Straits Research: Artificial Intelligence Revolutionizing Drug Discovery and Development Market
Global Market Insights
The global artificial intelligence (AI) for drug discovery and development market has demonstrated remarkable growth, valued at USD 710 million in 2021. According to Straits Research, the market is projected to escalate from USD XX million in 2022 to USD 8,520 million by 2030, reflecting a robust compound annual growth rate (CAGR) of 31.8% during the forecast period (2022–2030).
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Market Definition
Artificial intelligence in drug discovery and development refers to the application of machine learning algorithms, neural networks, and other AI-driven technologies to enhance and expedite the discovery and development of new drugs. This innovative approach aims to address traditional bottlenecks in drug development, significantly reducing time and costs while improving accuracy and outcomes.
Market Dynamics
Key Trends:
- Integration of AI with cloud computing to streamline data processing and accelerate drug development.
- Adoption of AI-powered platforms to identify drug candidates with higher precision, reducing failure rates in clinical trials.
Market Drivers:
- Increasing investments by pharmaceutical and biotechnology companies in AI to enhance R&D efficiency.
- Rising prevalence of chronic diseases demanding faster and cost-effective drug development solutions.
Market Opportunities:
- Expansion of AI applications in precision medicine, personalized treatments, and rare disease drug discovery.
- Growing partnerships between AI firms and pharmaceutical giants to co-develop cutting-edge drug discovery technologies.
Market Segmentation
By Type:
- Target identification
- Molecule screening
- De novo drug design & drug optimization
- Preclinical & clinical testing
By Indication:
- Oncology
- Infectious disease
- Neurology
- Others
By End User:
- Pharmaceutical & Biotechnology
- Contract Research Organizations (CROs)
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Key Players in the Market
The competitive landscape of the AI for drug discovery and development market includes:
- Alphabet Inc.
- Atomwise Inc.
- Benevolent AI
- Cloud Pharmaceutical
- Deep Genomics
- Exscientia
- IBM Corporation
- Insilico Medicine Inc.
- Microsoft Corporation
- Nvidia Corporation
Regional Insights
The European region currently dominates the market, driven by significant investments in AI technologies and advanced healthcare infrastructure. Meanwhile, North America is projected to be the fastest-growing region, attributed to the presence of major industry players, increased funding in AI research, and a favorable regulatory environment.
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About Straits Research
Straits Research is a leading market research and consulting firm, offering strategic insights and actionable recommendations to help organizations make informed decisions. Our reports provide a comprehensive analysis of market trends, dynamics, and competitive landscapes to support businesses in achieving sustainable growth.
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