AI in Drug Discovery Market Size & Share to Surpass $4,197.5 Million by 2028 | Vantage Market Research

| Source: Vantage Market Research Vantage Market Research

WASHINGTON, April 04, 2023 (GLOBE NEWSWIRE) -- The Global Artificial Intelligence in Drug Discovery Market is valued at USD 627.1 Million in 2021 and is projected to reach a value of USD 4,197.5 Million by 2028 at a CAGR (Compound Annual Growth Rate) of 41.5% over the forecast period 2022-2028.

Market Overview:

The artificial intelligence (AI) in drug discovery market is expected to grow at a compound annual growth rate (CAGR) of 41.5% from 2021 to 2028. The growth of the market is attributed to the increasing demand for novel drug therapies, rising prevalence of chronic diseases, and growing investments in R&D by pharmaceutical companies.

AI is being used in drug discovery to automate tasks such as data mining, compound screening, and target identification. AI-based systems can analyze large amounts of data from multiple sources, identify patterns that would be missed by humans, and generate new hypotheses about potential drug targets.

The AI in drug discovery market is segmented based on technology, application, end user, and region. Based on technology, the market is segmented into machine learning, deep learning, natural language processing, and others. Machine learning is the most widely used technology in AI drug discovery, followed by deep learning.

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Market Dynamics:

The key drivers of the AI in drug discovery market are the increasing demand for novel drug therapies, rising prevalence of chronic diseases, and growing investments in R&D by pharmaceutical companies.

The increasing demand for novel drug therapies is the major driver of the AI in drug discovery market. The global burden of chronic diseases is increasing, and there is a need for new and effective drugs to treat these diseases. AI can be used to discover new drug targets and develop new drugs more quickly and efficiently.

The rising prevalence of chronic diseases is another driver of the AI in drug discovery market. Chronic diseases such as cancer, diabetes, and cardiovascular diseases are the leading causes of death worldwide. The prevalence of these diseases is increasing due to aging population, unhealthy lifestyles, and environmental factors. AI can be used to develop new drugs to treat these diseases.

Growing investments in R&D by pharmaceutical companies is another driver of the AI in drug discovery market. Pharmaceutical companies are investing heavily in R&D to develop new drugs. AI can be used to accelerate the drug discovery process and reduce the cost of drug development.

The key challenges of the AI in drug discovery market are the lack of skilled professionals, data privacy and security concerns, and regulatory challenges.

The lack of skilled professionals is a major challenge of the AI in drug discovery market. The demand for AI professionals is increasing, but there is a shortage of skilled professionals in the market. This shortage is expected to limit the growth of the market.

Data privacy and security concerns are another challenge of the AI in drug discovery market. AI systems collect and analyze large amounts of data. This data can be sensitive and confidential, and there are concerns about the privacy and security of this data.

Regulatory challenges are another challenge of the AI in drug discovery market. AI systems are still in their early stages of development, and there are no clear regulations governing their use in drug discovery. This lack of regulations can create uncertainty for companies developing AI-based drug discovery solutions.

Despite the challenges, the AI in drug discovery market is expected to grow at a significant CAGR during the forecast period. The growth of the market is attributed to the increasing demand for novel drug therapies, rising prevalence of chronic diseases, and growing investments in R&D by pharmaceutical companies.

Top Players in the Global Artificial Intelligence in Drug Discovery Market

  • IBM Corporation (US)
  • Microsoft (US)
  • Google (US)
  • NVIDIA Corporation (US)
  • Atomwise Inc. (US)
  • Deep Genomics (Canada)
  • Cloud Pharmaceuticals (US)
  • Insilico Medicine (US)
  • BenevolentAI (UK)
  • Exscientia (UK)
  • Cyclica (Canada)
  • BIOAGE (US)
  • Numerate (US)
  • NuMedii (US)
  • Envisagenics (US)
  • twoXAR (US)
  • OWKIN Inc. (US)
  • XtalPi (US)
  • Verge Genomics (US)
  • BERG LLC (US)

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Top Report Findings

  • The market is expected to grow at a compound annual growth rate (CAGR) of 41.5% from 2021 to 2028.
  • The increasing demand for novel drug therapies, rising prevalence of chronic diseases, and growing investments in R&D by pharmaceutical companies are the key drivers of the market.
  • Machine learning is the most widely used technology in AI drug discovery, followed by deep learning.
  • Target identification is the largest application segment of the AI in drug discovery market.
  • Pharmaceutical companies are the largest end user segment of the AI in drug discovery market.
  • North America is the largest market for AI in drug discovery, followed by Europe and Asia Pacific.
  • The key challenges of the market are the lack of skilled professionals, data privacy and security concerns, and regulatory challenges.

