Artificial Intelligence for Drug Discovery Market Size Valued at around US$ 8,149 Million by 2026
The global artificial intelligence for drug discovery market is expected to reach around US$ 8,149 Million by 2026 with a CAGR of above 42% during the forecast period 2019-2026.
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Artificial intelligence is gaining traction in the recent years. Continuous advancements in technology across the globe especially computer systems has resulted in development of various machines in order to solve complex tasks. Artificial intelligence is finding wide applicability in various industry verticals. Developing pharmaceutical sector in developed and developing countries and focus on development of new analytical approach for design and development of new novel products is resulting in adoption of artificial intelligence in development of various drugs. With the help of AI the highly complex and data intense process can be simplified. Artificial intelligence offers the facility to sort and postscript these libraries for targeted results and faster discovery.
The global Artificial Intelligence for Drug Discovery market is segmented into drug type, technology, application, end use, and region. The market in North America is expected to contribute a major revenue share. This can be attributed to well-developed healthcare infrastructure for R&D activities and increasing public-private partnerships for development of innovative drugs. In addition, rising manufacturers approach towards reducing the high cost associated to drug discovery is resulting in adoption of artificial intelligence which is another factor expected to support the growth of the target market in this region.
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The regional market is further segmented into North America, Europe, Asia Pacific, Latin America, and Middle East.
The market in Asia Pacific is expected to witness faster growth due to rapid technological advancements in the pharmaceutical sector. Rising presence of pharmaceutical manufacturers in the country such as China and India, developing government policies for drug development, along with rising awareness related to AI in various industry verticals are some other factors expected to further support the growth of the target market in this region.
Major factors expected to drive the growth of the global artificial intelligence in drug discovery market are growing awareness related to artificial intelligence in pharmaceutical sector, rising investment related to drug development in developed and developing countries, along with ability of AI to work in complex areas in biopharmaceutical science. In addition, increasing investment by major players in bioparma companies for development of new drugs is expected to further support the growth of the global market. In 2019, GSK invested US$ 300 Mn in the gene testing company 23andMe. This will help the company to access vast DNA database, providing information about the relations between genes and diseases.
However, lack of government regulations related to AI and AI technological experts are major factors expected to hamper the growth of the global AI in drug discovery market. In addition, lack of infrastructure in developing countries for implementing artificial intelligence is another factor expected to challenge the growth of the target market.
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Increasing investment by major players for research and development activities and development of new products along with rising public private partnerships between regional and international players is expected to create new revenue opportunities for players operating in the global market over the forecast period. In addition, strategic business development activities in order to increase the customer base are expected to support the growth of the target market in terms of revenue.
The Artificial Intelligence for Drug Discovery market in segmented in to drug type, technology, application, end use. The drug type segment is bifurcated into small molecule and large molecule. The small molecule is expected to account for major revenue share due to high complicated process in drug discovery, coupled with AI helps solving complex process with accurate results and in less time.
Some of the major players operating in the global artificial intelligence for drug discovery market are Atomwise, Inc., Insilico Medicine, BIOAGE, Numerate, NuMedii, Inc., Envisagenics, Cloud Pharmaceuticals, Inc., BenevolentAI, twoXAR Incorporated, and Exscientia. The market players are focused on introduction of new innovative products and lower the operational cost associated to drug discovery.
Key Findings
The global Artificial Intelligence for Drug Discovery market was valued at around US$ 486 Bn in 2018. Among the drug type segment the small molecule segment is expected to contribute significant revenue shares in the market globally.
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