AI in Drug Discovery Market Analysis By Drug Type(Small Molecule, Large Molecule) By Indication(Immuno-Oncology, Neurodegenerative Diseases, Cardiovascular Diseases, Metabolic Diseases) By Component(Software, Hardware, Services) By Application(Novel Drug Candidates, Drug Optimization and Repurposing Preclinical Testing and Approval, Drug Monitoring, Finding New Diseases Associated Targets and Pathways, Understanding Disease Mechanisms, Aggregating and Synthesizing Information, Formation & Qualification of Hypotheses, De Novo Drug Design, Finding Drug Targets of an Old Drug) By Technology(Machine Learning (ML) Deep Learning (DL) Natural Language Processing (NLP)) By End User(Pharmaceutical & Biotechnology Companies, Contract Research Organizations (CROs) Research Centers and Academic Institutes) & Forecast By 2031
- PUBLISHED ON
- 2024-07-14
- NO OF PAGES
- 231
- CATEGORY
- Healthcare & Life Sciences
Market Overview
Industry Overview
Artificial Intelligence (AI) has grabbed the attention of medical practitioners and lab technicians. In the past few years, many companies and leading research laboratories have worked and perfect these technologies for clinical uses and trials. The commercialized demonstrations of how Artificial Intelligence, also known as Machine Learning, Deep Learning, or Artificial Neural Networks (ANNs) could assist physicians are now available in the market.
The AI in drug discovery Market tends to grow due to a rising in cross industry agreements and collaborations drives the market. Increasing relevance of AI in drug discovery & development and a rise in investments for R&D activities boosts the market growth. Additionally, AI technology in the field of drug research are expected to increase the global market growth.
Market Dynamics
Digitalization in clinical research spaces and biomedical are creating a way for the implementation of AI solutions. The large amount of data base is generated from drug discovery processes such as preclinical studies and molecule screening phase are increasing the adoption of AI-powered solutions.
Rising incidences of chronic diseases initiates, the need for AI in drug discovery. The incidence of chronic diseases is rising at a faster rate around the globe. According to the Centers for Disease Control and Prevention (CDC), six out of ten adults in the U.S. have a chronic disease, and four out of ten adults have two or more at the same time.
COVID Impact
The AI in drug discovery market has shown a positive impact during the COVID-19 pandemic period. The COVID-19 outbreak has highly impact on the expansion of AI in drug discovery industry due to its wider and different uses by various organizations for the identification and screening of existing medicines used in the COVID-19 treatment.
Regional Trend
Geographically, the global AI in drug discovery market is segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America is dominating the largest share of the global AI in drug discovery market with a share of 53% in 2021.
Competitive Landscape
Key players operating in the global tissue diagnostics market are Alphabet (DeepMind), Aria Pharmaceuticals, Inc., Atomwise Inc., Benevolent AI, BERG LLC, BIOAGE Inc., BioSymetrics, Cloud, Cyclica, DEEP GENOMICS, Envisagenics, Euretos, Exscientia, GNS Healthcare, IBM Corp., Insilico Medicine, Insitro, Microsoft, NuMedii, Inc., NVIDIA Corporation, Owkin Inc., Schrödinger, Inc., and XtalPi Inc. among others. In March 2022, NVIDIA Corporation launched Clara Holoscan MGX to develop real-time AI applications. Clara Holoscan MGX extends the Clara Holoscan platform to provide, long-term software support and medical-grade reference architecture, to encourage the innovation in the medical device industry. This will help the company for better AI performance in health sector for diagnostics, surgery, and drug discovery.
Key USP’s
AI has the potential to transform drug discovery by rapidly increasing the R&D, making drug development faster, cheaper and improving the probability of approvals. AI can also help in increasing the effectiveness of drug repurposing research.
Market Segmentation
Based upon the Drug Type used in AI in drug discovery Market is segmented into two segments of Small Molecule and Large Molecule in the drug discovery process.
Based on technology, the AI in drug discovery Market is segmented into Machine Learning (ML), Deep Learning (DL), and Natural Language Processing (NLP). End user segment of AI in drug discovery market is further classified into pharmaceutical & biotechnology companies, Contract Research Organizations (CROs), research centers and academic institutes. The increasing healthcare expenditure is some of the major factors driving the growth of this segment.
By Drug Type
• Small Molecule
• Large Molecule
By Indication
• Immuno-Oncology
• Neurodegenerative Diseases
• Cardiovascular Diseases
• Metabolic Diseases
By Component
• Software
• Hardware
• Services
By Application
• Novel Drug Candidates
• Drug Optimization and Repurposing Preclinical Testing and Approval
• Drug Monitoring
• Finding New Diseases Associated Targets and Pathways
• Understanding Disease Mechanisms
• Aggregating and Synthesizing Information
• Formation & Qualification of Hypotheses
• De Novo Drug Design
• Finding Drug Targets of an Old Drug
By Technology
• Machine Learning (ML)
• Deep Learning (DL)
• Natural Language Processing (NLP)
By End User
• Pharmaceutical & Biotechnology Companies
• Contract Research Organizations (CROs)
• Research Centers and Academic Institutes
Quality Assurance Process
- We Market Research’s Quality Assurance program strives to deliver superior value to our clients.
We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
- Project kickoff meeting with client
- Conduct frequent client communications
- Form project steering committee
- Assign a senior SR executive as QA Executive
- Conduct internal editorial & quality reviews of project deliverables
- Certify project staff in SR methodologies & standards
- Monitor client satisfaction
- Monitor realized value post-project
Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
In 2021, the market for AI in Drug Discovery worldwide was worth $0.8 billion US dollars. AMR Group projects that the market will reach US$ 9 billion by 2031, growing at a CAGR of 40 percent between 2022 and 2031.
Who are the key competitors of market Players?
Some of the major players operating within the market are Alphabet (DeepMind), Aria Pharmaceuticals, Inc., Atomwise Inc., Benevolent AI, BERG LLC, BIOAGE Inc., BioSymetrics, Cloud, Cyclica, DEEP GENOMICS, Envisagenics, Euretos, Exscientia, GNS Healthcare, IBM Corp., Insilico Medicine, Insitro, Microsoft, NuMedii, Inc., NVIDIA Corporation, Owkin Inc., Schrödinger, Inc., and XtalPi Inc.
What are the top performing segments, and countries / regions of each of the markets?
Geographically, the global AI in drug discovery market is segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa.
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