Jersey City, NJ, April 25, 2023 (GLOBE NEWSWIRE) -- The market size of the global AI-Enabled Drug Discovery and Clinical Trials Market in the year 2021 is valued at 450.72 million and is predicted to reach 3641.01 million by the year 2031 at a 26.3% CAGR during the forecast period.
AI-Enabled Drug Discovery and Clinical Trials are fundamental procedures primarily done by using artificial intelligence technology that has been gaining wide acceptance across the world. Increasing penetration of technology in the healthcare industry will further boost AI-Enabled Drug Discovery and Clinical Trials market potential in the long run. Digitization of the healthcare industry saw a significant boost in the COVID-19 pandemic, and this trend has created a lucrative setting for AI-Enabled Drug Discovery and Clinical Trials market growth throughout the forecast period.
Increasing support from the government and rising demand for rapid development of drugs is expected to boost AI-Enabled Drug Discovery and Clinical Trials market potential. Human rights concerns associated with clinical trials are also a factor that increases the adoption of AI in clinical trials and drug discovery as they reduce the risk to human health. However, the high costs of deployment and operation of AI-Enabled Drug Discovery and Clinical Trials are projected to have a hampering effect on the global AI-Enabled Drug Discovery and Clinical Trials market potential through 2030.
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The rising establishment of multiple healthcare research companies will also favour AI-Enabled Drug Discovery and Clinical Trials market potential throughout the forecast period.
Recent Developments:
- In May 2022, Standigm announced that it would be eyeing using its expertise to find a treatment for Crohn's disease. With the help of AI, the company plans to produce new compounds to test for their treatment effects on multiple patients.
List of Prominent Players in the AI-Enabled Drug Discovery and Clinical Trials Market:
- Accutar Biotechnology Inc.
- AiCure
- Ardigen
- Atomwise Inc.
- Benevolent AI
- Berg
- Berkeley Lights
- BioAge Labs
- Biovista
- C4X Discovery Holdings Plc
- Clinithink Ltd
- Cloud Pharmaceuticals
- Cyclica Inc.
- CytoReason
- Concerto Health AI.
- Deep Genomics Inc.
- DeepThink Health Inc.
- Envisagenics, Inc.
- Exscientia Limited
- e-therapeutics plc
- GNS Healthcare
- Insilico Medicine
- Lantern Pharma Inc.
- Medable, Inc.
- Mind the Byte
- NuMedii, Inc
- Nuritas, Ltd.
- Owkin, Inc.
- Recursion Pharmaceuticals, Inc.
- Schrödinger, LLC
- Symphony Innovation, LLC
- TARA Biosystems, Inc.
- twoXAR, Incorporated
- Verge Analytics, Inc.
- Winterlight Labs Inc.
- WuXi Nextcode Genomics
- XtalPi Inc.
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AI-Enabled Drug Discovery and Clinical Trials Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2022 | USD 563.85 Million |
| Revenue Forecast In 2031 | USD 4643.75 Million |
| Growth Rate CAGR | CAGR of 26.53 % from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | Component Scope, By Application, By Therapeutic Application, By End-Users |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
Market Dynamics:
Drivers:
The increasing prevalence of chronic diseases and augmented demand for better healthcare services is expected to drive AI-Enabled Drug Discovery and Clinical Trials market growth. Other factors such as increasing incidence of chronic diseases, rising research activity, growing support from the government, high healthcare expenditure, etc., are also expected to crucially sculpt AI-Enabled Drug Discovery and Clinical Trials market growth over the forecast period. The increasing digitization of the healthcare industry is also expected to drive AI-Enabled Drug Discovery and Clinical Trials market growth in the coming years.
Challenges:
The major challenge for AI-Enabled Drug Discovery and Clinical Trials market is to manage the deployment and operations cost of these new systems that will be very complex to use and maintain. The absence of a skilled workforce for the same is also anticipated to hinder the adoption of AI-Enabled Drug Discovery and Clinical Trials systems across the world. The companies in the AI-Enabled Drug Discovery and Clinical Trials market are expected to work on these challenges to unlock full growth potential over the coming years.
Regional Trends:
North America holds a considerable proportion of the global market for AI-Enabled Drug Discovery and Clinical Trials due to its quick adoption of innovative technology. This region's market potential for AI-Enabled Drug Discovery and Clinical Trials will be driven through 2030 by the presence of developed healthcare infrastructure, a high level of healthcare research activity, and supporting government efforts.
The United States is likely to be a very lucrative market in this area due to the increasing frequency of cancer and the necessity for earlier treatment. Additionally, high healthcare expenditures will play a significant function in this industry. The ageing population will also fuel the market potential for AI-Enabled Drug Discovery and Clinical Trials in the next years.
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AI-Enabled Drug Discovery and Clinical Trials Market Segmentation:
AI-Enabled Drug Discovery and Clinical Trials Market Segmentation: By Component Estimates & Trend Analysis
• Solutions
• Services
AI-Enabled Drug Discovery and Clinical Trials Market Segmentation: By Application Estimates & Trend Analysis
• Data Aggregation and Analysis
• Clinical Trials
• Drug Design
• Drug Characterization
• Biomarker Research
AI-Enabled Drug Discovery and Clinical Trials Market Segmentation: By Therapeutic Application Estimates & Trend Analysis
• Oncology
• Cardiovascular Diseases
• Nervous System Diseases
• Respiratory Disorder
• Metabolic Diseases
• Immunologic Diseases
• Infectious Diseases
AI-Enabled Drug Discovery and Clinical Trials Market Segmentation: By End-user Estimates & Trend Analysis
• Biopharmaceutical Industry
• Contract Research Organizations (CROs)
• Academic Institutes and Research Centers
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