Artificial Intelligence (AI) in Drug Discovery Market Size & Share to Surpass $7.1 Billion by 2030 | Vantage Market Research

WASHINGTON, Nov. 06, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the Global Artificial Intelligence in the Drug Discovery Market has been steadily growing over the years due to the growing demand for personalized medicine, the requirement for effective drug development procedures, and partnerships between pharmaceutical companies and AI technology providers. By analyzing enormous volumes of biological and chemical data, AI algorithms and data analytic approaches are revolutionizing the drug development process by advancing target identification, lead optimization, and clinical trial design. Despite issues with data quality and privacy, the use of AI in drug discovery has enormous potential to revolutionize the pharmaceutical sector by providing quicker, more accurate, and more individualized patient care.  

According to Vantage Market Research, the global Artificial Intelligence in Drug Discovery Market is estimated to be valued at USD 7.1 Billion by 2030 and is expected to exhibit a CAGR of 23.72% during the forecast period 2023 to 2030. The disposable face mask market grew to USD 1.3 Billion in 2022.

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Artificial intelligence in drug discovery has important value in public health and safety; particularly when infectious disease pandemics like the COVID-19 outbreak occur. Researchers can analyze vast datasets and find new treatments with improved precision and speed due to AI algorithms and machine learning techniques. AI aids in the quick identification and optimization of drug candidates by speeding up the drug development process, making it easier to deliver vaccinations and therapies that can save lives. AI also makes it possible to reuse currently available medications, which saves time and money. Overall, the use of AI in drug discovery improves readiness and reaction skills, protecting public health and vulnerable populations from infectious diseases including respiratory ailments.

Key Highlights

  • By Application, the Drug optimization and repurposing segment will increase the Artificial Intelligence in Drug Discover Market over the forecast period 2023 to 2030.
  • By Therapeutic area, the oncology segment dominated the largest market share globally during the forecast period 2023 to 2030.
  • By component, the services segment holds the largest share across the globe in the forecast period 2023 to 2030.
  • In 2022, North America dominated the market with the highest revenue share of 48.5%.
  • Asia Pacific will grow at a high CAGR from 2023-2030.

The global Artificial Intelligence (AI) in Drug Discovery market provides a wide range of possibilities and advancements, creating a competitive market where academics and pharmaceutical firms compete to use AI algorithms to analyze enormous amounts of data and identify potential drug candidates more precisely and effectively. AI-driven drug development is constantly evolving, and this has the potential to lead to ground-breaking discoveries and better patient outcomes.

Factors Affecting the Growth of Artificial Intelligence (AI) in the Drug Discovery Market Industry

Several factors can affect the growth of artificial intelligence (AI) in the drug discovery industry. Some of these factors include:

  • Technological developments: Artificial Intelligence (AI) in the Drug Discovery sector has seen a transformation due to technological advancements like artificial intelligence, machine learning, and data analytics, which have made operations more precise and effective. These innovations boost output, cut costs, and raise the general caliber of Artificial Intelligence (AI) in Drug Discovery products.
  • Increasing Demand: The rising demand is influenced by elements including population increase, urbanization, and shifting consumer tastes. The benefits of Artificial Intelligence (AI) in Drug Discovery products, such as their toughness, safety, and environmental sustainability, are also becoming more widely known, which contributes to the market's expansion.
  • Regulatory Environment: The market for Artificial Intelligence (AI) in Drug Discovery is significantly shaped by the regulatory environment. The production, distribution, and usage of Artificial Intelligence (AI) in Drug Discovery items are impacted by government rules and policies about quality standards, safety requirements, and environmental sustainability. To ensure product acceptance and market expansion, market participants must adhere to these norms and satisfy the requirements.
  • Investment in Research and Development: The amount of money spent on R&D projects has a big impact on the market's expansion. Companies that spend on R&D are more likely to create cutting-edge Artificial Intelligence (AI) in Drug Discovery items, enhance manufacturing techniques, and maintain an edge over rivals. R&D expenditures promote technological development and aid in the market introduction of fresh and better Artificial Intelligence (AI) in Drug Discovery goods.

