New York, United States, June 19, 2024 (GLOBE NEWSWIRE) -- The Global AI In Drug Discovery Market Size is to Grow from USD 0.78 Billion in 2023 to USD 19.9 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 38.25% during the projected period.
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Artificial intelligence (AI) in drug discovery combines powerful computational techniques and machine learning models to evaluate biological data, find potential therapeutic candidates, and accelerate drug development. AI makes it easier to identify novel drug targets, optimize molecular structures, and analyze large datasets, all of which assist researchers in discovering new and more effective treatments. AI is becoming a crucial tool in healthcare, particularly in medicine manufacturing, where it addresses R&D gaps and enables targeted drug production. Biopharmaceutical companies are leveraging AI to increase their market presence. In drug research, AI mimics human behavior, assisting in the resolution of complex problems and accelerating progress. Drug discovery is a costly and time-consuming process, necessitating the development of alternative methods for discovering novel treatments. Drug discovery and development are frequently carried out using in vivo and in vitro procedures. The primary drivers using the increasing price of pharmaceutical innovation are unused investment due to late-stage clinical displacement, an increasingly stringent regulatory framework that sets a high bar for approval, and higher clinical trial investments, particularly for significant studies. However, as AI becomes more integrated into big enterprises, these problems grow, and require additional training and skill development for both AI and drug discovery specialists to address existing talent shortages and develop future multifunctional teamwork.
Browse key industry insights spread across 244 pages with 110 Market data tables and figures & charts from the report on the "Global AI In Drug Discovery Market Size, Share, and COVID-19 Impact Analysis, By Therapeutic Area (Oncology, Infectious Diseases, Neurology, Metabolic, Cardiovascular, Immunology, and Others), By Technology (Machine Learning, Natural Language Processing, Context-Aware Processing, and Others), By Application (Drug Optimization & Repurposing, Preclinical Testing and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The infectious diseases segment is anticipated to hold the greatest share of the global AI in drug discovery market during the projected timeframe.
On the basis of therapeutic area, the global AI in drug discovery market is divided into oncology, infectious diseases, neurology, metabolic, cardiovascular, immunology, and other therapeutic areas. Among these, the infectious diseases segment is anticipated to hold the greatest share of the global AI in drug discovery market during the projected timeframe. COVID-19, malaria, tuberculosis, and HIV receive the most priority and materials, while other infectious diseases, particularly neglected tropical diseases (NTDs), receive less. AI and related platforms, such as the Internet of Things (IoT), are being utilized to get a better understanding of infectious diseases, their transmission, and infection mechanisms, as well as to improve vaccine development.
The machine learning segment is anticipated to grow at the fastest pace in the global AI in drug discovery market during the projected timeframe.
On the basis of technology, the global AI in drug discovery market is divided into machine learning, natural language processing, context-aware processing, and other technologies. Among these, the machine learning segment is anticipated to grow at the fastest pace in the global AI in drug discovery market during the projected timeframe. The growing availability and accessibility of large amounts of data, such as genomes, proteomics, and health records, has enabled machine learning algorithms to extract important insights and patterns.
The drug optimization & repurposing segment is predicted to grow at the highest pace in the AI drug discovery market during the estimated period.
On the basis of application, the global AI in drug discovery market is divided into drug optimization & repurposing, preclinical testing, and others. Among these, the drug optimization & repurposing segment is predicted to grow at the highest pace in the AI in drug discovery market during the estimated period. Drug optimization and repurposing platforms inform medication manufacturers to create alternative medicines by making minor adjustments to the product, allowing them to expand their choice of possibilities.
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North America is expected to hold the largest share of the global AI in drug discovery market over the forecast period.
North America is expected to hold the largest share of the global AI in drug discovery market over the forecast period. North America's growth can be related to increased research funding, US government measures to promote precision medicine, and large pharmaceutical companies' greater use of AI-based tools in R&D for drug discovery. Due to rising R&D investments and the widespread use of AI technology in medical development. The presence of major AI technology companies like IBM, Google, and Microsoft strengthens the region's control. Their effect and technological advances will significantly contribute to the market's predicted growth in North America.
Asia Pacific is predicted to grow at the fastest pace in the global AI in drug discovery market during the projected timeframe. In addition, ongoing healthcare infrastructure development in the region is likely to drive market growth, emphasizing Asia-Pacific's increasing role in shaping the landscape of AI applications in drug discovery.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global AI in drug discovery market include IBM Watson, NVIDIA Corporation, Exscientia, GNS Healthcare, Aria Pharmaceuticals, Inc, Alphabet (DeepMind), Benevolent AI, BioSymetrics, Insilico Medicine, Envisagenics, Euretos, Berg Health, Atomwise, Insitro, Cyclica, and others.
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Recent Developments
- In March 2024, SciSparc and its collaborative venture MitoCareX Bio announced the progress the companies have made in the development of a predictive AI model aimed at enhancing the discovery of anti-cancer drugs. MitoCareX Bio has successfully screened millions of small molecules virtually, identifying several with potential anti-cancer properties.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global AI in drug discovery market based on the below-mentioned segments:
Global AI In Drug Discovery Market, By Therapeutic Area
- Oncology
- Infectious Diseases
- Neurology
- Metabolic
- Cardiovascular
- Immunology
- Others
Global AI In Drug Discovery Market, By Technology
- Machine Learning
- Natural Language Processing
- Context-Aware Processing
- Others
Global AI In Drug Discovery Market, By Application
- Drug Optimization & Repurposing
- Preclinical Testing
- Others
Global AI In Drug Discovery Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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