Press release
Artificial Intelligence in Drug Discovery Market Technological Advancement, Top Key Players, Financial Overview and Forecast to 2030
Artificial Intelligence in Drug Discovery Market is anticipated to grow at CAGR of 24.9% to reach USD 8.9 Billion at by 2022 - 2030
Artificial intelligence in healthcare is thriving, and with the endless possibilities given by this advanced technology, a growing number of industry titans are taking an interest and investing money into healthcare applications. In the projected period, the market will be further motivated by the development of AI and machine learning techniques for the enhancement of drug discovery and drug development results.
Segmental Analysis
By application, the market consists of target identification, de novo drug designing, drug optimization and repurposing, candidate screening, and preclinical testing. By molecule type, the market consists of large and small molecules. By technology, the market consists of deep learning and machine learning. By indication, the market consists of immune-oncology, cardiovascular diseases, metabolic diseases, and neurodegenerative diseases. By product type, the market consists of software and services.
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Detailed Regional Analysis
Over the years, countries such as the United States and Canada have been at the forefront of the healthcare business. One of the primary reasons for the region's quick growth in the AI in drug discovery market is the increasing presence of large AI platform developers. After the Americas, Europe is the second-largest market for AI in drug discovery. Collective R&D efforts in the pharma sector and strong demand for AI solutions by Big Pharma organizations are some of the reasons projected to drive the regional AI in the drug discovery market. The collective demand for effective drug discovery solutions can be attributed to the growth of Asia-Pacific artificial intelligence in the drug discovery market. Several startups are working to integrate AI applications in drug discovery.
Competitive Analysis
The overall development prospects of market participants are predicted to boost progressively as the impact of the COVID-19 epidemic lessens. The emergence of global firms into important developing regional markets is considered to have a positive impact that will spread to other industry segments. The involvement of governmental organizations in promoting market development is projected to be critical through the provision of special incentives to attract global titans to certain locations and contribute to market development during the forecast period. The effectiveness of core sectors on a global scale is projected to augment the expansion of the global market in the approaching period. Furthermore, improved economic relations between numerous nations are expected to provide opportunities for growth in the coming years. The optimism about COVID-19-related therapeutic techniques, such as vaccines, being pushed out in various locations is forecast to expand market sentiment further.
The prominent companies in the artificial intelligence in drug discovery market are IBM Corporation, Envisagenics, Google, Atomwise, Inc., Deep Genomics, Insilico Medicine, BenevolentAI, Cyclica, Bioage, Numerate, Microsoft Corporation, Numedii, Inc., Twoxar, Incorporated, Owkin, Inc., Exscientia, Cloud Pharmaceuticals, Inc., Xtalpi, Inc., Verge Genomics, Berg LLC.
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Industry Updates:
Dec 2021 Insilico Medicine, a firm that leverages artificial intelligence in medication discovery, has reported the administration of ISM001-055 to the first healthy volunteer in a microdose experiment. The medicine is a small-molecule inhibitor of a novel biological target discovered by Pharma.AI, the company's artificial intelligence-powered drug development platform (AI). ISM001-055 is being developed to treat idiopathic pulmonary fibrosis (IPF), a chronic lung disease that causes a progressive, irreversible decrease in lung function. In the research, which is being undertaken in Australia, ISM001-055 is being administered intravenously to healthy volunteers.
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