Artificial Intelligence in Drug Discovery Market Share, Size, Trends, Industry Analysis Report, By Application (Drug Optimization & Repurposing, Preclinical testing, Others); By Therapeutic Area; By Offering; By Technology; By Region; Segment Forecast, 2022 - 2029
- Published Date:Dec-2021
- Pages: 52
- Format: PDF
- Report ID: PM1850
- Base Year: 2021
- Historical Data: 2017 - 2020
Report Outlook
The global artificial intelligence in drug discovery market was valued at USD 626.6 Million in 2021 and is expected to grow at a CAGR of 33.9% during the forecast period. The extended applications of artificial intelligence in numerous sections of medicine discovery such as chemical synthesis, polypharmacology, drug design, drug screening, and drug repurposing is likely to foster the market growth substantially.
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Artificial Intelligence (AI) is defined as a machine that performs the tasks related to the human intellect through various advanced tools. The major objective of medicine discovery research is to identify medications that can assist in the prevention or the treatment of specific diseases. The impediments associated with data digitalization of scrutinizing, acquiring, and applying the information to solve complex medical problems in the pharmaceutical sector propelled the demand for the industry.
The COVID-19 outbreak had a positive impact on the growth of artificial intelligence in drug discovery market owing to its extensive utilization by several companies for the identification and screening of existing medicines for the treatment of COVID-19. AI has proven to be beneficial in the detection of active compounds for preventing SARS-CoV, SARS-CoV-2, Human Immunodeficiency Virus (HIV), influenza virus, and others. Amid the pandemic, scientists from the TCS innovation lab (Tata Group) had announced their medicine discovery process using artificial intelligence.
During the pandemic, economies across the world were dependent on artificial intelligence-based medicine discovery rather than the conventional-based vaccine detection procedures which takes years to develop and are equally costly, which in turn, contributed to the growth of the industry.
Industry Dynamics
Growth Drivers
The deployment of computational artificial intelligence and molecular chemistry advancement along with the rapid progress in medicine design methods for COVID-19 in medicinal chemistry to characterize the starting points as hit molecules for COVID-19 is projected to augment the market growth as these techniques reduce the cost and time for medical research and development.
The industry has the potential to acknowledge hit and lead compounds, optimize medicine structure design, and provide a faster validation of the medicinal target, which is likely to drive the demand for artificial intelligence in drug discovery. In addition, AI encourages defining meaningful interactions in medicine screens that lower the possibility of false positives through careful parameters designs.
The other aspect driving the growth of the industry is its power to shift the medicine screening from the bench to a simulated lab where results of a screen can be acquired with greater speed, and promising targets can be chosen without the need for large experimental input and manpower hours.
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Restraint
The advanced tools of artificial intelligence might not be able to deal with the data sets accessible for medicine development in pharmaceutical companies that comprises millions of compounds. This is expected to hamper the growth of artificial intelligence in drug discovery market in the near future.
Report Segmentation
The market is primarily segmented on the basis of application, therapeutic area, offering, technology, and region.
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By Application |
By Therapeutic Area |
By Offering |
By Technology |
By Regions |
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Insight by Application
On the basis of application, the drug optimization & repurposing segment is expected to account for the largest revenue share owing to its greater use in therapeutic target finding and prediction of new therapeutic applications.
Furthermore, drug repurposing requires only medical information and analytics that are a cheap and quick alternative for medicine discovery as compared to the traditional medicine discovery phases, which require basic research, pre-clinical research, clinical trials, and finally, evaluation and approval of the product. However, the pre-clinical testing division is estimated to witness profitable market growth over the forecast period as it benefits in reducing huge experimental and overhead costs in preclinical testing.
Geographic Overview
North America dominated the industry and is expected to account for the highest revenue share. U.S. is the major contributor in the region owing to the adoption of AI technology in medicine discovery and development. The major aspects that contributed to the growth of the market in the region include huge investment in research & development and the adoption of artificial intelligence platforms among several pharmaceutical companies in the U.S. The strong presence of AI technology providers including Microsoft, Google, IBM, NVIDIA, Intel, and many others in the U.S., is expected to contribute to the demand for artificial intelligence in drug discovery.
Asia Pacific market is expected to witness a lucrative artificial intelligence in the drug discovery market growth rate over the forecast period. The countries of the region, primarily Japan and China, are focusing on the development of artificial intelligence in drug discovery market growth through proposing large investments in the research & development sector. They are coming up with new medical discoveries to facilitate the treatment of several diseases and provide solutions in other fields.
Competitive Insights
Some of the major players operating in the artificial intelligence in drug discovery market include Atomwise, Benevolent AI, Berg Health, BIOAGE, BioSymetrics, Cloud Pharmaceuticals, Cyclica, Deep Genomics, DeepMind, Envisagenics, Euretos, Exscientia, GNS Healthcare, IBM Corporation, Insilico Medicine, Insitro, NuMedii, Numerate, NVIDIA Corporation, OWKIN, Inc., Aria Pharmaceuticals, Inc., Model Medicines, Verge Genomics, XtalPi Inc. These market players are expanding their presence in the global market through several acquisitions, launches, mergers, and collaborations.
For instance, in August 2021, Aria Pharmaceuticals, Inc. announced positive pre-clinical data for two new therapeutic candidates, TXR-1002 and TXR-1007, for Idiopathic Pulmonary Fibrosis (IPF) treatment.
Artificial Intelligence in Drug Discovery Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 626.6 million |
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Revenue forecast in 2029 |
USD 5,558.0 million |
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CAGR |
33.9% from 2022 - 2029 |
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Base year |
2021 |
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Historical data |
2017 - 2020 |
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Forecast period |
2022 - 2029 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2022 to 2029 |
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Segments covered |
By Application, By Therapeutic Area, By Offering, By Technology, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
Atomwise, Benevolent AI, Berg Health, BIOAGE, BioSymetrics, Cloud Pharmaceuticals, Cyclica, Deep Genomics, DeepMind, Envisagenics, Euretos, Exscientia, GNS Healthcare, IBM Corporation, Insilico Medicine, Insitro, NuMedii, Numerate, NVIDIA Corporation, OWKIN, Inc., Aria Pharmaceuticals, Inc., Model Medicines, Verge Genomics, XtalPi Inc. |
