Artificial Intelligence (AI) in Drug Discovery Market Overview
AI drug discovery has proved itself as a vital part of the drugs industry. This technology is used for regulating drug innovation & progress costs and in decreasing the processing time. Fast adoption and other features will help the global AI in the drug discovery market to touch a 41% annual growth rate. AI method uses different algorithms for improving the drug designs, their molecular structures and classification of various forms of drugs. All of the above features are adding to the tally of the market and giving it a considerable push to reach new levels of success.
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According to Market Research Future (MRFR), the global AI in drug discovery market is poised to create a valuation of USD 2,015.1 MN by 2025, registering a massive 40.8% CAGR throughout the predicted years (2019 – 2025). Recent COVID 19 pandemic is projected to boost the size of the market. AI and machine learning integration in discovery and development applications are increasing to expedite drug development processes.
Also, substantial investments made into AI business are projected to boost the market growth. AI integration minimizes the risk of adverse reactions during trials, reduces the drug discovery timeframe, and, most importantly, reduces drug development costs. Machine learning and other AI tools have a vast potential to make the discovery of new pharmaceuticals faster, cheaper, and more productively. As a result, major pharma companies are increasingly using AI technology for drug discovery.
Moreover, rising numbers of start-ups operating in the AI spectrum drug discovery foster market growth. Simultaneously, increasing numbers of cross-industry partnerships formed to achieve improvements in drug development outcomes drive the growth of the market. On the other hand, high costs associated with AI integration are a major factor estimated to hamper the market growth. Also, the lack of adequate infrastructure in low economic countries obstructs the growth of the market.
Market Segments of the Artificial Intelligence (AI) in Drug Discovery Market
The global market for AI in drug discovery is segmented into three factors:
Product type: There are three types of products, namely software, hardware and services.
Technology-based: Technologies like machine learning, deep learning, natural language processing and querying method are some examples of technology.
Application-based: AI technology is used in candidate screening, preclinical testing, target identification and others.
End-Users: Contract research organisations (CROs), pharma and biotech industries and government research facilities are some of the end-users.
AI in Drug Discovery Market – Regional Analysis
North America dominates the global AI in drug discovery market. Market share attributes to the increasing prevalence of chronic diseases and high healthcare expenses. Moreover, the recent COVID 19 pandemic is estimated to increase the size of the regional market. Besides, factors such as the presence of growing numbers of big AI platform developers and a well-developed healthcare sector in the region allow rapid market growth.
Increasing adoption of top AI platforms, including Google AI, Microsoft Azure, and TensorFlow by major pharma companies in drug discovery processes, boost the regional market growth. Moreover, increasing demand for Artificial Intelligence technologies from key pharmaceutical companies such as AbbVie, Genentech, Eli Lilly and Company, and Amgen, among others, drive the growth of the market.
Europe stands second in the global AI in drug discovery market. Market growth is driven by the increasing R&D activities in the pharma sector and the high demand for AI solutions by drug development companies. Top pharma companies in the region form strategic partnerships with international AI service providers to expedite their drug discovery process, which, in turn, boosts the market growth. The UK, Germany, and France are the major growth contributors to the regional market.
Additionally, substantial R&D investments and increasing government funding in the development of AI technology foster regional market growth. Furthermore, the recent COVID 19 epidemic is estimated to increase the size of the regional market. Besides, strategic deals between the UK government and industry players are expected to increase AI research investments. The European AI in the drug discovery market is projected to create a substantial revenue pocket.
The Asia Pacific AI in drug discovery market is estimated to become the fastest-growing market. Factors such as the increasing demand for effective drug discovery solutions and rapidly growing pharmaceutical sectors in the region drive market growth. A number of start-ups in the region are working to integrate AI Drug discovery Market. It is predicted that the adoption of AI technologies in mainstream drug discovery protocols will take place in the future. With their increasing numbers of AI platform companies, countries like India and China contribute significantly to the regional market growth.
AI in Drug Discovery Market - Competitive Analysis
The global AI in drug discovery market appears fiercely competitive & fragmented due to the presence of numerous well-established players. To gain a larger competitive advantage in the market, these players incorporate strategic initiatives such as mergers & acquisitions, collaborations, technology launch, and expansion. Also, AI drug discovery companies make substantial investments to R&D and drive clinical studies.
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Major Players:
Players leading the global AI in drug discovery market include Microsoft Corporation, IBM Corporation, Alphabet Inc., Atomwise, Inc., Deep Genomics, Cloud Pharmaceuticals, Inc., Insilico Medicine, BenevolentAI, Exscientia, Cyclica, Bioage, Numerate, Numedii, Inc., Envisagenics, Twoxar, Incorporated, Owkin, Inc., Xtalpi, Inc., Verge Genomics, and Berg LLC, among others.
Innovation/Industry/Related News:
June 01, 2020 ---- Syntekabio Inc. (South Korea), a bioinformatics venture firm and AI drug Development Company, announced the identification of a respiratory disease drug as a potential COVID19 therapeutics. The crystal structure of SARS-CoV-2’s 3CL protease (Mpro) is the main viral protease that plays a crucial role in viral gene expression and proliferation of the SARS-CoV-2 virus. As soon as this structural information became available, Syntekabio commenced AI screening using its proprietary AI platform DeepMatcherTM and supercomputer. The company screened 3,000 approved drugs and identified potential COVID-19 therapeutics.
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