AI drug discovery is transforming the pharmaceutical industry by improving the speed, efficiency and reducing the cost of drug discovery. Technology will be the main driving force coupled with the need for personalized drugs and an increase in demand for faster drug discovery all of which point towards exponential growth of this market over the next decade.
Market Overview
Global AI in drug discovery market is presumed to reach USD 800 million in the year 2023. It is forecasted that by the year 2030 the market will be valued more than USD 4 billion with a CAGR of 25% for the period between 2020 and 2030. It has also been explained by the expansion of investment made by the pharmaceutical firms in the AI technology as well as by the increasing availability of large datasets required to train the AI models.
Key Market Drivers
Technological Advancements: AI technology tools including Deep Learning and Natural language processing is revolutionizing drug discovery at a very high increase rate. These technologies help the researchers to sort out a large amount of data sets and find the right drug candidate faster and more accurately.
Demand for Personalized Medicine: The propositions of personalization in treatment, thus using the prescription of drugs based on the human genetic makeup are leading to the use of AI in drug discovery. By using AI, it can be easy to comprehend the genetic information hence creating a strategy of treatment.
Rising Costs of Drug Development: Conventional drug development has been proved to be lengthy and costly, taking more than a decade and several billions of dollars to develop a single drug candidate. These costs can be decreased significantly by using AI at some or all of the eluted steps of drug development process.
Market Restraints
Data Privacy Concerns: AI also becomes incorporated into the drug development process and therefore comes into contact with patients’ confidential data, which is an issue of data privacy. Tightened restrictions may present its hurdles to the integration of AI in this area of practice.
Lack of Skilled Professionals: A significant challenge is the lack of qualified specialists and specialists who can defining a connection between AI and drug development.
Opportunities
Collaborations and Partnerships: Most of the pharmaceutical industries are adopting the various techniques of using the artificial intelligence technologies in drug discovery by either partnering with the AI startups or technology companies. In general, all of these partnerships contribute significantly to development of the particular market.
Expansion into Emerging Markets: It is also necessary to note with AI’s importance for ‘drug discovery’ it is not limited to the developed countries only. It need to be mentioned that Asian Pacific, New Emerging markets have a great potential into using AI in drug discovery
Market Insights by Technology
Deep Learning: As ubiquitous in the future as they are today, deep learning algorithms are already applied effectively for the prediction of biological activity of the compounds and potential drugs.
Natural Language Processing (NLP): NLP is also gradually extended to solve clinical trial data and abstract science to assist in seeking new drug application.
Market Insights by End-use
Pharmaceutical Companies: As currently, the most engaged in the use of AI in drug discovery, pharmaceutical companies are paying attention to the introduction of new AI technologies in R & D.
Academic and Research Institutes: laborate R&D efforts are also being undertaken by governments and the research institutes in regions such as North America in casting Artificial Intelligence in drug discovery, particularly the preliminary phases in universities.
Competitive Scenario
Some of the prominent candidates that had established themselves as market leaders in the industry of Artificial Intelligence in drug discovery are IBM Watson, Google DeepMind, Atomwise, and BenevolentAI. The following are some of the companies who are among the vanguard in deep AI technologies that are revolutionizing drug discovery.
Key Market Developments
In 2023, IBM Watson works with Pfizer on the utilization of AI in the efficient developing of drugs for neurological conditions.
Atomwise completed the year 2022 with a funding of $123 million to grow its artificial intelligence powered drug discovery services.
It was in the year of 2023 that BenevolentAI announced a new drug discovery for ALS – Amyotrophic Lateral Sclerosis.
Conclusion
The AI in drug discovery market is expected to have a remarkable growth around the world due to the technological development and the realization of the need for targeted therapy. However, the market is not without its drawbacks including concerns to data privacy, however, the market has vast potential for growth by mergers, partnerships and venturing into new regions. It can be conclusive that as AI advances, it will remain an important tool in determining the course of drug discovery.
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