Top Trends in Global Artificial Intelligence in Drug Discovery Market

  • Increasing use of AI in early-stage drug discovery: AI is being used to identify new drug targets, design new drugs, and screen compounds for potential drug candidates. This is helping to accelerate the drug discovery process and reduce the cost of drug development.
  • Growing adoption of AI by pharmaceutical companies: Pharmaceutical companies are increasingly adopting AI to improve their drug discovery efforts. AI is being used to automate tasks, identify patterns, and generate new hypotheses. This is helping to improve the efficiency and productivity of drug discovery.
  • Collaborations between AI companies and pharmaceutical companies: AI companies are collaborating with pharmaceutical companies to develop and deploy AI-based drug discovery solutions. This is helping to accelerate the adoption of AI in drug discovery and improve the success rate of drug development.
  • Investments in AI startups: Venture capitalists and other investors are investing in AI startups that are developing drug discovery solutions. This is helping to fuel the growth of the AI in drug discovery market.
  • Regulatory changes: Regulatory bodies are starting to recognize the potential of AI in drug discovery. This is leading to changes in regulations that are making it easier for AI companies to develop and deploy AI-based drug discovery solutions.

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The global artificial intelligence in drug discovery market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is the largest market for AI in drug discovery, followed by Europe and Asia Pacific.

  • The growth of the AI in drug discovery market in North America is attributed to the presence of a large number of pharmaceutical companies, high investments in R&D, and a favorable regulatory environment. The US is the largest market for AI in drug discovery in North America.
  • The growth of the AI in drug discovery market in Europe is attributed to the presence of a large number of pharmaceutical companies, increasing investments in R&D, and a favorable regulatory environment. Germany is the largest market for AI in drug discovery in Europe.
  • The growth of the AI in drug discovery market in Asia Pacific is attributed to the increasing prevalence of chronic diseases, rising investments in R&D, and a favorable regulatory environment. China is the largest market for AI in drug discovery in Asia Pacific.
  • The Rest of the World is expected to grow at the highest CAGR during the forecast period. The growth of the market in this region is attributed to the increasing investments in R&D, favorable regulatory environment, and the presence of a large number of pharmaceutical companies in emerging markets such as India and Brazil.

Browse market data Tables and Figures spread through 175 Pages and in-depth TOC on Artificial Intelligence in Drug Discovery Market Forecast Report (2022-2028).

Global Artificial Intelligence in Drug Discovery Market Segmentation

Application

  • Drug Optimization and Repurposing
  • Preclinical Testing
  • Others

Therapeutic Look

  • Oncology
  • Neurodegenerative Diseases
  • Cardiovascular Disease
  • Metabolic Diseases
  • Infectious Disease
  • Others

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

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Scope of the Report:

Report AttributesDetails
Market Size in 2021USD 627.1 Million
Revenue Forecast by 2028USD 4,197.5 Million
CAGR41.5% from 2023 to 2028
Base Year2022
Forecast Year2023 to 2030
Key PlayersIBM Corporation (US), Microsoft (US), and Google (US), NVIDIA Corporation (US), Atomwise, Inc. (US), Deep Genomics (Canada), Cloud Pharmaceuticals (US), Insilico Medicine (US), BenevolentAI (UK), Exscientia (UK), Cyclica (Canada), BIOAGE (US), Numerate (US), NuMedii (US), Envisagenics (US), twoXAR (US), OWKIN, Inc. (US), XtalPi (US), Verge Genomics (US), and BERG LLC (US).
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Key Questions Answered in the Artificial Intelligence in Drug Discovery Market Report are:

  • What is the size of the global artificial intelligence in drug discovery market?
  • What are the key drivers and restraints of the market?
  • What are the key trends in the market?
  • What are the key opportunities in the market?
  • What are the key challenges in the market?
  • Who are the key players in the market?
  • What are the strategies adopted by the key players?
  • What are the recent developments in the market?
  • What are the future prospects of the market?

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