Visiongain has published a new report entitled AI-Enabled Drug Discovery and Clinical Trials Market Report 2023-2033: Forecasts by Components (Services, Software), by Application (Clinical Trials, Drug Design, Data Aggregation and Analysis, Drug Characterisation, Biomarker Research, Others), by Therapeutic Area (Oncology, Cardiovascular Diseases, Infectious Diseases, Neurodegenerative Diseases, Metabolic Diseases, Others), by End-user (Pharmaceutical & Biopharmaceutical Companies, Contract Research Organisations (CROs), Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The AI-enabled drug discovery and clinical trial market was valued at US$1,756.4 million in 2022 and is projected to grow at a CAGR of 26.5% during the forecast period 2023-2033.
Growing Awareness of AI in Healthcare is Propelling the Market Growth
As the utilization of AI in healthcare services continues to expand, there has been an increase in public awareness and acceptance of AI-enabled solutions. Consequently, pharmaceutical companies are actively seeking to integrate these solutions into their drug discovery and clinical trial processes. Within the pharmaceutical industry, AI-based drug delivery solutions are gaining significant popularity. These solutions leverage artificial intelligence technologies to develop more efficient and effective methods of drug delivery. The application of AI in drug delivery holds immense transformative potential, including cost reduction, enhanced drug efficacy and safety, and improved patient outcomes. By harnessing AI, the pharmaceutical industry is poised to experience a remarkable shift in drug delivery practices. For example, Novartis is one of the leading players in the AI-based drug delivery market, with a focus on developing smart inhalers to treat respiratory diseases. Also, Insilico Medicine is a drug discovery company that is using AI to develop new drugs and drug delivery methods.
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How has COVID-19 had a Positive Impact on the AI-Enabled Drug Discovery and Clinical Trials Market?
The AI-enabled drug discovery and clinical trial market has experienced a positive impact from the COVID-19 pandemic. The COVID-19 pandemic has created an urgent imperative to find effective treatments and vaccines. Consequently, there has been a surge in the demand for AI-enabled drug discovery solutions due to their ability to expedite the drug development process. Furthermore, the pandemic has accelerated the adoption of virtual clinical trials, which heavily rely on AI-enabled solutions for virtual screening, patient selection, and remote monitoring. Even as the pandemic subsides, the reliance on AI-enabled clinical trial solutions is expected to persist, resulting in an increased demand for such solutions.
How will this Report Benefit you?
Visiongain’s 267-page report provides 102 tables and 151 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the AI-enabled drug discovery and clinical trial market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for AI-Enabled Drug Discovery and Clinical Trials. Get financial analysis of the overall market and different segments including component, application, therapeutic area, and end-user and capture higher market share. We believe that there are strong opportunities in this fast-growing AI-enabled drug discovery and clinical trial market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Cost-effectiveness of AI-enabled Solutions is Boosting its Adoption in Clinical Trials and Drug Discovery
AI-enabled solutions offer the potential to reduce both the time and cost associated with clinical trials. By improving patient stratification and selection, expediting recruitment, and conducting more accurate data analysis, these solutions can enhance the drug development process while mitigating financial risks for pharmaceutical companies. Furthermore, as diseases become increasingly complex, advanced research and development methods are necessary. AI-enabled solutions can aid pharmaceutical companies in addressing such complexities by leveraging big data analysis, identifying biomarkers, and developing novel therapies. Regulatory bodies are placing growing emphasis on the utilization of advanced technologies in drug discovery and clinical trials. Failure to adopt these technologies may result in non-compliance with regulatory requirements.
Improved Patient Outcomes Boosting the Global Market Growth
AI-driven drug delivery and clinical trial solutions have the capacity to enhance patient outcomes by providing personalized treatment plans, advanced analytical capabilities, and real-time patient monitoring. The use of AI-enabled drug discovery solutions holds immense potential to revolutionize the healthcare industry, ultimately improving patient outcomes by facilitating faster and more accurate identification of potential drugs. For instance, AI algorithms can analyze vast volumes of data from scientific literature and clinical trials to uncover new compounds that may exhibit effectiveness in treating various diseases. Notably, Atomwise, a company specializing in AI-driven drug discovery, employed its technology to identify a potential drug for Ebola that had already received approval for other purposes. This discovery prompted the initiation of clinical trials utilizing the repurposed drug for the treatment of Ebola. Such improved patient outcomes are expected to drive the global market growth.
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Where are the Market Opportunities?
Increased Adoption Of AI-Enabled Solution By Pharma & Biopharma Companies For Clinical Trials
Clinical trials play a pivotal role in the development and commercialization of new products for pharmaceutical and biopharmaceutical companies. These trials are conducted to assess the safety and efficacy of drug molecules, and the entire research and development process for a single drug can take over a decade and cost more than a billion dollars before it can be brought to market. However, the success rate for such lengthy clinical trials is relatively low, with less than 10% of them ultimately proving successful.
This application of AI in clinical trials holds the potential to streamline the process and improve its efficiency, ultimately contributing to more effective and successful trials. By leveraging AI-driven data analysis and decision-making, pharmaceutical companies can optimize various critical elements of clinical trials, enhancing the likelihood of successful outcomes and potentially reducing the time and cost associated with drug development.
Competitive Landscape
The major players operating in the AI-enabled drug discovery and clinical trial market are AbbVie Inc., Exscientia, GNS Healthcare, IBM Watson, Merck & Co., Inc., Novartis AG, PathAI, Saama Technologies, and Unlearn.AI, Inc.. The major participants in this market have implemented a variety of approaches, encompassing mergers and acquisitions, investments in research and development, collaborations, partnerships, regional business expansion, and the introduction of innovative products.
Recent Developments
- In April 2023, Agilent and PathAI joined forces to provide AI-driven assay development solutions for biopharmaceutical research and clinical applications. This collaboration enables the integration of assays and machine learning algorithms into companion diagnostic (CDx) development, resulting in comprehensive and integrated solutions.
- In November 2022, BigHat Biosciences partnered with Merck Research Laboratories to leverage their proprietary artificial intelligence technologies. This collaboration aims to develop candidates for up to three drug discovery programs, harnessing the power of advanced AI technologies provided by BigHat Biosciences.
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To find more Visiongain research reports on the Pharma sector, click on the following links:
- Artificial Intelligence (AI) in Biopharmaceuticals Market Report 2023-2033
- Artificial Intelligence (AI) in Precision Medicine Market Report 2023-2033
- Decentralized Clinical Trials Market Report 2023-2033
- Clinical Trials Market Report 2023-2033
- Clinical Trial Supply and Logistics Market for Pharma 2023-2033
- Drug Discovery Services Market Report 2023-2033
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