Top Companies in The Global Artificial Intelligence (AI) in the Drug Discovery Market

  • IBM Watson (U.S.)
  • Exscientia (UK)
  • GNS Healthcare (U.S.)
  • Alphabet (U.S.)
  • Benevolent AI (UK)
  • BioSymetrics Inc. (Canada)
  • Euretos (Netherlands)
  • Berg Health (U.S.)
  • Atomwise (U.S.)
  • Insitro (U.S.)
  • Cyclica Inc. (Canada)

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Top Trends in Global Artificial Intelligence (AI) in the Drug Discovery Market

The global artificial intelligence (AI) drug discovery market witnessing several prominent trends. To improve the effectiveness and precision of drug development processes, there is an increased focus on integrating AI with other cutting-edge technologies including big data analytics, cloud computing, and machine learning. An increasing amount of attention is being paid to the creation of AI-driven platforms and tools that help researchers access and analyze enormous datasets more efficiently, resulting in the discovery of new drug targets and potential treatments. A collaborative ecosystem that combines domain knowledge and AI skills to promote innovation in drug discovery is being fostered by increasing cooperation between pharmaceutical corporations, AI technology suppliers, and academic institutions. Finally, there is a shift towards personalized medicine, where AI is being used to examine patient data and genetic information to create targeted medications, enabling more accurate and efficient treatments. All things considered; these trends are driving AI in the drug discovery market toward innovations that could completely change the pharmaceutical sector.

Market Drivers

The development of artificial intelligence (AI) in the field of drug discovery is being fueled by several market factors. The implementation of AI in pharmaceutical research is being driven by the rising need for creative and efficient drug development methods. Researchers can now more accurately and efficiently analyze massive amounts of data and find possible medication ideas due to AI technologies. The development of AI-driven solutions that can deliver customized therapies for specific patients is being fueled by the increased prevalence of chronic diseases and the demand for personalized care. Additionally, partnerships between pharmaceutical firms and suppliers of AI technology are promoting creativity and expanding AI's potential for drug discovery.

Market Restraints
The market for Artificial Intelligence (AI) in Drug Discovery confronts several challenges despite the optimistic growth. The low quantity and poor quality of data needed for efficient AI analysis is one of the main problems. The pharmaceutical sector is subject to stringent laws, which raise issues with data privacy and restrict access to huge databases. The interpretability and explainability of AI algorithms in drug discovery can present difficulties because regulatory authorities and stakeholders need to be able to grasp the decision-making process. Furthermore, important obstacles to mainstream adoption include the high cost of adopting AI technology and the requirement for qualified people to design and install AI solutions.

Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on AI in the Drug Discovery Market Forecast Report (2023-2030).                      

Market Opportunities
The artificial intelligence (AI) drug discovery market provides numerous possibilities of big chances for expansion and innovation. One significant opportunity is the ability to speed up and cut expenses in the drug discovery process. With improved efficiency, AI algorithms can analyze enormous volumes of data and pinpoint potential drug candidates, saving time and resources. The use of AI in personalized medicine presents an additional possibility because it can analyze patient data and genetic information to create customized treatments that are catered to specific people. The therapeutic process and patient care could be revolutionized by this strategy. Additionally, by working together, pharmaceutical firms and AI technology suppliers can develop AI-driven platforms and tools that will improve the drug discovery process.

Report Segmentation of the Global Artificial Intelligence (AI) in the Drug Discovery Market

Application Analysis
The drug optimization and repurposing category dominates the market. The efficacy of the drug as a whole and undesirable pharmacological effect can be studied using advanced Al systems like Deep Learning (DL) and drug modeling. The development of Al technology has also made it simpler to study, compare, and repurpose pharmaceuticals into more efficient versions, reducing adverse effects and increasing overall efficacy. The pharmaceutical industry is using this strategy to enhance its current medications and to make them more useful by changing their original indications, which lowers the cost of development.

