The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Generative Artificial Intelligence (AI) In Drug Discovery Global Market Report 2024, the generative artificial intelligence (AI) in drug discovery market is expected to show promising growth in the forecast period.

Market Growth Overview

• Rapid Expansion: The generative AI in drug discovery market has seen significant growth recently.
• 2023 to 2024: Market size will grow from $0.15 billion in 2023 to $0.19 billion in 2024, reflecting a robust compound annual growth rate (CAGR) of 30.6%.
• Future Projections: By 2028, the market is expected to reach $0.57 billion, maintaining a strong CAGR of 30.7%.

Key Drivers of Growth

• Rising Chronic Diseases: Increased prevalence of chronic diseases is boosting demand for advanced drug discovery methods.
• AI Integration: Growing support for integrating AI into healthcare and drug development enhances market expansion.
• Biotech Industry Growth: Expansion of biotech industries and government support are contributing to market growth.

Growth Trends and Predictions

• Cost-Effective Solutions: Demand for cost-effective drug discovery methods drives the adoption of generative AI.
• Collaborations and Technology: Increasing collaborations among market players and advancements in computational power are accelerating growth.
• Integration with Emerging Technologies: The integration of generative AI with technologies like high-throughput screening and experimental biology is transforming drug discovery.

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Rising Clinical Trials Impact

• Increasing Trials: The number of clinical trials is on the rise, propelling the growth of generative AI in drug discovery.
• Clinical Trials Data: Clinical trial data enhances AI models, speeding up drug discovery by predicting interactions and designing compounds.
• Global Data Growth: As of the end of 2023, there were 477,234 clinical trials registered globally, up from 437,512 in 2022, highlighting the growing importance of clinical trials in AI-driven drug discovery.

Major Companies and Innovations

• Leading Players: Key companies in the market include Bayer AG, NVIDIA Corporation, Merck KGaA, IBM Research, and Schrödinger Inc.
• Advanced AI Tools: Companies are developing AI-powered tools that streamline drug discovery and development processes. For example:
  • Google Cloud Innovations: Google Cloud introduced the Target and Lead Identification Suite and the Multiomics Suite in May 2023, enhancing drug discovery and precision medicine.

Notable Acquisitions

• Recursion Pharmaceuticals: In May 2023, Recursion Pharmaceuticals acquired Cyclica and Valence, enhancing its AI-driven drug discovery capabilities. This positions Recursion as a key player in the industry, leveraging advanced technologies for innovative drug discovery.

Market Segmentation

• By Type: The market is segmented into Small Molecule and Large Molecule.
• By Technology: Key technologies include Deep Learning, Machine Learning, Reinforcement Learning, Molecular Docking, and Quantum Computing.
• By End-User: The market serves Pharmaceutical and Biotechnology Companies, Academic and Research Institutions, Contract Research Organizations (CROs), and other end-users.

Regional Insights

• North America: The largest market region in 2023.
• Asia-Pacific: Expected to be the fastest-growing region during the forecast period, driven by increasing investments and research activities in the region.

Generative AI is set to revolutionize drug discovery and precision medicine, offering exciting opportunities for accelerating drug development and improving patient outcomes. With continued advancements and increasing adoption, the market is poised for remarkable growth in the coming years.

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