WASHINGTON DC, Aug. 30, 2022 (GLOBE NEWSWIRE) -- The New Report by Data Bridge Market Research titled, ‘Global Artificial Intelligence (AI) in Drug Discovery Market Size, Share, Growth, Industry Trends, and Forecast 2022-2029, gives an in-depth analysis of the market, assessing the market based on its segments like production processes, applications, and major regions. Global Artificial Intelligence (AI) in Drug Discovery Market Report gives a detailed analysis of industry size, share, growth, trends, demand and forecast 2029. The Report also provides information regarding Artificial Intelligence (AI) in Drug Discovery opportunities, development trends; future roadmap and top players history it will help to your Artificial Intelligence (AI) in Drug Discovery for great decision making. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the Porter’s Five Forces Analysis.
The adoption of AI solutions in the clinical trial process eliminates possible obstacles, reduces clinical trial cycle time and increases the productivity and accuracy of the clinical trial process. Therefore, the adoption of these advanced AI solutions in drug discovery processes is gaining popularity amongst life science industry stakeholders. In the pharmaceutical sector, it aids in the discovery of novel compounds, therapeutic target identification and the development of customized medications. AI platforms used for drug discovery can prove to be a feasible option for deriving insights into the discovery of drugs to treat and minimize the severity of various chronic diseases
Data Bridge Market Research analyzes that the global Artificial Intelligence (AI) in drug discovery market is expected to reach the value of USD 24,618.25 million by 2029, at a CAGR of 53.3% during the forecast period. Software accounts for the largest technology segment in the market due to rapid developments in technological advancements to commercialize the use of AI in drug discovery market. This market report also covers pricing analysis, patent analysis and technological advancements in depth.
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REPORT METRIC
Forecast Period - 2022 to 2029
Base Year – 2021
Historic Years - 2020 (Customizable to 2014 - 2019)
Market Overview:-
AI has caught the attention and minds of medical technology practitioners in the past few years, as several companies and major research laboratories have worked to perfect these technologies for clinical use. The first commercialized demonstrations of how AI (also known as Deep Learning (DL), Machine Learning (ML), or Artificial Neural Networks (ANNs)) could assist clinicians are now available. These systems could lead to a paradigm shift in clinician workflow and increase productivity while simultaneously enhancing treatment and patient throughput. AI for drug discovery is a technology that uses machines to simulate human intelligence to solve complicated challenges in the drug development procedure.
The adoption of AI solutions in the clinical trial process eliminates possible obstacles, reduces clinical trial cycle time and increases the productivity and accuracy of the clinical trial process. Technological advancements in AI for drug discovery and reduction in total time involved in drug discovery process are other factors driving the market growth in the forecast period. However, low quality and inconsistent available data will obstruct the market growth. Also, high cost associated with technology and technical limitations will restrain the market growth.
Some of the key players operating in the market:
- Microsoft
- NVIDIA Corporation
- IBM Corporation
- Atomwise, Inc
- DEEP GENOMICS
- Cloud Pharmaceuticals, Inc
- Insilico Medicine
- BenevolentAI Ltd
- Exscientia
- Cyclica Inc
- Numerate
- NuMedii, Inc
- Envisagenics
- twoXAR, Incorporated
- OWKIN, INC
- XtalPi Inc
- BERG LLC
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Opportunity
Rise in the investments for R&D
The rise in R&D activities and increasing adoption of cloud-based services and applications will provide beneficial opportunities for market growth.
The industry of AI in biopharma continues to grow after a long period of sepsis. This is reflected in the ongoing flow of investments and increase in the number of collaborations between pharmaceutical corporations and AI companies in 2021 to the previous years. The Biopharma industry’s growth is largely influenced by the active engagement of leading pharmaceutical corporations in AI-related investments. The number of scientific publications in the field of AI in Biopharma and research collaborations between pharma companies and AI-expertise vendors are rapidly increasing, yet, some pharma corporations are still critical of AI applications. ML and AI applications in the pharmaceutical and healthcare industries lead to the formation of a new interdisciplinary field of data-driven drug discovery in healthcare. Thus, rise in investment in R&D activities is acting as an opportunity for market growth.
