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Artificial Intelligence in Drug Discovery Market is expected to grow at a CAGR of 42.5% during the forecasted period | Evolve Business Intelligence
Artificial Intelligence in Drug Discovery Market
• The global Artificial Intelligence in Drug Discovery Market size was valued at USD 1.2 billion in 2023 growing at a CAGR of 42.5% from 2023 to 2033.
• North America dominated the market in 2023
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033
As per the study initiated by Evolve Business Intelligence, the global Artificial Intelligence in Drug Discovery Market size accounted for USD 1.2 Billion in 2023, growing at a CAGR of 42.5% from 2023 to 2033. Artificial Intelligence (AI) has significantly impacted the field of drug discovery, revolutionizing the way researchers identify potential drug candidates and optimize the drug development process.
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AI algorithms can analyze biological data to identify potential drug targets by understanding the complex relationships within biological systems. This helps researchers focus their efforts on targets with higher therapeutic potential. AI enables the rapid screening of vast chemical libraries to identify potential drug candidates. Machine learning models can predict the biological activity of compounds, helping researchers design molecules with desired properties. AI algorithms can predict the pharmacokinetics and toxicity of potential drug candidates, allowing researchers to optimize compounds earlier in the drug development process and reduce the likelihood of failures in later stages. AI facilitates the analysis of large-scale patient data, including genomic and clinical information, to identify patient subgroups and tailor treatments based on individual characteristics. This move towards personalized medicine aims to improve treatment efficacy and reduce adverse effects.
Key Players
Some of the major Artificial Intelligence in Drug Discovery Market players holding high market shares include IBM Watson; Exscientia; GNS Healthcare; Alphabet (DeepMind); and Benevolent AI. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include BioSymetrics; Euretos; Berg Health; Atomwise; Insitro; Cyclica
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Segmental Analysis
Based on therapeutic area, Artificial Intelligence in the Drug Discovery market is segmented into Oncology, Neurodegenerative Diseases, Cardiovascular Diseases, Metabolic Diseases, Infectious Diseases, and Others. Oncology is the largest therapeutic area in the AI in Drug Discovery market. This is due to the high unmet need for effective cancer treatments and the potential of AI to accelerate the development of new therapies. AI is being used to identify new drug targets, predict the efficacy and safety of drug candidates, and design personalized cancer treatments.
Based on application, Artificial Intelligence in the Drug Discovery market is Drug Optimization and Repurposing, Preclinical Testing, and Others. Drug optimization and repurposing is the largest application segment in the AI in the Drug Discovery market. This is due to the potential of AI to improve the success rate of drug development by identifying new uses for existing drugs and optimizing the properties of existing drug candidates. AI is being used to predict the off-target effects of drugs, identify new drug targets, and design new drug formulations.
Based on components, Artificial Intelligence in the Drug Discovery market is a Software, Hardware, and Services. Software is the largest component segment of the AI in the Drug Discovery market. This is because AI software is the most versatile and adaptable tool for drug discovery. AI software can be used to perform a wide range of tasks, from identifying new drug targets to predicting the efficacy and safety of drug candidates.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
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