AI in Drug Discovery Market to Reach US$ 10.93 Billion By 2031 With CAGR of 36.1% | Transparency Market Research
AI in Drug Discovery Market: Introduction
According to the report, the global AI in drug discovery market was valued at US$ 0.35 Bn in 2020 and is projected to expand at a CAGR of 36.1% from 2021 to 2031. Artificial intelligence (AI) is expected to be a lucrative technology in the healthcare industry. The implementation of AI reduces research and development gap in the drug manufacturing process and helps in targeted manufacturing of drugs. Hence, biopharmaceutical companies are turning to AI to enhance market share. This is a major factor fueling the growth of the global AI for drug discovery market.
The increase in pressure on drug manufacturers to reduce drug prices is another factor expected to boost the growth of the global AI for drug discovery market. Shortage of skilled healthcare personnel is likely to accelerate the growth of the global AI for drug discovery market. However, limited awareness, high cost, and technical limitation of AI decision-making is projected to hamper the growth of the global market. Developing countries such as India and China offer significant opportunities in the AI for drug discovery market.
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Increase in Incidence of Chronic Diseases
The incidence of chronic diseases, including diabetes, chronic obstructive pulmonary disease (COPD), coronary artery disease, arthritis, asthma, hepatitis, and cancer, has increased significantly in major regions across the globe. This can be attributed to increase in the geriatric population across the world (over 20% of the global population is anticipated to be aged over 65 years by 2050), changing lifestyles, and dietary changes due to rapid urbanization.
According to the International Diabetes Federation, in 2019, 463 million people across the world were diagnosed with diabetes. Moreover, the number of new cancer cases per year is projected to increase to 23.6 million by 2030. Lung cancer is the leading cause of cancer deaths in Asia Pacific. China alone accounts for over 50% of all cancer cases in the region. Changes in lifestyle and socio-cultural factors are the leading causes of cervical cancer. Major countries affected by breast cancer in Asia Pacific are India, Thailand, and China.
Apart from cancer, a number of other diseases have shown increase in prevalence rates. Rise in prevalence of cancer, cardiovascular diseases, and diabetes; surge in sedentary lifestyle; and increase in geriatric population drive the need of better treatment options, which, in turn, propels the global AI in drug discovery market.
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Software to Dominate Global Market
In terms of offering, the global AI in drug discovery market has been bifurcated into software and services. The software segment accounted for a major share of the global market in 2020. Factors such as less cost and time to market the drug, low failure rate, large number of software developers for drug discovery, and strong demand for software among big pharma & biotech companies and research institutes drive the software segment.
Use of Machine Learning Algorithms in Drug Discovery
Based on technology, the global AI in drug discovery market has been classified into machine learning and other technologies. The machine learning segment held significant share of the market in 2020. Machine learning algorithms that have been widely used in drug discovery include Random Forest (RF), Naive Bayesian (NB), and support vector machine (SVM) as well as other methods. ML algorithms and techniques are not a monolithic, homogeneous subset of AI.
Preference for Small Molecule Drugs
In terms of drug type, the global AI in drug discovery market has been split into small molecules and large molecules. The small molecules segment accounted for major share of the market in 2020. Small molecule drugs have some distinct advantages as therapeutics; most can be administered orally and pass through cell membranes to reach intracellular targets.
Oncology to Offer Lucrative Opportunities
Based on application, the global AI in drug discovery market has been categorized into oncology, infectious diseases, neurological disorders, rare diseases, metabolic diseases, cardiovascular diseases, and others. The oncology segment held significant share of the market in 2020. AI already plays a vital role in the early detection of cancer. Moreover, as treatments for cancer may vary for each patient, personalized medicine has proven to be an effective alternative for treating cancer. Artificial intelligence platforms designed to identify genetic mutations help oncologists design effective personalized treatment for patients.
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Pharmaceuticals & Biotechnology Companies to Lead Global Market
Based on end user, the global AI in drug discovery market has been divided into pharmaceutical & biotechnology companies, contract research organizations, academics & research, and others. The pharmaceuticals & biotechnology companies segment accounted for major share of the market in 2020. The involvement of AI in the de novo design of molecules can be beneficial to the pharmaceutical sector, due to its various advantages, such as providing online learning and simultaneous optimization of the already-learned data as well as suggesting possible synthesis routes for compounds leading to swift lead.
Widespread Adoption of AI Systems in Healthcare Sector in U.S.
The global AI in drug discovery market has been segmented into five major regions North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2020. Rise in prevalence of lifestyle diseases and increase in healthcare expenditure are anticipated to boost the growth of the market in North America during the forecast period. According to the National Center for Chronic Disease Prevention and Health Promotion, six in 10 adults in the U.S. have a chronic disease, and there is widespread adoption of AI systems in the U.S., especially in the healthcare sector.
The global AI in drug discovery market is fragmented due to the presence of a large number of leading players. Key players operating in the global market include Exscientia, GNS Healthcare, Cloud Pharmaceuticals, Inc., Benevolent AI, PathAI, Inc., Berg Health, Atomwise, Insitro, Cyclica, BlackThorn Therapeutics, Insilico Medicine, Notable Labs, Standigm, Recursion Pharmaceuticals, and BioSymetrics.
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