CHICAGO, June 15, 2022 /PRNewswire/ — According to new market research report “AI in the drug discovery market by Offer (Software, Service), Technology (Machine Learning, Deep Learning), Application (Cardiovascular, Metabolic, Neurodegenerative), End User (Pharma, Biotech, CRO) – Global Forecast to 2027″, published by MarketsandMarkets™, the global Artificial Intelligence in Drug Discovery Market is expected to reach $4.0 billion by 2027 from $0.6 billion in 2022, at a CAGR of 45.7% over the forecast period.
Browse the in-depth table of contents at “Artificial Intelligence (AI) in the Drug Discovery Market”
177 – Tables
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198 – Pages
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The growth of this artificial intelligence in drug discovery market is driven by the growing need to control drug discovery and development costs, and the growing number of cross-industry collaborations and partnerships, on the other hand, a lack of data sets in the field of drug discovery and insufficient availability of skilled labor are some of the factors hampering the growth of the market.
The services segment is expected to grow at the highest rate during the forecast period.
On the basis of supply, the AI in drug discovery market is segmented into software and services. In 2021, the services segment accounted for the largest market share of the global AI services in drug discovery market and is also expected to grow at the highest CAGR during the forecast period. The benefits associated with AI services and high demand for AI services among end users are the major growth drivers for this market segment.
The machine learning technologies segment accounted for the largest share of the global AI in drug discovery market.
Based on technology, the AI in drug discovery market is segmented into machine learning and other technologies. The machine learning segment accounted for the largest global market share in 2021 and is expected to grow at the highest CAGR during the forecast period. The machine learning technology segment further segmented into deep learning and supervised learning. reinforcement learning, unsupervised learning and other machine learning technologies. The deep learning segment accounted for the largest market share in 2021, and this segment is also expected to grow at the highest CAGR during the forecast period.
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The immuno-oncology applications segment accounted for the largest share of the AI market in drug discovery in 2021.
Based on applications, the AI in drug discovery market is segmented into neurodegenerative diseases, immuno-oncology, cardiovascular diseases, metabolic diseases, and other applications. The immuno-oncology segment accounted for the largest share of the market in 2021, owing to the growing demand for effective cancer drugs. The neurodegenerative diseases segment is estimated to register the highest CAGR during the forecast period. The role of AI in solving existing complexities in neurological drug development and strategic collaborations between pharmaceutical companies and solution providers are the major factors responsible for the high growth rate of the neurodegenerative diseases segment.
The pharmaceutical and biotechnology companies segment accounted for the largest share of the global AI in drug discovery market.
On the basis of end-user, the AI in drug discovery market is segmented into pharmaceutical and biotechnology companies, CROs, research centers, and academic and government institutes. The segment of pharmaceutical and biotechnology companies accounted for the largest AI market share in the drug discovery market, in 2021, while the segment of research centers and academic and government institutes is expected to register the highest CAGR high during the forecast period. The high demand for AI-based tools to make the entire drug discovery process faster and more cost-effective is driving the growth of this end-user segment.
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North America expected to lead the market for artificial intelligence in drug discovery in 2022.
North America accounted for the largest share of the global AI in drug discovery market in 2021 and are also expected to grow at the highest CAGR during the forecast period. North Americawhich includes the United States, Canadaand Mexico, is the largest market for AI in drug discovery. These countries were the first to adopt AI technology in drug discovery and development. The presence of established key players, a well-established pharmaceutical and biotechnology industry, and a strong focus on R&D and substantial investments are some of the key factors responsible for the large share and high growth rate of this market.
Key players in this Artificial Intelligence in Drug Discovery Market are NVIDIA Corporation (US), Microsoft Corporation (US), Google (US), Exscientia (UK), Schrödinger (US United States), Atomwise, Inc. (United States), BenevolentAI (United Kingdom), NuMedii (United States), BERG LLC (United States), Cloud Pharmaceuticals (United States), Insilico Medicine (United States ), Cyclica (Canada), Deep Genomics (Canada), IBM (US), BIOAGE (US), Valo Health (US), Envisagenics (US), twoXAR (US), Owkin, Inc. (US), XtalPi ( United States), Verge Genomics (United States), Biovista (United States), Evaxion Biotech (Denmark), Iktos (France), Standard (South Korea), and BenchSci (Canada). Players have adopted organic and inorganic growth strategies such as product upgrades, collaborations, agreements, partnerships, and acquisitions to increase their offerings, address unmet customer needs, increase profitability, and expand their reach. presence in the global market.
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