Artificial Intelligence in Drug Discovery Market to Surge to $8.95 Billion by 2030

[Redding, California, February 27, 2024] - Meticulous Research®, a prominent leader in global market research, has unveiled its latest report titled "Artificial Intelligence in Drug Discovery Market." This comprehensive study projects the global AI in drug discovery market to skyrocket to $8.95 billion by 2030, marking a staggering Compound Annual Growth Rate (CAGR) of 27.2% throughout the forecast period spanning 2023 to 2030.

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The report attributes this exponential growth to several key factors, including the heightened emphasis on reducing drug discovery turnaround times, the expansive applications of AI within drug discovery processes, the escalating prevalence of chronic ailments, and the continuous advancements in artificial intelligence technologies within the healthcare sector. Moreover, the surge in adoption of machine learning (ML) methodologies in drug discovery, the proliferation of local and regional AI startups dedicated to drug discovery, and the substantial investments pouring into research and development endeavors collectively contribute to fostering an environment ripe for market expansion.

Outlook for the AI in Drug Discovery Market
This meticulously crafted study segmentizes the global AI in drug discovery market by offering (software and services), deployment mode (on-premises, cloud-based, web-based), application (target discovery & validation, lead compound identification, de novo design and drug optimization, preclinical & clinical testing), therapeutic area (including immuno-oncology, neurodegenerative diseases, cardiovascular diseases, metabolic diseases, and other therapeutic areas), and end user (encompassing pharmaceutical & biopharmaceutical companies, contract research organizations (CROs), and academic & research institutes). Additionally, the report scrutinizes industry competitors and analyzes their market shares both globally and regionally.

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In terms of offering, the software segment is poised to dominate the market landscape, attributing its leadership to various licensing models and subscription-based services that ensure recurring revenue streams. The widespread adoption of software solutions for AI-driven drug discovery, aimed at streamlining processes and mitigating associated time and cost overheads, remains pivotal in securing the segment's predominant position.

Deployment-wise, the cloud & web-based segment is anticipated to witness the fastest growth trajectory over the forecast horizon. This surge is underpinned by the unparalleled accessibility, minimal maintenance requisites, and expansive storage capacities offered by cloud-based platforms, thereby presenting an increasingly preferred choice for accommodating the vast datasets intrinsic to pharmaceutical research.

Application-wise, lead compound identification emerges as the frontrunner in 2023, reflecting its pivotal role as the initial step in therapeutic development. Given its critical significance and position as the foundational stage in drug discovery endeavors, the adoption of AI technologies within this domain significantly bolsters its market prominence.
Therapeutic areas such as oncology are poised to command significant market shares owing to the industry's relentless pursuit of novel cancer treatments. With the global cancer burden escalating steadily and substantial investments being funneled into R&D initiatives aimed at unveiling groundbreaking therapies, the adoption of AI in oncological drug discovery endeavors is witnessing an unprecedented upsurge.

Key Geographical Insights
Geographically, North America is anticipated to lead the global AI in drug discovery market landscape in 2023, followed closely by Europe and Asia-Pacific. Within North America, the United States is slated to spearhead market expansion, fueled by burgeoning investments in both public and private drug discovery initiatives, coupled with the widespread adoption of AI solutions across the pharmaceutical landscape. Notably, the presence of industry behemoths such as Abbott Laboratories and Pfizer Inc. further fortifies the region's dominant market position.

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Key Market Players
The global AI in drug discovery market is characterized by the presence of several prominent players, including but not limited to Microsoft Corporation, Exscientia plc, NVIDIA Corporation, Schrödinger, LLC, Atomwise, Inc., BenevolentAI Limited, Deep Genomics Incorporated, InSilico Medicine, Cloud Pharmaceuticals, Inc., and Standigm Inc.

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This release was published on openPR.