This report aims to provide detailed insights into the global AI in Drug Discovery Market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Expected Revenue Growth: The global AI in the drug discovery market is projected to reach USD 1,434 million by 2024 from USD 259 million in 2019, at a CAGR of 40.8% during the forecast period (2019–2024).
The growth of the artificial intelligence in drug discovery market is primarily driven by factors such as the growing number of cross-industry collaborations and partnerships, the need to control drug discovery & development costs and reduce the overall time taken in this process, the rising adoption of cloud-based applications & services, and the impending patent expiry of blockbuster drugs.
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The software segment accounted for the largest share of the AI in the drug discovery market, by type, in 2019
Based on offering, the artificial intelligence in the drug discovery market is segmented into software and services. In 2018, the software segment accounted for a larger market share during the forecast period. Factors such as less cost and time to market the drug, low failure rate, a large number of software developers for drug discovery, and strong demand for the software among big pharma & biotech companies and research institutes are driving the growth of the software segment.
The neurodegenerative diseases segment is expected to grow at the highest CAGR during the forecast period.
Based on the application, the artificial intelligence in the drug discovery market is segmented into neurodegenerative diseases, immuno-oncology, cardiovascular disease, metabolic diseases, and other applications. Neurodegenerative diseases form the fastest-growing application segment, with a highest CAGR during the forecast period. The ability of AI to discover drugs for complex conditions and the emphasis of market players on providing AI-based platforms for neurological diseases are responsible for the fast growth of this application segment.
The pharmaceutical & biotechnology companies segment accounted for the largest share of the AI in the drug discovery market in 2019.
Based on end-user, the AI in the drug discovery market is segmented into pharmaceutical & biotechnology companies, contract research organizations, and research centers and academic, & government institutes. In 2018, the pharmaceutical & biotechnology companies segment accounted for the largest share in the AI in the drug discovery market.
North America accounted for the largest share of the AI in the drug discovery market in 2019.
The global AI in the drug discovery market is segmented into four major regions, namely, North America, Europe, APAC, and the Rest of the World. In 2018, North America was the largest and the fastest-growing regional market for AI in drug discovery. North America, which comprises the US, Canada, and Mexico, forms the largest market for AI in drug discovery. These countries have been early adopters of AI technology in drug discovery and development. In the North American market, the US is a major contributor. Also, prominent AI technology providers, such as IBM, Google, Microsoft, NVIDIA, and Intel, are headquartered in the US; their strong presence is a key contributor to market growth. Other drivers include the well-established pharmaceutical industry, high focus on R&D & substantial investment, and the presence of globally leading pharmaceutical companies. These are some of the major factors responsible for the large share and high growth rate of this market.
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Key players in the AI in the drug discovery market
The AI in the drug discovery market is a fragmented in nature, with a large number of players, including tier 1, mid-tier companies and startup firms, competing for market shares. The prominent players in the global AI in drug discovery market include IBM Corporation (US), Microsoft (US), and Google (US), NVIDIA Corporation (US), Atomwise, Inc. (US), Deep Genomics (Canada), Cloud Pharmaceuticals (US), Insilico Medicine (US), BenevolentAI (UK), Exscientia (UK), Cyclica (Canada), BIOAGE (US), Numerate (US), NuMedii (US), Envisagenics (US), twoXAR (US), OWKIN, Inc. (US), XtalPi (US), Verge Genomics (US), and BERG LLC (US).
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