New York, Jan. 30, 2024 (GLOBE NEWSWIRE) -- According to Market.us, the Global Artificial Intelligence in Drug Delivery Market size is forecasted to exceed USD 13.6 Billion by 2033, with a promising CAGR of 27.5% from 2024 to 2033.
The centring of artificial intelligence has led the pharmaceutical sector to grow significantly in the past few years, as there is wide application of AI in pharmaceutical companies. The primary AI role in pharmaceutical companies is in drug discovery process, such as recognition of lead and hit compounds, optimization of drug structural design efficiently and faster validation of drugs. These crucial application of AI in drug discovery market is heading towards the significant growth.
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Key Takeaway
- Artificial intelligence is a crucial tool used for optimization of workload in drug discovery process.
- One of the major restricting factor for the growth of AI in drug discovery process is its high cost.
- Based on component, the AI in drug discovery market is broadly classified into software and services.
- Machine learning technology dominates the market by holding a large revenue share.
- AI is majorly used in drug discovery process for the purpose of neurodegenerative diseases.
- Based on end use, pharmaceutical and biotechnology companies make the highest use of artificial intelligence in drug discovery process.
Factors affecting the growth of the AI in drug discovery Market
- New innovations in the medical and by extension healthcare industry are to drive the market forward. The advancements in drug therapy, immune therapy and imaging fuel the development of the research for drug discovery and development, thus providing novel treatments for the disorder.
- The process of drug discovery and development is quite expensive. This often deters patients from developing and underdeveloped countries from seeking medical help. Thus, the impact of cost of treatment on the market itself is considerable.
- Data privacy is one of the major concern while using artificial intelligence in drug discovery process. The breaching of data can lead to destructive growth of the market.
Top Trends in the Global AI in drug discovery Market
The idea of using artificial intelligence in the companies is a new trend leading to the growth of the market. Artificial intelligence is intelligently being used for optimization of workload and time in various biotechnology and pharmaceutical companies by expediting and enhancing the process of discovering new drugs and therapies. The process of drug discovery being hectic and time consuming, AI better supports it and lessens the efforts needed.
Market Growth
The use of AI in drug discovery process involves the utilization of AI models to analyse the vast amounts of biological, chemical and clinical data enabling the identification of potential drug targets, the design of novel compounds, and prediction of drug efficacy and safety policies. Increase prevalence of chronic diseases is anticipated to boost the growth of the market. As the complexity and diversity of these diseases demand innovative approaches to drug discovery, there is a growing requirement for artificial intelligence in healthcare. Thus market for AI in drug discovery is growing at a promising rate. Further, the market is predicted to undergo a period of exponential growth as the forecast period progresses.
Regional Analysis
North America is anticipated to have a significant growth of AI in drug discovery market, holding a large market share of 60.1%, dominating the other regional segments in 2023. This dominance is attributed to the presence of full bloomed infrastructure for integration of artificial intelligence in drug discovery process. The countries like United States and Canada are leveraged with several companies incorporating AI for the pharma and biotech applications. Thus, these factors offer a positive growth towards the AI in drug discovery market. Moreover, the surge of artificial intelligence in healthcare and pharmaceutical sector, makes Asia-Pacific to hold a fastest growing AI in drug discovery market.
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Scope of the Report
| Report Attributes | Details |
| Market Value (2023) | USD 1.2 Billion |
| Forecast Revenue 2033 | USD 13.6 Billion |
| CAGR (2024 to 2033) | 27.5% |
| North America Market Share | 60.1% |
| Base Year | 2023 |
| Historic Period | 2018 to 2022 |
| Forecast Year | 2024 to 2033 |
Market Drivers
The expeditious increase of investments for the use of artificial intelligence in drug discovery process drives the AI in drug discovery market vigorously. Drug discovery process is tedious and expensive, so it requires certain tool for optimization of work, leading to a high demand of AI in the process. In addition to this, the upgradation of AI to be used in drug discovery process is further fuelled by the hefty investment by the major market players. Thus, the market for AI in drug discovery is rapidly driven by these optimistic factors.