Points Highlighted in the Report:
- The report includes an overall business forecast that aims to gain valuable insights into the global Artificial Intelligence (AI) in Drug Discovery Market.
- The main segments have been further classified into sub-segments for a detailed review and a deeper understanding of the industry.
- The factors leading to market growth have been listed. The data has been collected from primary and secondary sources and analyzed by professionals in the field.
- The study analyses the latest trends and company profiles of the major players in the market.
Key Drivers
- Rise in incidence of chronic diseases propels need for AI in drug discovery
The incidence of chronic diseases is increasing at a rapid pace across the globe. According to the Centers for Disease Control and Prevention (CDC), six in 10 adults in the U.S. have a chronic disease. Furthermore, the CDC also highlights that chronic diseases such as heart disease and diabetes are the leading causes of death in the U.S. Such statistics shed light on the growing prevalence of chronic diseases and the need to bring down the fatality rate caused due to these diseases.
AI platforms used for drug discovery can prove to be a feasible option for deriving insights into the discovery of drugs to treat and minimize the severity of various chronic diseases. Thus, these factors are expected to act as a driver for the market growth during the forecast period.
Strategic collaborations, partnerships and products launch
AI has the potential to transform drug discovery by rapidly accelerating the R&D timeline, making drug development cheaper and faster and improving the probability of approval. AI can also increase the effectiveness of drug repurposing research.
An increase in cross-industry alliances and collaborations drives the market. Rise in relevance of AI in drug discovery & development and a surge in funding for R&D activities, including AI technology in the field of drug research, are projected to propel the global market growth. Hence, increase in cross-industry collaborations and partnerships is driving the market.
Restraint
- High cost associated with technology and technical limitations
The current healthcare sector is facing several complex challenges, such as the increased cost of drugs and therapies and society needs specific significant changes in this area. The entire success of AI depends on the availability of a substantial amount of data because these data are used for the subsequent training provided to the system. Access to data from various database providers can incur extra costs for a company. Clinical trials are directed towards establishing the safety and efficacy of a drug product in humans for a particular disease condition and require six to seven years along with a substantial financial investment. However, only one out of ten molecules entering these trials gain successful clearance, which is a massive loss for the industry. These failures can result from inappropriate patient selection, shortage of technical requirements and poor infrastructure. Thus, increasing costs with the technology is acting as a restraint for the market growth.
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Recent Developments
- 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, as well as long-term software support, to accelerate innovation in the medical device industry. This will help the company for better AI performance in 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.
Market Segmentation: Artificial Intelligence (AI) in Drug Discovery Market
APPLICATION
- Novel Drug Candidates
- Drug Optimization and Repurposing Preclinical Testing and Approval
- Drug Monitoring
- Finding New Diseases Associated Targets and Pathways
- Understanding Disease Mechanisms
- Aggregating and Synthesizing Information
- Formation & Qualification of Hypotheses
- De Novo Drug Design
- Finding Drug Targets of an Old Drug
- Others
TECHNOLOGY
- Machine Learning (ML)
- Deep Learning (DL)
- Natural Language Processing (NLP)
- Others
DRUG TYPE
- Small Molecule
- Large Molecule
OFFERING
- Software
- Services
INDICATION
- Immuno-Oncology
- Neurodegenerative Diseases
- Cardiovascular Diseases
- Metabolic Diseases
- Others
END USE
- Pharmaceutical & Biotechnology Companies
- Contract Research Organizations (CROs)
- Research Centres And Academic Institutes
- Others
Regional Analysis/Insights
The Artificial Intelligence (AI) in drug discovery market report is analyzed and market size information is provided by application, technology, drug type, offering, indication and end use.
The countries covered in this market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, rest of Europe, China, Japan, India, South Korea, Singapore, Thailand, Malaysia, Australia & New Zealand, Philippines, Indonesia, rest of Asia-Pacific, U.A.E, Israel, South Africa, Saudi Arabia, Egypt, rest of Middle East and Africa, Brazil, Argentina and rest of South America.
North America is dominating the market. The increasing investment in R&D and adoption of AI technology in medicine discovery and development in the North America region over the past few years is expected to boost the market growth. The U.S. dominates North America region due to strong presence of AI technology providers such as IBM, Google, Microsoft and others.
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