Press release
AI in Drug Discovery Market to Soar, Reaching Nearly USD 1.95 Bn by 2030
The global Artificial Intelligence (AI) in Drug Discovery market is experiencing significant growth, with projections indicating a compound annual growth rate (CAGR) of 29.6% from 2024 to 2030. The market, valued at USD 0.15 billion in 2023, is expected to reach nearly USD 1.95 billion by 2030.
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✦ Market Dynamics and Competitive Landscape
The integration of AI in drug discovery processes is revolutionizing the pharmaceutical industry by enhancing efficiency and reducing the time and cost associated with traditional methods. Key players driving this transformation include NVIDIA Corporation, Exscientia, Google, BenevolentAI, Recursion, Insilico Medicine, Schrödinger, Inc., Microsoft, Atomwise Inc., Illumina, Inc., Valo Health, Merck KGaA, IQVIA, CytoReason, and AbCellera.
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✦ Regional Demand and Growth
North America currently dominates the AI in drug discovery market, attributed to high healthcare expenditure, substantial investments in healthcare technologies, and a focus on personalized medicine. However, the Asia-Pacific region is anticipated to exhibit the highest growth rate during the forecast period, driven by increasing adoption of AI technologies and rising healthcare investments.
✦ Country-Specific Insights
Growth Opportunities in Vietnam
Vietnam is emerging as a potential market for AI in drug discovery, with increasing government initiatives to modernize healthcare infrastructure and promote technological advancements in the pharmaceutical sector.
Opportunity Trends in Thailand
Thailand's focus on becoming a medical hub in Asia is fostering opportunities for AI integration in drug discovery, supported by investments in research and development and collaborations with international biotech firms.
Trends in Japan
Japan is witnessing significant advancements in AI-driven drug discovery, with companies like Nxera partnering with AI firms to enhance drug development processes.
Consolidation in South Korea
South Korea is experiencing consolidation in the AI drug discovery market, with mergers and partnerships aimed at strengthening research capabilities and accelerating drug development timelines.
Updation in Singapore
Singapore continues to update its healthcare strategies by integrating AI technologies in drug discovery, supported by government funding and a robust ecosystem for biotech startups.
Growth in the United States
The United States remains a leader in AI-driven drug discovery, with significant investments from companies like AMD, which invested $20 million in Absci Corp. to enhance biologics innovation.
Opportunity Trends in China
China is capitalizing on AI technologies to streamline drug discovery processes, with increased funding and policy support aimed at fostering innovation in the pharmaceutical industry.
Consolidation in Europe
Europe is seeing consolidation in the AI drug discovery sector, with companies like Merck KGaA focusing on partnerships with AI firms such as Biolojic Design, Caris Life Sciences, BenevolentAI, and Exscientia to expedite drug development.
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✦ Recent Developments
AMD's $20 million investment in Absci Corp. marks its entry into AI-backed drug discovery, aiming to accelerate biologics innovation.
Merck KGaA's strategic partnerships with AI firms highlight a shift towards collaborative approaches in drug development.
✦ AI in Drug Discovery Market Classifications
by Offering
Software
Services
Hardware
by Therapeutic
Area Oncology
Neurology
Cardiovascular Diseases
Metabolic Diseases
Immunology
Others
by Technology
Machine Learning
Natural Language Processing
Others
by Application
Target Selection and Validation
Drug Screening and Lead Optimization
Clinical Studies
Preclinical studies
Others
For deeper market insights, peruse the summary of the research report:
✦ The following companies are included in the market for AI in Drug Discovery :
1. GNS Healthcare (US)
2. BioSymetrics (US)
3. BPGbio, Inc (US)
4. Atomwise Inc (US)
5. Insitro (US)
6. NVIDIA Corporation (US)
7. IBM Corporation (US)
8. Microsoft Corporation (US)
9. Aria Pharmaceuticals, Inc. (US)
10. Insilico Medicine (US)
11. NuMedii, Inc. (US)
12. Owkin Inc. (US)
13. Schrödinger, Inc. (US)
14. DEEP GENOMICS (Canada)
15. Cyclica (Canada)
16. BenevolentAI (UK)
17. Exscientia (UK)
18. Iktos (France)
19. Euretos (Netherlands)
20. Evaxion Biotech A/S (Denmark)
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