Comprehensive Artificial Intelligence (AI) In Drug Discovery Market Analysis 2024: Size, Share, And Key Trends
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What is the Expected Growth Rate of the Artificial Intelligence (AI) In Drug Discovery Market from 2024 to 2033?
In the past few years, the market size for artificial intelligence (ai) in drug discovery has witnessed an exponential growth. The market is projected to rise from $1.37 billion in 2023 to $1.79 billion in 2024, marking a compound annual growth rate (CAGR) of 30.8%. The increase during the historic period can be credited to expansion in emerging markets, a surge in the number of chronic diseases, a higher engagement with artificial intelligence (ai) for economic pharmaceutical discovery, and enhancement in strict quality guidelines for drug manufacturers.
Expectations are high for the artificial intelligence (AI) in drug discovery market, with predictions of massive expansion in the coming years. By 2028, it’s forecasted to reach $4.71 billion, growing at a Compound Annual Growth Rate (CAGR) of 27.4%. This expected surge during the forecast period is linked to several factors such as government backing, increased spend on healthcare, and a growing trend towards cloud-based applications and services. The key trends shaping this period include the consolidation of multi-omics data, AI’s role in target selection and drug screening, the emergence of AI innovation labs, and boosted investments, including strategic partnerships and collaborations.
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What Key Factors Are Fueling the Growth of the artificial intelligence (ai) in drug discovery Market?
The increasing need for personalized medicine is projected to boost the artificial intelligence (AI) in drug discovery market’s progression. Personalized medicine is defined as the utilization of an individual’s genetic or protein information for disease prevention, detection, or treatment. AI has a significant impact on all significant phases of clinical development and the introduction of new personalized health products. It aids in the identification of intervention targets and verification of their usefulness. The Personalized Medicine Coalition, a professional organization based in the United States, stated that in 2022, the US Food and Drug Administration (FDA) authorized 12 personalized medicines, accounting for nearly 34% of all newly approved therapeutic molecular entities. Hence, the escalating demand for personalized medicine is promoting the growth of the AI in drug discovery market.
What Are the Major Segments of the Artificial Intelligence (AI) In Drug Discovery Market?
1) By Technology: Context-Aware Processing, Natural Language Processing, Querying Method, Deep Learning
2) By Drug Type: Small Molecules, Large Molecules
3) By Therapeutic Type: Metabolic Disease, Cardiovascular Disease, Oncology, Neurodegenerative Diseases, Anti-Infective Diseases, Respiratory Diseases, Other Therapeutics
4) By End User: Pharmaceutical Companies, Biopharmaceutical Companies, Academic And Research Institutes, Other End-Users
What New Trends Are Transforming the Artificial Intelligence (AI) In Drug Discovery Market?
Prominent firms in the AI drug delivery market are engaging in strategic partnerships to explore and innovate drugs using AI, boosting their prominence in the artificial intelligence in drug discovery market. For example, in August 2022, Atomwise, an American firm specializing in artificial intelligence systems, entered into a collaboration with Sanofi. The main goal of this alliance was to use Atomwise’s AtomNet technology, powered by AI, to computationally identify and examine up to five pharmacological targets. Atomwise was given an upfront payment of $20 million by Sanofi to discover, develop, and advance lead compounds for up to five targets exclusive to Sanofi. Sanofi is a renowned pharmaceutical and healthcare company based in France.
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Which Regions Are Driving Growth in the Artificial Intelligence (AI) In Drug Discovery Market?
North America was the largest region in the artificial intelligence (AI) in drug discovery market in 2023. Western Europe was the second largest region in the global artificial intelligence (AI) in drug discovery market share. The regions covered in the artificial intelligence (ai) in drug discovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Artificial Intelligence (AI) In Drug Discovery Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the artificial intelligence (ai) in drug discovery market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Artificial Intelligence (AI) In Drug Discovery Market Include
1. Artificial Intelligence (AI) In Drug Discovery Market Executive Summary
2. Artificial Intelligence (AI) In Drug Discovery Market Segments
3. Artificial Intelligence (AI) In Drug Discovery Market Size And Template Market Growth Rate
4. Key Artificial Intelligence (AI) In Drug Discovery Market Trends
5. Major Artificial Intelligence (AI) In Drug Discovery Market Drivers
……
25. Key Mergers And Acquisitions In The Artificial Intelligence (AI) In Drug Discovery Market
26. Top Artificial Intelligence (AI) In Drug Discovery Companies
27. Artificial Intelligence (AI) In Drug Discovery Market Opportunities And Strategies
28. Artificial Intelligence (AI) In Drug Discovery Market, Conclusions And Recommendations
29. Appendix
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