The Artificial Intelligence in Drug Discovery market is estimated to be valued at US$ 1,266.7 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Artificial intelligence in drug discovery market utilizes AI techniques such as machine learning and deep learning algorithms to analyze large amounts of chemical, biological and genomic data to decipher meaningful insights for drug discovery. AI tools are being used for applications such as target identification and validation, lead generation and optimization, preclinical testing and others. These AI tools are capable of processing large genomic and chemical libraries to identify promising drug targets and candidate molecules.
Market Dynamics:
Reduced time required for drug discovery is one of the major factors driving growth of the artificial intelligence in drug discovery market. AI tools are capable of analyzing huge volumes of data much faster compared to manual processes. They can screen thousands to millions of chemical compounds in a short time to identify potential candidates. This helps in reducing preclinical development time significantly. Moreover, AI is also being implemented for target identification to discover novel targets which were previously unknown. This is another factor fueling market growth. However, lack of skilled AI workforce and integration challenges of AI solutions with existing IT infrastructure of companies are some of the factors that may hinder market growth.
SWOT Analysis
Strength: Artificial intelligence in drug discovery utilize algorithms and large data sets to identify potential drug candidates, reducing costs and saving time in R&D. It also assists in target identification and drug repurposing, helping expedite clinical trials. AI systems can analyze massive amounts of data in short time frames, outperforming humans.
Weakness: Lack of accuracy and interpretability of AI systems remains a challenge. Data bias and lack of diversity in data could impact results and decisions.
Opportunity: Growing biotech sector and increasing R&D investments by pharmaceutical players create opportunities for AI adoption. AI can help address shortage of effective drugs for rare and complex diseases by facilitating new drug discovery.
Threats: Data privacy and security concerns may limit collaborations and data sharing. Changes in regulations could impact use of AI solutions in drug development.
Key Takeaways:
The Global Artificial Intelligence in Drug Discovery Market Share is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing R&D investments by biotech and pharmaceutical players. Focus on rare and complex diseases is further driving adoption of AI to identify novel drug targets.
Regional analysis: North America currently dominates the global market share due to presence of major players and increased funding for AI research in the region. Asia Pacific is expected to witness fastest growthover the coming years supported by growing biotech industry in countries like China and India.
Key players operating in the Artificial Intelligence in Drug Discovery are IBM Corporation (IBM Watson Health), Exscientia, GNS Healthcare, Alphabet, Inc. (DEEPMIND), Benevolent AI, Biosymetrics, Euretos, Berg LLC., and Atomwise, Inc., Insitro, among others. Players are focusing on expanding capabilities of their AI platforms through continuous learning from massive real-world data to advance drug discovery process.
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The global artificial intelligence (AI) in drug discovery market size is expected to reach USD 4.05 billion by 2028 according to a new study by Polaris Market Research.
The report “Artificial Intelligence in Drug Discovery Market Share, Size, Trends, Industry Analysis Report, By Therapeutic Area (Oncology, Neurodegenerative Diseases, Cardiovascular Disease, Metabolic Diseases, Infectious Disease, Others); By Application; By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Based on therapeutic areas, the global artificial intelligence (AI) in drug discovery market is segmented into oncology, neurodegenerative diseases, cardiovascular disease, metabolic diseases, infectious diseases, and others.
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