Burlingame, Nov. 24, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, The global artificial intelligence in drug discovery market was valued at US$ 1,016.1Mn in 2022 and is forecast to reach a value of US$ 3,547.4 Mn by 2030 at a CAGR of 15.8% between 2023 and 2030.
The use of artificial intelligence (AI) has been increasing in various sectors of society, particularly the pharmaceutical industry. The artificial intelligence (AI) is used in diverse sectors of the pharmaceutical industry, including drug discovery and development, drug repurposing, improving pharmaceutical productivity, and clinical trials, among others; such use reduces the human workload as well as achieving targets in a short period of time.
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Market Statistics:
The global artificial intelligence in drug discovery market is estimated to account for US$ 1,266.7 Mn in terms of value by the end of 2023.
Market Drivers:
Higher costs of drug discovery and development process is one of the major factors driving the adoption of Artificial Intelligence (AI) in drug development. According to industry journals, average novel drug discovery and development costs USD 2.6 billion. This is mainly due to the narrow development testing funnel, which eliminates majority of the candidate therapies in preclinical and phase 1 trials. Thus, the adoption of AI for faster, more efficient, and cost-effective drug discovery is increasing among pharmaceutical industry stakeholders.
Recent Developments:
On January 09 2023, BioNTech SE and InstaDeep Ltd., announced that they have entered into an agreement under which BioNTech will acquire InstaDeep, a leading global technology company in the field of artificial intelligence (“AI”) and machine learning (“ML”). The acquisition supports BioNTech’s strategy to build world-leading capabilities in AI-driven drug discovery and development of next-generation immunotherapies and vaccines to address diseases with high unmet medical need.
In September 2022, CytoReason announced an extension of its multi-year partnership with Pfizer to use CytoReason’s artificial intelligence technology for Pfizer’s drug development programs. Under the terms of the agreement, Pfizer will make a US$20M equity investment, have options to license CytoReason’s platform and disease models, and fund supplementary project support, in a deal potentially worth up to $110M over the next five years.
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Market Opportunities:
Developed countries, such as the U.S., Australia, Canada, and the UK, spend a large proportion of their GDP on healthcare. In these economies, the cost and demand for healthcare is growing rapidly, thus increasing the need for digital technologies, such as AI. In recent years, the U.S. and the UK have adopted AI technologies to reduce the cost of care and improve clinical services. In the U.S., AI has been primarily adopted because of the shift from traditional to value-based healthcare systems. For instance, in 2017, NHS organized chatbots, based on AI, on trial basis to reduce the pressure on emergency triage process.
Market Trends:
Market players are adopting growth strategy such as collaboration is one of the key trends expected to augment the growth of the global artificial intelligence in drug discovery market. For instance, on June 08 2023, Iktos, a company specialized in Artificial Intelligence for new drug design and Curreio, Inc., a Japanese company specializing in structural analysis of biomolecules using cryo-electron microscopy, announced a collaboration agreement in AI for new drug design. In this collaboration, Iktos’ de novo generative design technology in combination with Curreio’s state-of-the-art cryo-EM platform will be used to facilitate the rapid and cost-effective design of novel preclinical drug candidates for an undisclosed target
Competitive Landscape:
Major players operating in the global artificial intelligence in drug discovery market include IBM Corporation (IBM Watson Health), Exscientia, GNS Healthcare, Alphabet, Inc. (DEEPMIND), Benevolent AI, Biosymetrics, Euretos, Berg LLC, Atomwise, Inc., Insitro, and among Others.
Market Restraints:
Large pharmaceutical and healthcare companies are often concerned about the utilization of large amount of data that gets created due to distinct experimental platforms. In addition, the utilization of this data, in a consolidated form, for analytical purposes and drug discovery is many times not considered by firms. This impedes the growth of AI in drug discovery process.
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COVID-19 Impact Analysis:
The outbreak of COVID-19 has had a positive impact on the market. Use of different tools for developing drug for COVID-19 increased. For instance, BenevolentAI predicted using AI tools and knowledge graph, a large repository of structured medical information that includes numerous machine learning connections extracted from the scientific literature. By inhibiting AP2-related protein kinase 1 (AAK1), baricitinib, a drug used to treat rheumatoid arthritis, can be used as a potential treatment for COVID-19
Moreover, in July 2021, Exscientia has received a grant from the Bill & Melinda Gates Foundation and Gates Philanthropy Partners, as part of the COVID-19 Therapeutics Accelerator. This is to expedite the optimisation of a new class of COVID-19 therapeutics created using its artificial intelligence (AI) drug design platform. The project’s goal is to identify potential pan-coronavirus therapeutics that could be effective against not only COVID-19, but also new mutations or other SARS viruses that may emerge.
Read complete market research report, "Artificial Intelligence in Drug Discovery Market, By Therapeutic Space, By Application, By Region, By Geography and Segment Forecast 2023-2030", Published by Coherent Market Insights.
Detailed Segmentation:
- Global Artificial Intelligence in Drug Discovery Market, By Therapeutic Space:
- Oncology
- Neurodegenerative Diseases
- Cardiovascular Diseases
- Metabolic Diseases
- Infectious Diseases
- Other
- Global Artificial Intelligence in Drug Discovery Market, By Application:
- Drug Optimization & Repurposing
- Preclinical Testing
- Others
- Global Artificial Intelligence in Drug Discovery Market, By Geography:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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