Therapeutic Area Analysis

Oncology is expected to dominate the market during the forecast period. Oncology has been a key area of research and medication development since it focuses on the prevention, diagnosis, and treatment of cancer. Oncology-focused drug development activities have increased as a result of the rising incidence of cancer in the world and the demand for more efficient and individualized treatment choices. The use of AI in oncology drug discovery has produced encouraging results, allowing scientists to analyze intricate biological data, find prospective drug targets, and create novel treatments. As a result, during the projection period, the cancer therapeutic area is anticipated to have notable breakthroughs and market expansion.

Component Analysis

Services are anticipated to rule the Artificial Intelligence (AI) market for Drug Discovery based on the component analysis. Services are essential for the deployment and use of AI technology in the drug discovery process. Data analysis, algorithm creation, machine learning, and other AI-related jobs are rapidly being outsourced to AI service providers by pharmaceutical businesses and research institutions. These services facilitate effective model construction, data processing, and result interpretation, assisting researchers in gaining knowledge and making wise choices. The requirement for specialized knowledge, accessibility to cutting-edge AI tools and infrastructure, and the need to optimize the drug development process all contribute to the demand for AI services in the drug discovery market.

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AI in the Drug Discovery Market Segmentation

By Application

  • Drug optimization and repurposing
  • Preclinical testing
  • Other Applications

By Therapeutic Area

  • Oncology
  • Neurodegenerative Diseases
  • Cardiovascular Disease
  • Metabolic Diseases
  • Infectious Diseases
  • Other Areas

By Component

  • Software
  • Hardware
  • Services

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Recent Development of the Global Artificial Intelligence (AI) in the Drug Discovery Market

  • In March 2022, NVIDIA Corporation launched Clara Holoscan MGX to develop and deploy real-time AI applications. Clara Holoscan MGX expands the Clara Holoscan platform to provide an all-in-one, medical-grade reference architecture, and long-term software support to accelerate innovation in the medical device industry. This will help the company for better AI performance in the health sector for surgery, diagnostics, and drug discovery.
  • In May 2022, Benevolent AI, a leading clinical-stage AI-enabled drug discovery company, announced that AstraZeneca has selected an additional novel target for Idiopathic Pulmonary Fibrosis (IPF) for its drug development portfolio, resulting in a milestone payment to Benevolent AI.  This is the third novel target from the collaboration that has been identified using the Benevolent Platform across two disease areas, IPF, and chronic kidney disease, and subsequently validated and selected for portfolio entry by AstraZeneca. This builds upon the recent extension of the collaboration with AstraZeneca to include two new disease areas, systemic lupus erythematosus, and heart failure, signed in January 2022. This has helped the company to make its collaboration stronger.

Scope of the Report:    

Report AttributesDetails
Market Size in 2022USD 1.3 Billion
Revenue Forecast by 2030USD 7.1 Billion
CAGR23.72% from 2023 to 2030
Base Year2022
Forecast Year2023 to 2030
Key PlayersIBM Watson, Exscientia, GNS Healthcare, Alphabet, Benevolent AI, BioSymetrics Inc., Euretos, Berg Health, Atomwise, Insitro, Cyclica Inc.
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options

Regional Analysis

Artificial intelligence (AI) in the drug discovery market is expanding and improving significantly in North America. The area has several significant pharmaceutical industry companies and a robust healthcare system, which makes it advantageous for the application of AI technology in drug discovery. Research organizations, academic institutions, and tech firms in North America have a strong ecosystem that supports projects for AI-driven drug discovery. In addition, supportive government policies and funding for AI research have helped the market expand in the area. The demand for AI in drug discovery in North America is driven by the existence of a sizable patient population as well as the requirement for creative and effective drug development techniques.

The market for Artificial Intelligence (AI) in Drug Discovery is anticipated to expand at the fastest pace in the Asia Pacific region. This development is influenced by several variables, including the region's growing pharmaceutical sector, rising healthcare and artificial intelligence investment levels, and a sizable patient base. To address healthcare issues and spur innovation, nations including China, Japan, South Korea, and India are actively implementing AI in drug research. The Asia Pacific region's market is also growing as a result of a trained labor force, advances in AI research, and supportive government efforts. There is a substantial need for AI-driven drug development solutions due to the region's rapid economic growth and the rise in chronic disease prevalence.

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