Market Restraints
Artificial intelligence has become a prior need in pharmaceutical and biotechnological companies for optimization of work. Lamentably, high cost of AI integration in healthcare companies for the drug discovery purpose is a paramount restricting factor for the market expansion. Due to the high cost, only major market players are able to incorporate AI in their companies, leaving behind the small and medium enterprise in the market. Furthermore, lack of infrastructure for integrating artificial intelligence for drug discovery purpose in developing and underdeveloped countries are also hampering the market.
Opportunities
The utilization of artificial intelligence in drug discovery process provides valuable outcomes for treating various chronic diseases like arthritis, asthma, cancer and cystic fibrosis. The provision of valuable outcome in the market fuels the need for artificial intelligence as more and more patients get the better treatment for vital diseases. Thus, this provides various lucrative opportunities for the growth of AI in drug discovery market.
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Report Segmentation of the AI in Drug Discovery Market
By Component Analysis
With respect to components, the AI in drug discovery market is bifurcated into software and services segment. The software segment grabs the large market revenue share of 65.4%, dominating the market in 2023. The global prominence of this segment is due to rising adoption of AI in drug discovery software, giving faster, cost-effective and efficient outcomes.
By Technology Analysis
Machine learning and deep learning are the bifurcations of the AI in drug discovery market, based on technology analysis. Owing to the crucial benefits of providing efficient tools for improving the decision making capacity in return for specific questions and high quality data, the machine learning category dominated the technology segment accounting a large market share of 52.7%. Additionally, the segment eradicates the failure rates and upswings the speed of drug discovery process. However, the deep learning segment is expected to grow at the fastest rate during the foreseen period.
By Application Analysis
Based on applications, the market is divided into neurodegenerative, cardiovascular, metabolic and immune-oncology diseases. The Neurodegenerative segment is accounted to hold a large market share of 43.8%, dominating the market in 2023. For the purpose of curing the neurodegenerative diseases, artificial intelligence played a significant role in drug discovery process, making the neurodegenerative disease application prominent. This high demand owes to the ability of AI to process the complex structures in the discovery of drugs related to neurodegenerative diseases, thus further driving the AI in drug discovery market.
By End User Analysis
Based on end use, the market is fragmented into pharmaceutical and biotechnology companies and academic and research institutes. AI is an extensively used tool in pharmaceutical and biotechnology companies for mass processing of compounds in drug discovery processes. Thus, the pharmaceutical and biotechnology companies lead the segment, capturing a large market share of 68.4%.
Impact of Macroeconomic factor
Russia and Ukraine are very important export market from a pharma perspective. Some Indian pharma companies have a very strong presence in those regions. There was a significant impact of Russia-Ukraine war on the Indian Pharmaceutical companies. As India is the third largest exporter of pharmaceuticals to Ukraine, the war between the countries led to the global destruction resulting in high cost of manufacturing and transportation, inflation and disruption of trade payment issues. In addition to this, inflation led to exponentially high pricing of integrating AI in pharma and biotech companies, leading to restraining use of AI in drug discovery processes.
Recent Development of the AI in Drug Discovery Market
- In July 2021: Owing to rising cost of AI for drug development, Chief.AI did the sendoff of pay more, expecting to empower SMEs for adoption of AI in drug discovery.
- In October 2020: For the purpose of developing multi-target drug improvement with the help of Genesis Chart AI, there was a partnership between Beginning therapeutics and Genentech.
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Market Segmentation
By Component
- Software
- Services
By Technology
- Machine learning
- Deep Learning
By Application
- Neurodegenerative diseases
- Cardiovascular diseases
- Metabolic diseases
- Immune-oncology diseases
By End User
- Pharmaceutical and biotechnology companies
- Academic and research institutes
By Geography
North America
- US
- Canada
Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
Asia Pacific
- China
- Japan
- South Korea
- India
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Competitive Landscape
The market for AI in drug discovery is characterised by the presence of regional businesses, thus resulting in its fragmented nature. The existing players vie for increasing market shares, which heightens the extent of competition. Such highly competitive market often motivates players to employ strategies such as collaborations, mergers and acquisitions. In addition to that, players also pursue innovation to stand out.
Market Key Players:
- NVIDIA CORPORATION
- Microsoft Corporation
- Cloud Pharmaceuticals
- TOMWISE INC.
- AI
- Schrödinger
- BioSymetrics
- Cyclica Inc.
- IBM Watson
- Benevolent AI
- Other Key Players
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