Artificial Intelligence In Drug Discovery Market Growth & Trends
The global artificial intelligence in drug discovery market size is expected to reach USD 3.5 billion by 2027, expanding at a CAGR of 28.8%, according to a new report by Grand View Research, Inc. The growing adoption of artificial intelligence (AI) platforms aimed at reducing the overall cost associated with drug discovery and to enhance results is expected to propel the demand for these platforms in the pharma market.
Based on the application, the drug optimization and repurposing segment accounted for the largest revenue share in 2019. AI platforms help in identifying alternative applications for existing medicines. This can help pharma companies diversify their portfolio of offerings and assist in producing alternative therapies through minor alterations in the pharmaceutical product. Furthermore, AI platforms also enable researchers to identify the toxic effects of the medicine on the body and thus reduce the chances of adverse effects.
In 2019, oncology application accounted for the largest share whereas, the infectious disease application segment is expected to emerge as the fastest-growing application segment over the forecast period. Artificial intelligence already plays a vital role in the early detection of cancer. Furthermore, as treatments for cancer may vary for each patient, personalized medicine has proven to be an effective alternative.
North America dominated the market with a revenue share of 59.4% in 2019 owing to the increasing adoption of artificial intelligence and the presence of a large number of market players. Asia Pacific is expected to emerge as the fastest-growing region in the market over the forecast period. The growing adoption of new technology in India and China for new drug development and a focus towards boosting pharmaceutical capacities within the countries is expected to drive the market in the region.
Artificial Intelligence In Drug Discovery Market Report Highlights
- The drug optimization and repurposing segment accounted for the largest revenue share of 54.4% in 2019
- By therapeutic area, the oncology segment was valued at USD 125.0 million in 2019
- By therapeutic area, the infectious disease segment is expected to witness the fastest growth of 31.4% from 2020 to 2027
- In Asia Pacific, the AI in drug discovery market is expected to witness a CAGR of 32.1% from 2020 to 2027
- North America and Europe together accounted for 78.6% share of the market revenue in 2019.