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Meticulous Research® Unveils Latest Insights: Artificial Intelligence in Drug Discovery Market to Reach $8.95 Billion by 2030
Meticulous Research®, a premier global market intelligence provider, has released its latest report titled, "Artificial Intelligence in Drug Discovery Market by Offering (Software, Service), Application (Target Discovery, Lead Identification, Clinical Testing), Therapy Area (Oncology, Cardiology, Neurodegenerative), Deployment, End User-Global Forecast to 2030."Download Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5429
According to the report, the global AI in drug discovery market is projected to surge to $8.95 billion by 2030, at a robust CAGR of 27.2% from 2024 to 2030. This impressive growth trajectory is fueled by several factors, including the increasing need to shorten drug discovery timelines, the expanding role of AI across drug discovery applications, the rising prevalence of chronic diseases, and advancements in AI technology within the healthcare sector.
Moreover, the growing adoption of machine learning (ML) in drug discovery, the rise of local and regional AI start-ups, and increasing investments in research and development (R&D) are creating a fertile ground for market expansion.
Artificial Intelligence in Drug Discovery: A Market Poised for Transformation
The report provides a comprehensive analysis of the global AI in drug discovery market, segmented by offering (software, services), deployment mode (on-premises, cloud & web-based), application (target discovery & validation, lead identification, drug optimization, preclinical & clinical testing), therapeutic area (immuno-oncology, neurodegenerative diseases, cardiovascular diseases, metabolic diseases, and more), end user (pharmaceutical & biopharmaceutical companies, contract research organizations, academic & research institutes), and geography. The study offers an in-depth look at industry competitors, highlighting their market shares and analyzing regional trends.
Browse in Depth: https://www.meticulousresearch.com/product/artificial-intelligence-in-drug-discovery-market-5429
Key Insights from the Study
• Offering Segment: In 2024, the software segment is expected to hold the largest share of the AI in drug discovery market. Software solutions, often provided through licensed models, subscriptions, or software-as-a-service (SaaS), generate consistent revenue streams. The widespread adoption of AI-based software to reduce costs and timeframes in drug discovery is a primary driver behind the segment's dominance.
• Deployment Mode: The cloud and web-based deployment segment is projected to experience the fastest growth during the forecast period. Cloud platforms offer seamless accessibility, minimal maintenance costs, and vast storage capabilities, making them an ideal solution for handling large pharmaceutical datasets. This trend is expected to accelerate the adoption of cloud-based platforms for AI-driven drug discovery.
• Application Segment: In 2024, the lead compound identification segment is forecast to capture the largest share of the market. This stage is critical in drug discovery, as it marks the beginning of developing new therapeutic agents. The increasing application of AI in lead identification is driving significant growth in this segment.
• Therapeutic Area: Oncology is set to dominate the AI in drug discovery market in 2024, reflecting the increasing focus on cancer therapies. With nearly 19.3 million new cancer cases reported globally in 2020 (source: International Agency for Research on Cancer), the demand for innovative oncology treatments is high. AI-based algorithms are being extensively adopted in oncology, further boosting this segment's market share.
• End User: Pharmaceutical and biopharmaceutical companies are expected to lead the AI in drug discovery market in 2024. Their substantial investments in AI and concentrated efforts to develop AI-based oncology treatments are key factors supporting the segment's leading position.
Regional Overview
Geographically, North America is anticipated to lead the AI in drug discovery market in 2024, followed by Europe and Asia-Pacific. The U.S. is expected to be the largest market within North America, driven by increasing investments from both public and private sectors, widespread adoption of AI solutions in drug discovery, and the presence of key players such as Abbott Laboratories and Pfizer Inc. The well-established pharmaceutical and AI industries in the U.S. further contribute to its market leadership.
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Competitive Landscape
The report profiles key players in the AI in drug discovery space, including Microsoft Corporation (U.S.), Exscientia plc (U.K.), NVIDIA Corporation (U.S.), Schrödinger, LLC (U.S.), Atomwise, Inc. (U.S.), BenevolentAI Limited (U.K.), Deep Genomics Incorporated (Canada), InSilico Medicine (U.S.), Cloud Pharmaceuticals, Inc. (U.S.), Standigm Inc. (South Korea). These companies are at the forefront of AI-driven innovation, pushing boundaries in drug discovery and development through cutting-edge technologies and strategic partnerships.
Related Reports:
Pharmaceutical Automation Market - https://www.meticulousresearch.com/product/pharmaceutical-automation-market-5280
Healthcare Artificial Intelligence Market - https://www.meticulousresearch.com/product/healthcare-artificial-intelligence-market-4937
Artificial Intelligence in Medical Diagnostics Market - https://www.meticulousresearch.com/product/artificial-intelligence-in-medical-diagnostics-market-5312
Artificial Intelligence in Genomics Market - https://www.meticulousresearch.com/product/ai-in-genomics-market-5345
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Meticulous Market Research Inc.
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