Artificial intelligence (AI) has caught the attention and minds of medical technology practitioners in the past few years, as several companies and major research laboratories have worked to perfect these technologies for clinical use. The first commercialized demonstrations of how AI (also known as deep learning, machine learning, or artificial neural networks) could assist clinicians are now available. These systems could lead to a paradigm shift in clinician workflow, increase productivity while simultaneously enhancing treatment and patient throughput.
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Artificial intelligence in healthcare is booming, and with the limitless possibilities offered by this cutting-edge technology, a slew of business behemoths are investing in healthcare applications. Integration of AI and machine learning tools in drug discovery & development applications could enhance healthcare outcomes by increasing drug discovery efficiency, facilitating targeted molecule identification, minimizing drug discovery timeframes, and, most importantly, lowering drug development costs for drug manufacturers.
Moreover, various pharmaceutical firms and entrepreneurs across the world are launching projects and investing in the creation of AI and machine learning technologies for bettering drug discovery and improving drug development outcomes.
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AI in Drug Discovery: Market Drivers
Increase in cross-industry alliances and collaborations drives the global AI for drug discovery market. Rise in relevance of AI in drug discovery & development and surge in funding for R&D activities, including AI technology in the field of drug research, are projected to propel the global market.
In July 2020, IBM acquired WDG Automation to advance AI-Infused Automation Capabilities for Enterprises. This acquisition advances IBM's comprehensive AI-infused automation capabilities, spanning business processes to IT operations.
Artificial intelligence (AI) drug discovery company Exscientia expanded its ongoing anti-viral drugs partnership with the U.K.’s national synchrotron facility Diamond Light Source and the University of Oxford across the Atlantic Ocean to include California-based Scripps Research’s Calibr and focus on COVID-19 research.
In January 2021, Nucleai, the U.S.-based provider of biomarkers-based therapy, signed a collaboration agreement with Debiopharm Pharma Company, a pioneer in drug development. According to the terms of the agreement, Debiopharm Pharma Company will use Nucleai’s artificial intelligence (AI) platform for its pipeline oncology drug candidates.
Hence, increase in cross-industry collaborations and partnerships drives the global AI in drug development market
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Market Segmentation: AI in Drug Discovery Market
In terms of drug type, the global AI in drug discovery market has been bifurcated into large molecules and small molecules
Based on application, the global AI in drug discovery market has been classified into oncology, infectious diseases, neurological disorders, rare diseases, metabolic diseases, cardiovascular diseases, and others
In terms of end user, the global AI in drug discovery market has been divided into pharmaceutical & biotechnology companies, contract research organizations, academics & research, and others
Based on offering, the global AI in drug discovery market has been split into software and services
In terms of technology, the global AI in drug discovery market has been segregated into machine learning and other technologies
Each of the segments has been analyzed in detail for market trends, recent trends, and developments, drivers, restraints, opportunities, and useful insights. The AI in drug discovery market report provides current and expected revenue (US$ Mn) for each of these segments from 2021 to 2031, considering 2020 as the base year. The compound annual growth rate (percentage CAGR) has been provided for each segment and market from 2021 to 2031 along with market size estimations.
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Regional Overview: AI in Drug Discovery Market
In terms of region, the global AI in drug discovery market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions have been divided into major countries and sub-regions.
North America is projected to account for the largest share of the global AI for drug discovery market in the near future, as the region is technologically advanced and one of the early adopters of latest technologies. High awareness about AI in drug discovery among the key players in the region is another driver of the global AI for drug discovery market.
The current and expected market revenue (US$ Mn) of these regional markets and their major countries have been provided in the report from 2021 to 2031, with their CAGRs from 2021 to 2031
The study also offers a list of recommendations, highlights, and useful insights of the global AI in drug discovery market, which would help new companies willing to enter the market and existing companies to increase market shares and in the decision-making process.
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Major Players
The AI in drug discovery market report concludes with the company profiles section, which includes key information about major players in the global AI in drug discovery market
Leading players analyzed in the report include
- Exscientia
- GNS Healthcare
- Cloud Pharmaceuticals, Inc.
- Benevolent AI
- PathAI, Inc.
- Berg Health
- Atomwise
- Insitro
- Cyclica
- BlackThorn Therapeutics
- Insilico Medicine
- Notable Labs
- Standigm
- Recursion Pharmaceuticals
- BioSymetrics
Each of these players has been profiled in the AI in drug discovery market report based on parameters such as company overview, financial overview, business strategies, application portfolio, business segments, and recent developments
AI in Drug Discovery Market – Segmentation
TMR’s study on the global AI in drug discovery market includes information divided into six segments: offering, technology, drug type, application, end user, and region. Changing industry trends and other crucial market dynamics associated with these segments of the global AI in drug discovery market are discussed in detail.
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