Artificial Intelligence (AI) in Drug Discovery Market - By Component (Software, Service), Technology (Machine learning {Deep Learning}), Application Type (Target Identification), Therapeutic Area (Oncology), End-use (CRO), Global Forecast, 2023 – 2032
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationAI in Drug Discovery Market Size
AI in Drug Discovery Market size accounted for USD 1.5 billion in 2022 and is estimated to grow at 30.1% CAGR between 2023 and 2032. Increasing demand to curb the drug discovery cost and time utilized in the process will accelerate the market growth.
Growing number of collaborations and partnerships is expected to accelerate the market demand. For instance, in January 2022, Janssen Pharmaceutica NV, a pharmaceutical company of Johnson & Johnson, collaborated with SRI International (SRI). With this collaboration, Janssen can leverage SRI’s SynFini platform, an artificial intelligence (Al)-guided, automated synthetic- chemistry system for small molecule drug discovery. This strategy helped the company to accelerate small-molecule drug discovery and development. Thus, increasing number of collaborations and partnerships is driving the adoption of AI-based solution for drug discovery and development process.
Artificial intelligence (AI) in drug discovery refers to the application of advanced computational algorithms and machine learning techniques to expedite and enhance the process of discovering new drugs and therapies. It involves the utilization of AI models to analyse vast amounts of biological, chemical, and clinical data, enabling the identification of potential drug targets, the design of novel compounds, and the prediction of drug efficacy and safety profiles.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| AI in Drug Discovery Market Size in 2022 | USD 1.5 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 30.1% |
| 2032 Value Projection | USD 20.9 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 220 |
| Tables, Charts & Figures | 328 |
| Segments covered | Component, Technology, Application Type, Therapeutic Area, End-use, and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
COVID-19 Impact
The COVID-19 pandemic has given a big boost to artificial intelligence (AI) in the world of drug discovery. It's like AI has become the superhero in the fight against this virus. With everyone desperate for better treatments and vaccines, researchers and drug companies have been using AI like never before. They're basically feeding AI vast amounts of data and letting it work its magic. The AI can quickly pick out possible drug candidates that could be effective against COVID-19. One example is a company called Repurpose.AI. They teamed up with Scripps Research to create a computer platform that's super good at finding new ways to use existing drugs to fight COVID-19. That's like taking a known drug and tweaking it to make it even more powerful against this virus. So, AI has basically become a super-fast drug discovery machine, helping scientists save time and find new weapons in the battle against COVID-19.
AI in Drug Discovery Market Trends
The world is facing a growing epidemic of chronic diseases like heart problems, cancer, diabetes, and lung problems. Also, infectious diseases like HIV/AIDS, malaria, and COVID-19 are still a major concern. This rise in health issues is expected to drive the demand for AI in healthcare. For example, the International Diabetes Federation says that in 2021, around 537 million adults worldwide had diabetes. And it's estimated that by 2045, that number will reach 783 million people. As these diseases become more complex and diverse, they require new ways to find treatments. That's where AI comes in. AI can help develop precision medicine, which tailors treatments to each patient based on their own unique medical history and profile. This is a game-changer in healthcare, as it has the potential to make treatments more effective and reduce side effects.
AI in Drug Discovery Market Restraint
Limited understanding and expertise [LK1] in the field of artificial intelligence (AI), specifically within drug discovery may hamper the market growth. The integration of AI into the complex and highly regulated pharmaceutical industry requires deep domain knowledge, technical expertise, and an understanding of the unique challenges in drug discovery. Additionally, the constant advancements and innovations in AI technologies necessitate ongoing learning and upskilling. Therefore, shortage of experts with the necessary skills to develop, implement, and interpret AI models specifically in drug discovery may hinder the market growth.
AI in Drug Discovery Market Analysis
The AI-powered drug discovery market is split into two main groupssoftware and services. Software alone took up 63% of the market in 2022 and is expected to grow even more in the coming years. This growth is being fueled by the rising need for advanced analytics and machine learning in the pharmaceutical industry. These software tools make drug discovery more efficient and automated, saving time and resources. Companies are adopting AI software more and more because of this. Cloud computing and high-performance computing have also played a big part in the growth of AI software.
Based on technology, the AI in drug discovery market is segmented into machine learning and other technology. The machine learning segment is expected to surpass around USD 18 billion by 2032. The increasing availability and accessibility of vast amounts of data, including genomics, proteomics, and clinical records, have created opportunities for machine learning algorithms to extract valuable insights and patterns. By leveraging these data sets, machine learning algorithms can identify potential drug targets, predict drug efficacy, and optimize drug design, enabling more targeted and efficient drug discovery processes. Such aforementioned factor is expected to drive the market growth.
