEs to gain reasonable access to cutting-edge innovation, reducing the hit-or-miss nature of medication advancement and recognizing advancement medications with speed and accuracy.
Beginning Therapeutics and Genentech announced a multi-target drug development agreement in October 2020, utilizing Genesis’ chart AI capacities to uncover remedial contenders for various diseases.
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Opportunities of AI in the Drug Discovery Industry
Increased R&D activity and increased usage of cloud-based services and applications will give advantageous prospects for market growth. After a lengthy period of stagnation, the AI business in Biopharmaceutical is continuing to flourish.
This is evidenced in the continued flow of investments as well as a rise in the number of collaborations between pharmaceutical businesses and AI companies in 2021 when compared to prior years. The active participation of big pharmaceutical businesses in AI-related investments has had a significant impact on the expansion of the Biopharma industry.
Even though the number of scientific papers in the field of AI in Biopharma and research collaborations between pharmaceutical businesses and AI-expertise providers is continuously expanding, some pharmaceutical corporations remain skeptical about AI applications.
The application of machine learning and artificial intelligence (AI) in the pharmaceutical and healthcare industries has resulted in the establishment of a new interdisciplinary discipline of data-driven drug discovery in healthcare. As a result, increased investment in R&D activities provides an opportunity for market growth.
Types
The preclinical and clinical testing segment held the largest industry share in 2021, owing to an increase in the number of collaborative efforts between drug companies and AI suppliers for clinical and preclinical testing. Preclinical preliminaries are a stage of testing that precedes clinical preliminaries and collects iterative testing, significant plausibility, and medication security data for drug improvement.
Preclinical research generally requires the use of examination instruments to adhere to a strict logical standard of medication research and to identify further developed beneficial possibilities for clinical trials. As a result of the increased use of AI in De Novo research, the De Novo drug plan and medication streamlining class are expected to grow at the fastest rate over the forecast period.
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Application
The oncology segment holds the major share in 2021 owing to the increasing demand for effective cancer treatments. Even though disease diagnosis is prone to human error, using AI systems to detect diseases early can be beneficial. AI has become more accurate in identifying diseases in recent years. Lung cancer is typically detected at later stages when survival rates are very low; in this scenario, earlier detection with the assistance of AI systems can be beneficial. A Northwestern University researcher was able to successfully detect lung cancer in scans where radiologists would not find anything.
Technology
The AI sector represented the largest share of the overall industry and is expected to increase at the fastest compound annual growth rate during the forecast period. The AI innovation sector includes deep learning, administered learning, support learning, solo learning, and other AI innovations. In 2021, advanced learning comprised the largest share of the pie, and it is also expected to grow at the fastest compound annual growth rate over the same period. The high utilization of AI innovation among CRO, drug, and biotechnology organizations, as well as the limitation of these advancements to separate experiences from informational collections, which aids the medication improvement process, are some of the drivers driving the market development of this segment.
End-User
The pharmaceutical and biotechnology companies hold a major share of the industry. while research centers and university and government foundations are expected to grow at the fastest rate over the forecast period. The attractiveness of AI-based arrangements that make the entire pharmaceutical disclosure process more time and cost-effective is driving the growth of this end-client class. However, research centers and academic and government foundations are expected to grow at the fastest rate over the projection period. The growing interest in AI-based technologies to speed and reduce the cost of medication development is a significant growth factor for the drug and biotechnology end-client industry.
North America to Soar AI in Drug Discovery Industry
North America is expected to account for the largest share of the global AI in the drug discovery industry in 2021, as well as the highest build yearly development rate over the forecast period. North America, which includes Canada, Mexico, and the United States, is the largest market for artificial intelligence in drug discovery. These countries were among the first to incorporate AI technology into drug discovery and development. The presence of big-scale organizations, a well-established pharmaceutical and biotechnology sector, and a strong emphasis on research and development exercises and considerable speculation are a few of the key factors for this market’s vast offer and quick expansion rate.
On the other hand, Asia Pacific is expected to grow at a faster rate owing to the increased demand for effective drug discovery solutions. Several startups are developing AI solutions for drug research. Among them are Mozi, Adagene, Xbiome, Accutar, Deep Intelligent Pharma, Elucidata Corporation, CaroCure, and Interprotein. With the Asian industry actively expanding, it is anticipated that AI technology will be integrated into mainstream drug discovery methods shortly.
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