Press release
Global AI in Drug Discovery Market Poised to Surpass $8.95 Billion by 2030 - Exclusive Insights by Meticulous Research®
[Redding, California, March 14, 2024] - Meticulous Research®, a premier provider of comprehensive market intelligence, unveils its latest report titled "Artificial Intelligence in Drug Discovery Market by Offering, Application, Therapy Area, Deployment, and End User - Global Forecast to 2030." This comprehensive study forecasts that the AI in drug discovery market will exceed $8.95 billion by 2030, demonstrating a robust Compound Annual Growth Rate (CAGR) of 27.2% during the forecast period spanning 2023 to 2030.Download Free Research PDF @ https://www.meticulousresearch.com/download-sample-report/cp_id=5429
Revolutionizing Drug Discovery with AI:
Artificial Intelligence (AI) systems are revolutionizing the drug discovery landscape by harnessing human-like reasoning, learning, and problem-solving capabilities. The integration of AI into healthcare ecosystems promises automation of tasks and analysis of vast patient datasets, ultimately enhancing care delivery while reducing costs.
Impact of COVID-19 on AI in Drug Discovery:
The COVID-19 pandemic presented unprecedented challenges globally, including overwhelming healthcare systems and stringent containment measures. However, it also provided significant opportunities for AI in drug discovery. AI techniques facilitated rapid drug and vaccine development, accelerating lead discovery, virtual screening, and drug validation processes. Notably, collaborations between pharmaceutical companies and AI firms played a pivotal role in advancing COVID-19 therapeutics and vaccines.
Market Segmentation and Analysis:
The report segments the AI in drug discovery market based on offering, deployment mode, application, therapeutic area, and end user.
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Based on offering, the software segment is expected to account for the largest share of the global AI in drug discovery market. The presence of a large number of AI companies providing algorithms for drug discovery and the high pricing of AI-based drug discovery software compared to the support services are the key factors contributing to the large market share of this segment.
Based on deployment mode, the cloud-based segment is projected to register the highest CAGR during the forecast period. The use of cloud-based and web-based models in AI drug discovery is growing due to their high security, scalability, and flexibility benefits. Using cloud-based models eliminates the need to invest in building and maintaining onboard computer systems. Additionally, the cloud-based models provide greater scalability to manage large sample data sets.
Based on therapeutic area, the oncology segment is expected to account for the largest share of the global AI in drug discovery market. A large number of collaborations among drug discovery and AI companies is supporting the large market share of this segment. For instance, in November 2022, The University of Texas MD Anderson Cancer Center (U.S.) and Exscientia plc (U.K.) entered into a strategic collaboration to combine the drug discovery and development expertise of MD Anderson with the patient-centric artificial intelligence (AI) capabilities of Exscientia to boost the development of novel small-molecule oncology therapies. Additionally, in November 2021, Sanofi (France) announced an equity investment of USD 180 million in Owkin (U.S.), an AI and precision medicine company, to advance its oncology pipeline.
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Based on application, the lead compound identification segment is expected to account for the largest share of the global AI in drug discovery market. Lead compound identification is a complex step in drug discovery, during which many important properties, such as selectivity or the potency of the drugs, are identified before moving into clinical studies. The use of AI can reduce the time required for pre-clinical development, allowing resources to be channelized efficiently. Thus, the application of AI in this stage of drug discovery is the highest, which, in turn, supports the large market share of this segment.
Based on end user, the pharmaceutical & biopharmaceutical companies segment is expected to account for the largest share of the global AI in drug discovery market. The high prevalence of chronic and infectious diseases and high pressure on the pharmaceutical and biotechnology companies to bring effective therapies early to the market, coupled with advantages offered by AI algorithms for smooth drug discovery, are the factors contributing to the large market share of this segment.
Regional Insights and Market Dynamics
Europe is poised for significant growth, propelled by a burgeoning cosmetics industry, rising health and wellness trends, and increasing demand for natural or vegan cosmetic products.
Quick Buy - Artificial Intelligence in Drug Discovery Market - Global Opportunity Analysis and Industry Forecast (2023-2030), Research Report: https://www.meticulousresearch.com/Checkout/74258841
Key Players in the Market:
Leading players in the global AI in drug discovery market include 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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