According to the research report, the global (AI) artificial intelligence 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.
Spearheading biopharmaceutical companies’ trust in AI is because of increasing consciousness connected to AI in the pharmaceutical sector and funding in drug development. AI functions with the brand-new modern processes of biology and chemistry to advance the most recent algorithms. It can gesture drug screening from the bench to the lab that is virtual without the requirement of a substantial speculative workforce and input. Most substantial biopharmaceutical companies have begun programs that are internal or are cooperating to advance AI platforms for growing the research power of metabolic disease therapy, immune-oncology drugs, and cancer treatments.
AI can furnish value in small molecule drug discovery in four ways: new biology access, enhancement or new chemistry, superior rates of success, and speedy and cost-effective discovery procedures. The technology can orate many confrontations and restrictions in conventional R&D. Each application paves the way for supplementary perception to drug discovery teams and often can radically reconsider long-standing workflows.
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Important Questions Being Answered by The Market Report
What is the market size and growth?
What is the market value of AI in drug discovery market?
The base year computed in AI in drug discovery market report?
Which are the top companies that hold the market share?
Which is the most influencing segment evolving?
What are the key trends?
Top Market Players Are:
Aria Pharmaceuticals Inc.
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AI in drug discovery market: Growth leading factors
AI has been broadly used in the healthcare sector, particularly in searching for new drugs. This quality can recognize drug targets and play an essential part in identifying, developing, detecting, and screening minute molecules in less time. Additionally, the market is anticipated to observe an aggressive growth in the forecast period because of the advantages of using these progressive techniques over traditional procedures.
At a rapid pace, the incidence of chronic disease is increasing globally. Chronic illnesses like diabetes and heart disease are the prime causes of death. These factors highlight the increasing prevalence of chronic diseases and a requirement to depose the fatality rate due to these illnesses. AI platforms utilized for drug discovery can be an alternative for attaining insights into drug discovery to minimize the severity of many chronic diseases.
The covid-19 pandemic has impacted several industries globally. Governments across the world applied stringent lockdown measures. Social distancing norms were also implemented to curb the looming pandemic. Manufacturing facilities globally were clamped down. Additionally, the economic crisis after the pandemic led to a notable delay in the commercial inauguration of the healthcare industry.
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AI in drug discovery market: Report Scope
Market Size 2021 Value
USD 626.6 million
Market Outlook for 2029
USD 5,558.0 million
Expected CAGR Growth
33.9% from 2022 – 2029
2022 – 2029
By Application, By Therapeutic Area, By Offering, By Technology, By Region
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.
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Customized purchase options are available to meet your research needs.
AI in drug discovery market: Key segmentation
Insight by application, therapeutic area, offering, technology, and region
Based on the therapeutic area, neurodegenerative diseases form the speedily growing segment because of the capacity of AI to discover drugs for complicated conditions and the priority of market players to offer AI-dependent platforms for neurological diseases. By application, the optimizing and repurposing segment is deemed the most significant revenue share in the industry. It is cost-effective and only requires electronic medical records (EMR) for medicine repurposing. By offering, the software segment held the largest market share because of factors like less cost and time to market the drug, lesser failure rate, and a vast number of software developers for drug discovery.
By region, North America emerged as the biggest and the speedily growing regional market for AI in drug discovery. North America consists of Canada, the US, and Mexico, forming the biggest market for AI in drug discovery. These countries have been associated with AI technology in drug discovery and development for several years. The US is a significant contributor to the North American market. Also, important AI technology sources like Google, IBM, NVIDIA, Microsoft, and Intel are situated in the US, where their robust presence was a key benefactor to the growth of the market.
Browse the full “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” Report at https://www.polarismarketresearch.com/industry-analysis/ai-in-drug-discovery-market
Key highlights of the report
Qualitative and quantitative investigation of the market dependent on segmentation, including both economic and non-economic factors
Supplying market value data for each segment and sub-segment
Points toward the region and segment that is anticipated to observe speedy growth as well as dominate the market
Inspection by geography underscores the intake of services and products in the area and highlights the factors that are influencing the market within each region
Competitive landscape which includes the market classification of prominent players together with new products and service launches, business expansions, partnerships, and accession in the past five years of the company being profiled
Substantial company profiles including an overview of the company, insights of the company, benchmarking of the product, and SWOT analysis for the prominent market players
The market primarily depends on the application, therapeutic area, offering, technology, and region
AI in drug discovery market: By application
Drug Optimization & Repurposing
AI in drug discovery market: By therapeutic area
AI in the drug discovery market: By offering
AI in drug discovery market: By technology
Other Machine Learning Technologies
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