Today, majority of pharmaceutical companies are looking to integrate artificial intelligence and machine learning in drug discovery and development process. As a result, the future scope of AI in drug discovery appears promising.
According to Coherent Market Insights, the global artificial intelligence in drug discovery industry is set to thrive at 5.7% CAGR during the forecast period. By 2030, total industry valuation will likely reach US$ 3547.4 million.
IBM Corporation, Atomwise, Inc., Benevolent AI, Exscientia, Biosymetrics, GNS Healthcare, Euretos, and Insitro are some of the prominent players in this industry. These top players are constantly innovating to develop new AI-based tools for drug discovery and development applications.
Leading players are also forming alliances, partnerships, and collaborations with pharmaceutical giants and other organizations to boost their revenue. Further, strategies like acquisitions and mergers are gaining momentum in the AI in drug discovery sector.
In July 2024, Exscientia introduced AWS AI-powered Platform to advance drug discovery. The new platform is built by using Amazon Web Services technologies and integrates generative AI drug design as well as robotic lab automation. It is designed to accelerate the company’s ability to deliver high-quality drug candidates at faster speeds and lower costs.
In April 2022, BenevolentAI collaborated with the Drugs for Neglected Disease initiative (DNDi) to accelerate life-saving drug discovery research in dengue. The project launched by these partners will combine the Benevolent Platform with DNDi’s expertise to empower researchers to uncover new insights in dengue research and discover potential drug candidates to counter this disease.
Key Factors Propelling Artificial Intelligence in Drug Discovery Industry Growth
Some of the prominent factors expected to drive industry growth include rising prevalence of chronic diseases and rising emphasis of pharmaceutical companies to reduce drug discovery costs and time. Similarly, growing demand for personalized drugs will likely encourage adoption of AI tools in drug discovery and development.
In the contemporary world, the prevalence of chronic diseases like cancer and COPD is increasing rapidly. This, in turn, is prompting pharmaceutical companies to facilitate their drug discovery and development processes, leading to a higher demand for AI tools.
Advanced technologies like artificial intelligence are allowing drug manufacturers to enhance efficiency and reduce overall costs. They are also becoming ideal solutions for exploring novel drugs for complex diseases.
Improvements in artificial intelligence and machine learning models are expected to positively impact the industry’s growth. Other factors informing sales growth include expanding pharmaceutical sector and increasing investment and funding for AI-driven healthcare initiatives.
Regional Insights
North America is anticipated to retain its dominance in the AI in drug discovery industry during the forecast period. This is attributable to increasing adoption of AI by American pharmaceutical companies, growing popularity of personalized medicine, and favorable government support.
On the other hand, Europe and Asia Pacific are expected to emerge as lucrative pockets for industry players. This can be attributed to expanding pharmaceutical sector and growing awareness about the potential benefits of using AI and ML in drug discovery and development.
