Artificial Intelligence In Drug Discovery Market Is Estimated To Witness High Growth Owing To Increasing R&D Investment
Artificial intelligence in drug discovery utilizes data analytics tools and algorithms to analyze large volumes of chemical, biological and genomic data and help discover new drug candidates and reveal novel therapeutic opportunities. AI helps identify and validate potential drug targets and predict how well a molecule may engage with these targets. It also facilitates optimizing molecular structures to create the best-fit molecule and determines the potential risks and side effects of molecules early in the development process. The AI technology has great potential to transform the drug discovery and development process by enabling faster, cheaper and more effective discovery of novel therapies.
The global artificial intelligence in drug discovery market is estimated to be valued at US$ 1459.24 Bn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the artificial intelligence in drug discovery market are Lenzing A.G., Aditya Birla Group, AkzoNobel N.V., Smartfiber AG, Nien Foun Fiber Co., Ltd., Invista, Baoding Swan Fiber Co. Ltd., Qingdao Textiles Group Fiber Technology Co., Ltd., China Bambro Textile (Group) Co., Ltd., Acegreen Eco-Material Technology Co. Ltd., China Populus Textile Ltd., and Acelon Chemicals & Fiber Corp. The increasing R&D investment by pharmaceutical companies for drug discovery using AI and growing adoption of AI by CROs and biotechnology firms for faster and cost-effective drug development are the major market drivers. Moreover, significant benefits offered by AI tools such as reducing drug discovery timelines, costs and enhancing success rates are prompting more pharma firms to adopt AI. However, data privacy and security issues and lack of skilled AI experts continue to restrain the market growth.
Key opportunities in the Artificial Intelligence in Drug Discovery Market Trends include increasing focus on development of personalized medicines, growing adoption of cloud-based predictive modeling applications, and investments by biotechnology startups in development and deployment of advanced AI and ML solutions for new drug targets identification and validation. Geographically, North America dominates the global artificial intelligence in drug discovery market owing to presence of major pharmaceutical companies and technology giants as well as huge investments in AI-based drug R&D. However, Asia Pacific is expected register highest growth during the forecast period supported by increasing government funding for development of indigenous drug discovery capabilities using AI in emerging nations like China and India.
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