Imagine you're looking for a cure for a disease. It's like searching for a needle in a haystack. But with AI, it's like using a magnet instead. That's what AI does in drug discovery. AI can screen giant collections of chemicals, called molecular libraries, like a super-fast scanner. It scans through millions of compounds to find those that might fit the bill. This library screening part is like the starting point, making up a big chunk of the market. AI can also help identify new targets for drugs. It's like finding the vulnerable spot that the drug can attack. And it can even help optimize drugs, making them more effective and safe. One cool thing is that AI can design drugs from scratch. It's like creating something new, and this part of the market is expected to grow a lot. AI can also help test drugs before human trials, making the process safer and more efficient. So, all these things that AI can do in drug discovery are driving up the demand for AI in this field. It's like AI is becoming the ultimate weapon in our quest for new cures.
Imagine you're out shopping for the latest gadgets. You're in the medical aisle, looking for an AI-powered tool to help you with your health. You'll find a wide range of options, each designed to tackle different types of medical conditions. The "Oncology" section is like the cancer-fighting superhero. It covers everything from breast cancer to leukemia. And guess what? In 2022, it dominated the AI in drug discovery scene, taking home a whopping 44.8% of the market. Why is cancer such a big deal? Well, sadly, more and more people are being diagnosed with cancer worldwide. For example, in India alone, there were over 1.4 million new cancer cases in 2022. That's a lot of people who need our help! So, with so many people battling cancer, the demand for better and smarter treatments is going through the roof. That's where AI comes in, offering hope for more effective and personalized treatments that can give cancer patients a fighting chance.
Based on end-use, the AI in drug discovery market is segmented into pharmaceutical and biotechnology companies, contract research organization (CROs), and other end-users. The pharmaceutical and biotechnology companies segment accounted for 53.1% of the market share in 2022 and is projected to witness considerable growth over the analysis timeframe. The adoption of AI technologies by pharmaceutical and biotechnology companies offers numerous advantages, including the discovery of new targets and indications, optimization of drug development pipelines, enhanced collaboration, and the ability to address unmet medical requirements.
North America AI in drug discovery market accounted for 51.9% market share in 2022 and is anticipated to grow at considerable growth rate during the forecast timeframe. North America has a robust ecosystem of research institutions, academic centers, and healthcare facilities, thereby driving the regional growth. Moreover, the availability of diverse and high-quality dataset enables the development and validation of AI algorithms for drug discovery applications. Furthermore, increasing prevalence of chronic diseases coupled with rising investment in research and development activities is expected to supplement the artificial intelligence (AI) in drug discovery industry.
AI in Drug Discovery Market Share
Major market players operating in the artificial intelligence in drug discovery market include
- Microsoft
- BenevolentAI
- Exscientia
- IBM Corporation
- Alphabet (DeepMind)
These industry players majorly adopt various strategies including collaborations, acquisitions, mergers, and partnerships to create a global footprint and sustain market competition.
Artificial Intelligence in Drug Discovery Industry News
- In November 2022, Exscientia collaborated with the University of Texas MD Anderson Cancer Center to use its patient-centric artificial intelligence technology for novel small molecule drug discovery and development using the expertise of MD Anderson. This strategy helped the company to expand and grow.
- In August 2022, GNS Healthcare collaborated with Servier, a global pharmaceutical group to advance drug discovery, translational, and clinical development efforts in multiple myeloma (MM). This strategy helped the company to expand its service offering.
The artificial intelligence (AI) in drug discovery market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments
Click here to Buy Section of this Report
By Component
- Software
- Services
By Technology
- Machine Learning
- Deep Learning
- Supervised Learning
- Unsupervised Learning
- Other Machine Learning Technologies
- Other Technologies
By Application Type
- Molecular library screening
- Target Identification
- Drug Optimization and Repurposing
- De novo Drug Designing
- Preclinical Testing
By Therapeutic Area
- Oncology
- Neurodegenerative Diseases
- Inflammatory
- Infectious Diseases
- Metabolic Diseases
- Rare Diseases
- Cardiovascular Diseases
- Other Therapeutic Areas
By End-use
- Pharmaceutical and Biotechnology Companies
- Contract Research Organization (CROs).
- Other End-users
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
Related Reports
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy