The global AI in drug discovery market size was US$ 910.7 million in 2021. The global AI in drug discovery market size is forecast to reach US$ 9,072.2 million by 2030, growing at a compound annual growth rate (CAGR) of 29.1% during the forecast period from 2022 to 2030.
AI could help pharmaceutical companies get drugs to market more quickly. Today, AI is being trained to forecast medicine efficacy and adverse effects and manage the enormous volumes of paperwork and data required to support any pharmaceutical product, in addition to doing spectacular gene-sequencing work. Artificial intelligence refers to a machine's ability to employ modern technology to do tasks that are comparable to those performed by the human mind (AI). The basic objective of drug discovery research is to find medications that may be used to either prevent or treat specific disorders. The difficulties of evaluating, gathering, and utilizing data to address difficult medical problems fueled the need for artificial intelligence (AI) in the drug discovery sector.
Factors Influencing Market Growth
• The rising demand for the discovery and development of novel drug therapies and the growing manufacturing capacities of the life science industry drive the global market.
• The increasing number of public-private partnerships boosting the adoption of AI-powered solutions in drug discovery and development processes boosts the global market growth.
• The increasing demand to curb drug discovery prices, decrease the time involved in the drug development process, and the growing adoption of cloud-based applications and services fuel the global market growth.
• The limited availability of the AI workforce, unclear regulatory guidelines for medical software, and a dearth of data sets in this field may slow down the overall market growth.
Impact Analysis of COVID-19
Since the COVID-19 pandemic put a strain on the current healthcare systems and increased demand for innovative drug therapies, pharmaceutical companies acted quickly to incorporate AI-powered solutions in clinical trial studies and accelerate the development of new drugs both during and after the pandemic. Thus, the COVID-19 pandemic had a positive impact on the global market.
North America garnered a substantial market share in 2021 and is forecast to remain dominant during the forecast period. As a result of the early adoption of advanced technologies and the presence of important AI technology suppliers and top startup companies. In addition, the well-established pharmaceutical sector and increasing focus on R&D with significant R&D investments.
The leading prominent companies profiled in the global AI in drug discovery market are:
• IBM Watson
• GNS Healthcare
• Alphabet (DeepMind)
• Benevolent AI
• Berg Health
• Other Prominent Players
Scope of the Report
The global AI in drug discovery market segmentation focuses on Offering, Technology, End-User, Application, and Region.
Segmentation based on Offering
Segmentation based on End-User
• Pharmaceutical & Biotechnology Companies
• Contract Research Organizations
• Research Centers and Academic & Government Institutes
Segmentation based on Application
• Neurodegenerative Diseases
• Cardiovascular Diseases
• Metabolic Diseases
• Other Applications
Segmentation based on Region
• North America
• The U.S.
• Western Europe
• The UK
• Rest of Western Europe
• Eastern Europe
• Rest of Eastern Europe
• Asia Pacific
• Australia & New Zealand
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Rest of South America
Meta Title: AI in Drug Discovery Market Size, Share, Insight and Forecast 2022 to 2030
Meta Description: Global AI in Drug Discovery Market is projected to reach US$ 9,072.2 million by the end of 2030 from US$ 910.7 million in 2021, at a CAGR of 29.1%
Meta Keywords: AI in drug discovery market Size, AI in drug discovery market share, AI in drug discovery market trend, AI in drug discovery market Forecast, AI in drug discovery market insight