AI for Drug Discovery Market by Drug Type (Small Molecules, Large Molecules); Technology (Deep Learning, Machine Learning); Application (Metabolic Disease, Cardiovascular Disease, Oncology, Neurodegenerative Diseases, Others); End User (Pharmaceutical and Biotechnological Companies, Academic and Research Institutes, Others) and Geography: Global Market Size Estimates and Forecast (2022–2030)
The market crossed the US$ 1.0 billion mark in 2022 and is expected to hit US$ 9.0 billion by 2030, recording a CAGR of 37.5% during the forecast period.
AI in the drug discovery market has been significantly growing with the increase in the prevalence of chronic disorders.
The increasing demand for the discovery and development of novel therapies and expanding manufacturing capabilities in the healthcare industry are driving the demand for artificial intelligence in the drug discovery market. Apart from this, a growing number of public-private relationships are also boosting the market's growth during the forecast period. The deep learning technology segment will account for the majority of the share in the global market during the forecast period. The technology helps manage data consistently, saves time, diminishes the chances of errors in the drug discovery process, and decreases the workload for end users are some of the key factors for the market growth of this segment.
Within the report, the market is segmented into drug type, technology, application, end-user, and geography. By drug type, the market is further bifurcated into small molecules and large molecules. On the basis of technology, the market is bifurcated into deep learning and machine learning. By application, the market is categorized into metabolic disease, cardiovascular disease, oncology, neurodegenerative disease, and others. Based on end-user, the market is divided into pharmaceutical and biotechnological companies, academic and research institutes, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
The popularity of Mindful AI will empower the growth of futuristic innovations.
Drug discovery is one of the critical processes in the development of a new drug. However, it is a cost-intensive and time-consuming process. Artificial intelligence is employed in the drug discovery process in the pharmaceutical sector. Implementing AI reduces the research and development gap in the drug manufacturing process and helps in the targeted manufacturing of drugs. Hence, biopharmaceutical companies are turning to AI to enhance market share.
Mindful AI is expected to offer lucrative opportunities during the forecast period. Mindful AI is an intention-based approach used for creating effective AI-based technologies. With mindful AI, pharmaceutical giants can know how quickly a drug can be developed and how inclusive it is in terms of effectiveness.
Rising adoption in oncology is one of the major factors accelerating market growth.
AI applications in drug discovery include metabolic disease, cardiovascular disease, oncology, neurodegenerative disease, and others. The oncology segment is one of the fastest-growing applications. Disease diagnosis is prone to human error; thus, using AI systems can be beneficial in detecting diseases early. Moreover, AI can help researchers understand how cancer cells become resistant to anticancer drugs, eventually developing and adjusting drug use.
Recent strategic developments in AI in drug discovery market
The AI in drug discovery market has undergone several significant developments, and a few of these have been mentioned below:
- In March 2021, Iktos collaborated with Pfizer (US) to apply Iktos’ AI-driven de novo design software to selected small-molecule programs of Pfizer.
- In February 2021, Exscientia and the University of Oxford collaborated to develop treatments for Alzheimer’s disease.
- In October 2020, Genesis Therapeutics partnered with Genentech for a drug development deal utilizing Genesis’ graph machine learning capabilities to identify drug candidates for a variety of diseases.
Several players drive the AI in the drug discovery market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Atomwise, Inc; Insilico Medicine; IBM; Cloud Pharmaceuticals, Inc; Gero.ai; BenevolentAI; and NuMedii, Inc are among the prominent players operating in the market.
The target audience for the report:
- Drug developing companies
- Contract development and manufacturing organization,
- Drug discovery-related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policymakers
- Venture capitalists, private equity firms, and start-up companies
- Drug distributors and sales firms
- End users of drug discovery
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Drug Type:
- Small Molecules
- Large Molecules
- Technology
- Deep Learning
- Machine Learning
- Application:
- Metabolic Disease
- Cardiovascular Disease
- Oncology
- Neurodegenerative Diseases
- Others
- End User:
- Pharmaceutical and Biotechnological Companies
- Academic and Research Institutes
- Others
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Atomwise, Inc.
- Insilico Medicine
- BIOAGE
- IBM
- Aria Pharmaceuticals, Inc
- Gero.ai
- Exscientia
- Benevolent AI
- Cloud Pharmaceuticals
- Atomwise, Inc.
- Insilico Medicine
- BIOAGE
- IBM
- Aria Pharmaceuticals, Inc
- Gero.ai
- Exscientia
- Benevolent AI
- Cloud Pharmaceuticals