Global Artificial Intelligence in Drug Discovery and Screening Market is projected to reach the value of $5.63 billion by 2030

According to the report published by Virtue Market Research , In 2022, the Global Artificial Intelligence in Drug Discovery and Screening Market was valued at $364.67 million and is projected to reach a market size of $5.63 billion by 2030. Over the forecast period of 2023-2030, market is estimated to grow at a CAGR of 40.8%.

Artificial Intelligence (AI) is revolutionizing the drug discovery and screening industry, enabling researchers to accelerate the development of new drugs and improve patient outcomes. The long-term market driver for AI in drug discovery and screening is the need for more efficient and cost-effective drug development processes. Traditionally, drug discovery has been a time-consuming and expensive process, with high rates of failure. AI technologies such as machine learning, deep learning, and natural language processing have the potential to transform the drug development process by enabling researchers to analyze vast amounts of data and identify potential drug candidates more quickly and accurately.

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The COVID-19 pandemic has had a significant impact on the AI in drug discovery and screening market. The urgent need for treatments and vaccines for COVID-19 has accelerated the adoption of AI technologies in drug discovery and screening. Researchers are using AI to identify existing drugs that could be repurposed for COVID-19 treatment and to develop new drugs and vaccines more quickly. For example, AI algorithms have been used to identify potential COVID-19 drugs by analyzing large databases of chemical compounds and predicting their effectiveness in binding to the virus.

The short-term market driver for AI in drug discovery and screening is the increasing demand for personalized medicine. Personalized medicine involves tailoring treatments to individual patients based on their genetic and other personal characteristics. AI technologies can analyze large amounts of patient data and identify patterns that could help identify which treatments are likely to be most effective for individual patients.

One opportunity in the AI in drug discovery and screening market is the use of AI in clinical trials. AI technologies can help optimize clinical trial design, predict which patients are most likely to respond to a particular treatment, and monitor patient outcomes in real-time. This could help accelerate the drug development process and improve the chances of success in clinical trials.

One trend observed in the AI in drug discovery and screening industry is the increasing use of AI-powered virtual assistants. Virtual assistants can help researchers navigate large datasets, identify potential drug candidates, and perform other tasks more efficiently. For example, researchers can use virtual assistants to search scientific literature and identify relevant information more quickly than traditional manual methods.

Segmentation Analysis:

The Global Artificial Intelligence in Drug Discovery and Screening Market segmentation includes:
By Application: Drug Optimization & Repurposing, Preclinical Testing, Others

Drug optimization and repurposing is the largest segment in this category, accounting for the largest share of the market. AI technologies can help identify existing drugs that could be repurposed for new indications, reducing the time and cost associated with drug development. The preclinical testing segment is the fastest-growing segment during the forecast period. AI technologies can help optimize preclinical studies, predict the efficacy and toxicity of drugs, and identify potential safety concerns before starting clinical trials.

By Therapeutics: Oncology, Neurodegenerative Diseases, Cardiovascular Diseases, Metabolic Diseases, Infectious Diseases, Others

Oncology is the largest segment in this category, accounting for the largest share of the market. AI technologies can help identify new drug targets, optimize clinical trials, and predict patient response to treatments. The infectious diseases segment is the fastest-growing segment during the forecast period. The COVID-19 pandemic has highlighted the urgent need for treatments and vaccines for infectious diseases, leading to increased adoption of AI technologies in drug discovery and screening for infectious diseases.

By Component: Software, Hardware, Services

The software segment is the largest in this category, accounting for the largest share of the market. The adoption of AI software in drug discovery and screening enables researchers to analyze complex data sets, identify potential drug targets, and optimize drug development processes. The software segment is expected to remain dominant during the forecast period due to increasing investments in AI software development by major pharmaceutical companies. However, the hardware segment is the fastest-growing segment during the forecast period due to the increasing adoption of high-performance computing systems for drug discovery and screening applications. The development of hardware components that can support AI and machine learning applications in drug discovery is expected to drive the growth of this segment.

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Regional Analysis:

North America is the largest segment in this category, accounting for the largest share of the market. The presence of major pharmaceutical companies, the increasing adoption of AI technologies in drug discovery and screening, and favorable government policies are driving the growth of the AI in drug discovery and screening market in North America. However, Asia-Pacific is the fastest-growing segment during the forecast period due to the increasing focus on research and development activities, increasing investments by pharmaceutical companies, and growing demand for advanced treatments and therapies. The increasing adoption of AI technologies in countries such as China and Japan is expected to drive the growth of the AI in drug discovery and screening market in Asia-Pacific.

Latest Industry Developments:

• In April 2021, Exscientia, a company that applies artificial intelligence techniques to small-molecule drug discovery, announced a phase 1 clinical trial on a new anticancer molecule created in partnership with Evotec, a German biotechnology company.

• In May 2020, Insitro, a company that uses machine learning-based drug discovery approaches, raised $143 million in Series B funding and formed a strategic collaboration with Bristol Myers Squibb to discover and develop therapies for amyotrophic lateral sclerosis and frontotemporal dementia.

• In February 2020, Schrödinger, a drug discovery software company backed by Bill Gates and David Shaw, closed a $232 million IPO.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.