Meticulous Research®—a leading global market research company, published a research report titled, Artificial Intelligence in Drug Discovery Market by Offering (Software, Service), Application (Target Discovery, Lead Identification, Clinical Testing), Therapy Area (Oncology, Cardiology, Neurodegenerative), Deployment, End User—Global Forecast to 2030
According to this latest publication from Meticulous Research®, the global AI in drug discovery market is projected to reach $8.95 billion by 2030, at a CAGR of 27.2% during the forecast period 2023–2030. The rising focus on reducing the turnaround time in drug discovery, the growing applications of AI in drug discovery, the rising incidence of chronic diseases, and the advancement of artificial intelligence in the healthcare industry are the factors driving the growth of this market. The rising adoption of machine learning (ML) in drug discovery, the emergence of local and regional start-ups in AI and drug discovery, and rising investments for R&D are creating opportunities for the growth of this market.
Artificial Intelligence in Drug Discovery Market: Future Outlook
The global AI in drug discovery market study is segmented by offering (software and services), deployment mode (on-premises mode, cloud & web-based mode), application (target discovery & validation, lead compound identification, de novo design and drug optimization, preclinical & clinical testing), therapeutic area (immuno-oncology, neurodegenerative diseases, cardiovascular diseases, metabolic diseases, and other therapeutic areas), end user (pharmaceutical & biopharmaceutical companies, contract research organizations (CROs), and academic & research institutes,), and geography. The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.
Based on offering, in 2023, the software segment is expected to account for the largest share of the global AI in drug discovery market. Software are typically offered using licensed models, subscription-based, and software-as-a-service model, all of which produce recurring income. The high adoption of software for AI-based drug discovery to reduce the time and costs incurred in the drug discovery process is the key factor supporting the large market share of this segment.
Based on deployment mode, the cloud & web-based segment is projected to record the fastest growth rate over the forecast period. The cloud or web-based platforms provide excellent accessibility, incur minimal maintenance costs, and have a large storage capacity. The pharmaceutical data sets for drug discovery are huge and can be stored conveniently on cloud. Thus, the adoption of cloud-based platforms is expected to increase in the AI in drug discovery market.
Based on application, in 2023, the lead compound identification segment is expected to account for the largest share of the global AI in drug discovery market. Finding a lead compound is among the first steps in developing a new therapeutic in drug discovery. It is a critical stage in drug discovery and is often considered the starting point. Thus, the adoption of AI is more significant in this stage, supporting the largest share of the market.
Based on therapeutic area, in 2023, the oncology segment is expected to account for the largest share of the global AI in drug discovery market. Drug discovery companies are focusing on oncology for developing new drugs, increasing the adoption of AI algorithms in oncology therapies. The prevalence of oncology is increasing globally. In 2020, nearly 19.30 million new cases of cancer were reported globally. (Source: International Agency for Research on Cancer). Additionally, researchers globally are investing massive amounts in R&D and identifying novel cancer therapies. Thus, the increasing adoption of AI-based drug discovery for oncology is supporting the large market share of this segment.
Based on end user, in 2023, the pharmaceutical & biopharmaceutical companies segment is expected to account for the largest share of the global AI in drug discovery market. High investments by pharmaceutical and biotechnology companies in AI and a high focus on developing AI-based oncology drugs are the factors supporting the large market share of this segment.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America) and the Middle East & Africa.
Based on geography, in 2023, North America is expected to account for the largest share of the AI in drug discovery market, followed by Europe and Asia-Pacific. In 2023, the U.S. is expected to account for the largest share of the AI in drug discovery market in North America. This market is primarily driven by increasing public and private investments in drug discovery and the high adoption of AI solutions in drug discovery. The presence of key AI companies and pharmaceutical companies such as Abbott Laboratories (U.S) and Pfizer Inc. (U.S) also support the large share of this market.
The key players operating in the global AI in drug discovery market are Microsoft Corporation (U.S.), Exscientia plc (U.K.), NVIDIA Corporation (U.S.), Schrödinger, LLC (U.S.), Atomwise, Inc. (U.S.), BenevolentAI Limited (U.K.), Deep Genomics Incorporated (Canada), InSilico Medicine (U.S.), Cloud Pharmaceuticals, Inc. (U.S.), and Standigm Inc. (South Korea).
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