The cases of chronic diseases, especially cardiovascular disorders and diabetes, are increasing at an accelerated rate, eventually boosting the need for AI in drug discovery platforms.
Wilmington, Delaware, United States, Nov. 10, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. –The global AI in drug discovery market is projected to flourish at a CAGR of 36.1% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 10.93 billion is anticipated for the market in 2031. As of 2023, the demand for AI in drug discovery is expected to close at US$ 922.4 million.
The increasing availability of biological and chemical data has created a massive pool of information for AI algorithms to analyze. This data-driven approach allows for more informed and targeted drug discovery.
Advances in computing power, including GPUs and specialized hardware for AI tasks, enable more complex and resource-intensive algorithms to be applied to drug discovery datasets.
An increase in cross-industry alliances and collaborations drives the global AI for drug discovery market. The rise in relevance of AI in drug discovery & development and the surge in funding for R&D activities, including AI technology in the field of drug research, are projected to propel the global market.
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Competitive Landscape
The global landscape is highly competitive, with several prominent companies. Key players are adopting innovative strategies to strengthen their market position. Companies are entering into partnerships with research institutes to discover the potential usage of AI in drug discovery in new applications.
- Exscientia
- GNS Healthcare
- Cloud Pharmaceuticals, Inc.
- Benevolent AI
- PathAI, Inc.
- Berg Health
- Atomwise
- Insitro
- Cyclica
- BlackThorn Therapeutics
- Insilico Medicine
- Notable Labs
- Standigm
- Recursion Pharmaceuticals
- BioSymetrics
Artificial intelligence in healthcare is booming, and with the limitless possibilities offered by this cutting-edge technology, a slew of business behemoths are investing in healthcare applications.
Integration of AI and machine learning tools in drug discovery & development applications could enhance healthcare outcomes by increasing drug discovery efficiency, facilitating targeted molecule identification, minimizing drug discovery timeframes, and, most importantly, lowering drug development costs for drug manufacturers.
Key Takeaways from the Market Study
- As of 2022, the AI in drug discovery market was valued at US$ 677.7 million
- Based on offering, the global AI in drug discovery market has been split into software and services
- In terms of technology, the global AI in drug discovery market has been segregated into machine learning and other technologies
AI in Drug Discovery Market: Key Trends and Opportunistic Frontiers
- Players in the AI in drug discovery market should focus on using Mindful AI to design and develop effective drug discovery platforms.
- Increased investment from both the private and public sectors and growing interest from pharmaceutical companies fuel research and development in the AI drug discovery space.
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AI in Drug Discovery Market – Regional Analysis
- North America is projected to account for the largest share of the global AI for drug discovery market in the near future, as the region is technologically advanced and one of the early adopters of latest technologies. High awareness about AI in drug discovery among the key players in the region is another driver of the global AI for drug discovery market.
- The Asia-Pacific region, including countries like China and India, is experiencing rapid growth in AI-driven drug discovery. Factors such as a large population base, increasing healthcare needs, and a growing emphasis on technological innovation contribute to this growth. Governments in the region are investing in AI research and development, including applications in healthcare. These initiatives further drive the adoption of AI in drug discovery.
Key Developments in the AI in Drug Discovery Market
- Recursion utilizes AI for high-throughput screening of potential drug candidates. Their platform combines machine learning with experimental biology to identify new uses for existing drugs and discover novel compounds. Drug discovery for a range of diseases, including genetic disorders and rare diseases.
- BenevolentAI combines AI and machine learning to analyze biomedical data for drug discovery. The platform aims to identify novel drug candidates and accelerate the drug development process. Exploration of drug candidates for diseases such as amyotrophic lateral sclerosis (ALS) and COVID-19.
- Atomwise uses deep learning for virtual screening of potential drug compounds. Their AI platform analyzes molecular structures to predict their effectiveness in targeting specific diseases. Discovery of potential treatments for diseases like Ebola and multiple sclerosis.
AI in Drug Discovery Market -Key Segments
Drug Type
- Small Molecules
- Large Molecules
Application
- Oncology
- Infectious Diseases
- Neurological Disorders
- Rare Diseases
- Metabolic Diseases
- Cardiovascular Diseases
- Others
Technology
- Machine Learning
- Other Technologies
Offering
- Software
- Services
End-Use
- Pharmaceutical & Biotechnology Companies
- Contract Research Organizations
- Academics & Research
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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