DUBLIN--(BUSINESS WIRE)--The "Artificial Intelligence (AI) in Drug Discovery Market by Component (Software, Service), Technology (ML, DL), Application (Neurodegenerative Diseases, Immuno-Oncology, CVD), End User (Pharmaceutical & Biotechnology, CRO), Region - Global forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global AI in the drug discovery market is projected to reach USD 1,434 million by 2024 from USD 259 million in 2019, at a CAGR of 40.8% during the forecast period.
Growing number of cross-industry collaborations and partnerships and the need to control drug discovery & development costs and reduce the overall time taken in this process are the key factors driving the AI in the drug discovery market.
Growth in this market is mainly driven by growing number of cross-industry collaborations and partnerships, the need to control drug discovery & development costs and reduce the overall time taken in this process, the rising adoption of cloud-based applications & services, and the impending patent expiry of blockbuster drugs. On the other hand, a lack of data sets in the field of drug discovery and the inadequate availability of skilled labor are some of the factors challenging the growth of the market.
The immuno-oncology segment accounted for the largest share in 2019.
Based on application, the artificial intelligence in the drug discovery market is segmented into neurodegenerative diseases, immuno-oncology, cardiovascular disease, metabolic diseases, and other applications. The immuno-oncology segment accounted for the largest share of 44.6% of the AI in the drug discovery market in 2018, owing to the increasing demand for effective cancer drugs. Neurodegenerative diseases form the fastest-growing application segment, with a CAGR of 42.9% during the forecast period. The ability of AI to discover drugs for complex diseases and the emphasis of market players on providing AI-based platforms for neurological diseases are responsible for the fast growth of this application segment.
The Research centers and academic & government institutes segment to register the highest growth rate in the forecast period.
Based on end-user, the AI in the drug discovery market is segmented into pharmaceutical & biotechnology companies, contract research organizations, and research centers and academic, & government institutes. In 2018, the pharmaceutical & biotechnology companies segment accounted for the largest share in the AI in the drug discovery market. AI and machine learning to allow pharmaceutical companies to operate more efficiently and substantially improve success rates at the early stages of drug development. This is one of the major factors driving the growth of this market. Research centers and academic & government institutes are expected to show the highest growth of 43.6%.during the forecast period. The growth of the CROs segment is tied to that of pharmaceutical & biotechnology companies, as the rise in research and production activity will ensure sustained demand for contract services.
North America to be the largest and the fastest-growing regional market.
North America, which comprises the US, Canada, and Mexico, forms the largest market for AI in drug discovery. These countries have been early adopters of AI technology in drug discovery and development. In the North American market, the US is a significant contributor. Also, prominent AI technology providers, such as IBM, Google, Microsoft, NVIDIA, and Intel, are headquartered in the US; their strong presence is a key contributor to market growth. Other drivers include the well-established pharmaceutical industry, high focus on R&D & substantial investment, and the presence of globally leading pharmaceutical companies. These are some of the major factors responsible for the large share and high growth rate of this market.
Key Topics Covered:
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Markets Covered
1.3.2 Years Considered for the Study
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Sources
2.1.2 Primary Sources
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Assumptions for the Study
3 Executive Summary
4 Premium Insights
4.1 Market Overview
4.2 Market, By Offering (2019-2024)
4.3 Market for Machine Learning, By Type & Region (2018)
4.4 Market: Geographic Growth Opportunities
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Market Drivers
5.2.2 Market Opportunities
5.2.3 Market Challenges
6 Market, By Offering
6.1 Introduction
6.2 Software
6.3 Services
7 Market, By Technology
7.1 Introduction
7.2 Machine Learning
7.3 Other Technologies
8 Market, By Application
8.1 Introduction
8.2 Immuno-Oncology
8.3 Neurodegenerative Diseases
8.4 Cardiovascular Disease
8.5 Metabolic Diseases
8.6 Other Applications
9 Market, By End User
9.1 Introduction
9.2 Pharmaceutical & Biotechnology Companies
9.3 Contract Research Organizations
9.4 Research Centers and Academic & Government Institutes
10 Market, By Region
10.1 Introduction
10.2 North America
10.3 Europe
10.4 Asia Pacific
10.5 Rest of the World
11 Competitive Landscape
11.1 Overview
11.2 Market Share Analysis
11.3 Competitive Leadership Mapping
11.4 Competitive Situation and Trends
12 Company Profiles
12.1 Microsoft Corporation
12.2 NVIDIA Corporation
12.3 IBM Corporation
12.4 Google (A Subsidiary of Alphabet Inc.)
12.5 Atomwise, Inc.
12.6 Deep Genomics
12.7 Cloud Pharmaceuticals, Inc.
12.8 Insilico Medicine
12.9 Benevolentai
12.10 Exscientia
12.11 Cyclica
12.12 Bioage
12.13 Numerate
12.14 Numedii, Inc.
12.15 Envisagenics
12.16 Twoxar, Incorporated
12.17 Owkin, Inc.
12.18 Xtalpi, Inc.
12.19 Verge Genomics
12.20 Berg LLC
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