The artificial intelligence for drug discovery and development market was valued at $520 million in 2019 and is projected to reach $4,815 million by 2027, registering a CAGR of 31.6% from 2020 to 2027. Artificial intelligence (AI) is science and engineering adopted to design intelligent machines, especially intelligent computer programs. AI is an intelligent system that relates various human intelligence based functions such as reasoning, learning, and problem-solving skills on different disciplines such as biology, computer science, psychology, mathematics, linguistics, and engineering. In the healthcare industry, AI is applicable in medication management, treatment plans, drug discovery& developments and others.
Drug discovery& development includes several processes and phases that demand a huge amount of funds. Furthermore, clinical trials and approval of the drug in the market might be a challenging task. Increase in number of collaborations between pharmaceutical & biotech companies and AI providers are the major driver for this market. Artificial intelligence decreases a large amount of time and cost utilized in the drug discovery and development process, which is mainly influencing market growth. The increasing demand for cloud-based software that enables the researcher to design drugs quickly and accurately is expected to drive market growth. Moreover, the integration of artificial intelligence (AI) and machine learning approaches within the life science R&D industry is making drug discovery and development more innovative, time-effective and cost-effective.
The artificial intelligence for drug discovery and development market is segmented on the type, indication, end user and region. By type, it is divided into target identification, molecules screening, de novo drug design &drug optimization and preclinical &clinical testing. On the basis of indication, it is classified into oncology, infectious disease, neurology, and others. By end user, it is segmented into pharmaceutical & biotechnology companies, and CROs.
Region wise, the market is analyzed across North America (US, Canada), Europe (Germany, France, UK, Rest of Europe), Asia-Pacific (Japan, China, Australia, India, Rest of Asia-Pacific), and LAMEA (Latin America and Middle East and Africa).North America held the major share of the artificial intelligence for drug discovery and development market in 2019 and is expected to continue its dominance during the forecast period, owing to strong economies in the U.S. and Canada; high adoption rate of AI technologies due to large number of investments to boost the drug discovery industry; and large number of cross industry collaborations and partnerships majorly fuels market growth. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, owing to rise in adoption of advanced AI technologies, and growth in focus of major players on increasing their presence in emerging Asian countries.
KEY MARKET SEGMENTS
By Type
By Indication
By End User
By Geography
LIST OF KEY PLAYERS PROFILED IN THE REPORT
The artificial intelligence for drug discovery and development market is segmented on the type, indication, end user and region. By type, it is divided into target identification, molecules screening, de novo drug design &drug optimization and preclinical &clinical testing. On the basis of indication, it is classified into oncology, infectious disease, neurology, and others. By end user, it is segmented into pharmaceutical & biotechnology companies, and CROs.
Region wise, the market is analyzed across North America (US, Canada), Europe (Germany, France, UK, Rest of Europe), Asia-Pacific (Japan, China, Australia, India, Rest of Asia-Pacific), and LAMEA (Latin America and Middle East and Africa).North America held the major share of the artificial intelligence for drug discovery and development market in 2019 and is expected to continue its dominance during the forecast period, owing to strong economies in the U.S. and Canada; high adoption rate of AI technologies due to large number of investments to boost the drug discovery industry; and large number of cross industry collaborations and partnerships majorly fuels market growth. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, owing to rise in adoption of advanced AI technologies, and growth in focus of major players on increasing their presence in emerging Asian countries.
KEY MARKET SEGMENTS
By Type
- Target Identification
- Molecule Screening
- De Novo Drug Design and Drug Optimization
- Preclinical and Clinical Testing
By Indication
- Oncology
- Infectious Disease
- Neurology
- Others
By End User
- Pharmaceutical and Biotechnology Companies.
- Contract Research Organization (CROs).
By Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East & Africa
LIST OF KEY PLAYERS PROFILED IN THE REPORT
- Alphabet Inc.
- Atomwise, Inc
- Benevolent AI
- Cloud Pharmaceutical
- Deep Genomics
- Exscientia
- Insilico Medicine Inc.
- Microsoft Corporation
- Nvidia Corporation
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Artificial Intelligence for Drug Discovery and Development Market, by Type
Chapter 5: Artificial Intelligence for Drug Discovery and Developmentmarket, by Indication
Chapter 6: Artificial Intelligence for Drug Discovery and Development, by End-user
Chapter 7: Global Artificial Intelligence for Drug Discovery and Development Market, by Region
Chapter 8: Company Profiles
Companies Mentioned
- Alphabet Inc
- Atomwise Inc
- Benevolent AI
- Cloud Pharmaceutical
- Deep Genomics
- Exscientia
- IBM Corporation
- Insilico Medicine Inc
- Microsoft Corporation
- Nvidia Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 210 |
| Published | June 2020 |
| Forecast Period | 2019 - 2027 |
| Estimated Market Value ( USD | $ 520 million |
| Forecasted Market Value ( USD | $ 4815 million |
| Compound Annual Growth Rate | 32.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
