Artificial intelligence (AI) is the simulation of human intelligence in machines, enabling them to mimic human thinking and actions. AI has the potential to revolutionize the pharmaceutical industry, with many companies investing in this technology to varying degrees.
Research Methodology
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Our analysis of the AI in drug discovery market utilizes a blend of secondary sources, in-house methodologies, and primary insights from industry experts and participants. Real-time market assessment is a fundamental part of our methodology, ensuring realistic parametric estimations for a comprehensive study.
Market Overview
The AI in drug discovery market is experiencing significant growth driven by its application in target and drug discovery, preclinical and clinical development, and post-approval activities. AI can enhance drug approval rates, reduce development costs, expedite medication availability, and improve patient treatment adherence. The market demand is surging due to the need to accelerate drug discovery, especially for treating incurable and viral diseases. AI also plays a crucial role in understanding disease mechanisms by identifying biomarkers and creating data or models for the drug discovery process.
Market Dynamics
To harness the potential of diversifying drug pipelines, AI-enabled prediction tools can enhance speed, accuracy, and preclinical testing, leading to more competitive research and development strategies. Demonstrating value compared to available therapies is crucial for clinical trial progression. Discovering new niches of competitive advantage can reduce trial withdrawals and enhance asset sales.
Market Segmentation
The AI in drug discovery research report is segmented as follows:
By Component
- Software
- Services
By Technology
- Machine Learning
- Deep Learning
By Application
- Immuno-oncology
- Neurodegenerative Diseases
- Cardiovascular Diseases
- Metabolic Diseases
- Other Applications
By End User
- Pharmaceutical & Biotechnology Companies
- Contract Research Organizations
- Research Centers and Academic & Government Institutes
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Market Size and Growth Factors
The AI in drug discovery market was valued at $343.78 million in 2020, with a projected CAGR of 43.24%. Several factors contribute to this growth:
- Controlled Cost and Time: AI streamlines drug discovery and development processes.
- Precision Medicine Demand: Growing demand for precision medicine fuels AI adoption.
- Collaborations: Expanding cross-industry collaborations drive innovation.
- AI Pioneers: An increasing number of AI drug discovery innovators.
AI has increased the efficiency of medical facilities, improving patient care while accelerating drug development for specialized medical cases. It reduces research and development costs, mitigates failure risks, and contributes to lowering drug prices.
Major Players
Key players in the AI in drug discovery market include:
- IBM Corporation
- Microsoft Corporation
- Google Inc.
- NVIDIA Corporation
- Pfizer
- Merck
- GSK
- Novartis
- AstraZeneca
- Abbvie
- Elli Lilly
- Atomwise, Inc
- Deep Genomics
- Cloud Pharmaceuticals
- Exscientia
- Cyclica
- Numerate
- Envisagenics
- OWKIN, Inc.
- Verge Genomics
Market Drivers and Challenges
Reducing drug prices has driven drug manufacturers to increase AI production. AI reduces clinical trial failure rates and research and development costs. However, a lack of skilled healthcare professionals poses a challenge.
Currently, only one out of ten drugs is approved after clinical trials, mainly due to effectiveness and safety issues. Improving prediction accuracy can save billions in drug development costs. A predicted CAGR of 43.24% presents numerous opportunities.
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Conclusion
The AI in drug discovery market offers immense potential for innovation and cost savings. This report provides insights into market dynamics, vendor capabilities, SWOT analyses, and data analysis frameworks, supporting advanced innovations in AI drug discovery.
- Competitive analysis of major players
- SWOT analysis, portfolio analysis, and capability analysis of leading players
- Support for research organizations in drug discovery and development activities
- Quantitative analysis of the market across four major regions
Market Dynamics:
Surging air traffic:
- As the global aviation industry continues to expand, there is a corresponding increase in market demand.
Heightened emphasis on safety and reliability:
- The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
Growing commitment to environmental sustainability:
- The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
Escalating globalization:
- The growth of international trade and travel propels the demand for market solutions.
Increasing desire for private air transportation:
- The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
Expanding utilization of digital fuel management systems:
- The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
Advancements in fuel cell technology:
- Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
Mounting demand for air cargo transportation:
- The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
Rising defense budgets:
- Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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