Artificial Intelligence (AI) in Drug Discovery Market Share and Size Analysis

The market size of the Artificial Intelligence (AI) in Drug Discovery industry reached US$ 722.3 million in 2022 and is expected to soar to US$ 11.15 billion by 2030, exhibiting a remarkable compound annual growth rate (CAGR) of 40.8% during the forecast period from 2023 to 2030.

This exponential growth can be attributed to the increasing adoption of AI technologies in the field of drug discovery. AI has revolutionized the pharmaceutical industry by enhancing the efficiency and effectiveness of drug development processes. By leveraging advanced algorithms and machine learning techniques, AI enables researchers to analyze vast amounts of data and identify potential drug candidates with greater accuracy and speed.

The rising demand for personalized medicine and the need to accelerate the drug discovery process have further fueled the adoption of AI in this sector. With AI-powered tools, pharmaceutical companies can streamline their research and development efforts, leading to faster identification of promising drug candidates and reducing the overall time and cost involved in bringing new drugs to market.

Moreover, the COVID-19 pandemic has highlighted the significance of AI in drug discovery. The urgent need for effective treatments and vaccines has prompted researchers to leverage AI technologies to expedite the identification and development of potential therapeutics. AI algorithms have played a crucial role in analyzing large-scale genomic and clinical data, facilitating the discovery of novel drug targets and repurposing existing drugs for COVID-19 treatment.

As the AI in Drug Discovery market continues to expand, various stakeholders, including pharmaceutical companies, research organizations, and technology providers, are investing heavily in AI-driven solutions. The development of sophisticated AI platforms, coupled with advancements in data analytics and computational power, is expected to drive the market growth further.

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KEY MARKET SEGMENTATION:

By Component

• Software
• Services

By Technology

• Machine Learning
• Deep Learning
• Supervised Learning
• Reinforcement Learning
• Unsupervised Learning
• Others Technologies

By End-Use

• Pharmaceutical & Biotechnology Companies
• Contract Research Organizations
• Research Centres
• Academic & Government Institutes

By Application

• Excavation and mining
• Immuno-Oncology
• Neurodegenerative Diseases
• Cardiovascular Diseases
• Metabolic Diseases
• Other Applications 

Some of the major key players are as follows:

IBM Corporation, Microsoft, Google, NVIDIA Corporation, Atomwise, Inc., Deep Genomics, Cloud Pharmaceuticals, Insilico Medicine, BenevolentAI, Exscientia, Cyclica, BIOAGE, Numerate, NuMedii, Envisagenics, twoXAR, OWKIN, Inc., XtalPi, Verge Genomics, BERG LLC and Other Players.       

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