The global artificial intelligence in drug discovery market is experiencing rapid growth, with a projected value of US$ 11.15 billion by the year 2030. According to recent market analysis, the market size for AI in drug discovery was escalated to US$ 722.3 million in 2022, demonstrating an extraordinary upward trajectory with a Compound Annual Growth Rate (CAGR) of 40.8% over the forecast period from 2023 to 2030.
Artificial intelligence is revolutionizing the drug discovery process, enabling pharmaceutical companies and research institutions to accelerate drug development, improve target identification, enhance molecular modeling, and optimize clinical trial design. Key factors driving the growth of the AI in drug discovery market include:
Increasing Complexity of Drug Development: The escalating complexity of drug discovery and development processes, coupled with the rising costs and time requirements associated with traditional methods, is driving the adoption of AI-driven approaches to streamline research workflows and expedite the identification of novel therapeutic candidates.
Advancements in AI Technologies: Continuous advancements in AI technologies, including machine learning, deep learning, natural language processing (NLP), and computational biology, are expanding the capabilities of AI platforms for predictive modeling, virtual screening, and structure-based drug design, enhancing efficiency and productivity in drug discovery.
Big Data Analytics and Integration: The proliferation of big data sources, including genomics, proteomics, metabolomics, and electronic health records (EHRs), combined with advances in data analytics and integration techniques, is enabling comprehensive data-driven approaches to drug discovery and personalized medicine.
Demand for Targeted Therapies and Precision Medicine: The growing demand for targeted therapies and precision medicine approaches, driven by advances in molecular diagnostics, biomarker identification, and genomic profiling, is fueling the adoption of AI technologies for the development of tailored treatments and therapeutic interventions.
Collaborations and Partnerships: Increasing collaborations and partnerships between pharmaceutical companies, biotechnology firms, AI startups, academic institutions, and research consortia are fostering innovation, knowledge exchange, and resource sharing in the field of AI-driven drug discovery.
Regulatory Support and Validation: Supportive regulatory frameworks and initiatives aimed at facilitating the integration of AI technologies into drug discovery and development processes, coupled with efforts to validate AI algorithms and predictive models for regulatory approval, are driving market growth and adoption.
KEY MARKET SEGMENTS:
By Component
· Software
· Services
By Technology
· Machine Learning
· Deep Learning
· Supervised Learning
· Reinforcement Learning
· Unsupervised Learning
· Others Technologies
By End-Use
· Pharmaceutical & Biotechnology Companies
· Contract Research Organizations
· Research Centres
· Academic & Government Institutes
By Application
· Excavation and mining
· Immuno-Oncology
· Neurodegenerative Diseases
· Cardiovascular Diseases
· Metabolic Diseases
· Other Applications
Key Players
IBM Corporation, Microsoft, Google, NVIDIA Corporation, Atomwise, Inc., Deep Genomics, Cloud Pharmaceuticals, Insilico Medicine, BenevolentAI, Exscientia, Cyclica, BIOAGE, Numerate, NuMedii, Envisagenics, twoXAR, OWKIN, Inc., XtalPi, Verge Genomics, BERG LLC
As the global pharmaceutical industry continues to embrace AI-driven approaches to drug discovery, the AI in drug discovery market is poised for significant expansion, with implications for improved patient outcomes, accelerated innovation, and transformative changes in healthcare delivery.
Key Market Segments:
By Product
Self-monitoring Devices:
· Blood Glucose Meter
· Testing Strips
· Lancets
Continuous Blood Glucose Monitoring Devices
· Sensors
· Transmitter & Receiver
· Insulin Pumps
By End-use
· Hospitals
· Home Care
· Diagnostic Centers
The Key Players are Medtronic plc, Sanofi, Ascensia Diabetes Care, Dexcom, Inc., Abbott Laboratories, Insulet Corporation, Ypsomed Holdings, Novo Nordisk, Glysens Incorporated, F. Hoffmann-La Roche Ltd and Others.
As the global healthcare community continues to prioritize diabetes management and preventive care, the demand for innovative and user-friendly blood glucose monitoring devices is expected to continue growing, driving market expansion and technological innovation in the coming years.
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