The global market for Artificial Intelligence (AI) in drug discovery is undergoing significant growth and transformation, driven by advancements in AI technology and its applications within the pharmaceutical and biotechnology industries. Meticulous Research® has published a comprehensive research report titled Artificial Intelligence in Drug Discovery Market by Offering (Software, Service), Application (Target Discovery, Lead Identification, Clinical Testing), Therapy Area (Oncology, Cardiology, Neurodegenerative), Deployment, End User—Global Forecast to 2030, which explores the current state and future outlook for AI in the drug discovery process.

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Market Projections and Growth Drivers
According to the latest publication by Meticulous Research®, the global AI in drug discovery market is poised for substantial growth, projected to reach $8.95 billion by 2030, growing at a compound annual growth rate (CAGR) of 27.2% during the forecast period from 2024 to 2030. Several key factors are contributing to the robust expansion of this market, including a strong emphasis on reducing the time and costs associated with drug discovery, increasing AI applications across various stages of drug development, rising incidences of chronic diseases, and the growing integration of AI technologies in healthcare and pharmaceutical industries.

The market's growth trajectory is also supported by the rising adoption of machine learning (ML) techniques in drug discovery, which are facilitating the identification of novel compounds, as well as the emergence of regional and local AI startups focused on drug discovery. In addition, significant investments in research and development (R&D) are creating ample opportunities for innovation and market growth, further bolstering the expansion of AI technologies in this field.

Market Segmentation: A Detailed Breakdown
The research report segments the global AI in drug discovery market based on several key factors, such as offering type, deployment mode, application, therapeutic area, end-user, and geographic region. Let's delve deeper into each of these segments to understand the market dynamics and trends shaping the future of AI in drug discovery.

1. Offering (Software and Services)
In 2024, the software segment is expected to dominate the AI in drug discovery market, holding the largest share. AI software solutions for drug discovery are typically offered through licensed models, subscription-based services, and Software-as-a-Service (SaaS) models. The recurring revenue models provided by these offerings make them highly appealing to businesses in the pharmaceutical and biotech sectors. The growing adoption of AI-based software tools for drug discovery is primarily driven by the need to reduce the time, cost, and complexity involved in the traditional drug development process. This has made software solutions an essential component of AI-powered drug discovery workflows, contributing to their dominant market position.

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2. Deployment Mode (On-Premises vs. Cloud-Based)

The deployment mode segment reveals that the cloud and web-based platforms are expected to exhibit the fastest growth during the forecast period. Cloud-based platforms offer numerous advantages, such as excellent accessibility, reduced maintenance costs, and substantial storage capabilities. Given the large volumes of data involved in drug discovery, especially when dealing with complex pharmaceutical datasets, cloud platforms have emerged as a preferred option for the storage and processing of drug discovery data. The increasing adoption of cloud-based solutions is therefore a major trend in the AI in drug discovery market.

3. Application (Target Discovery, Lead Identification, Clinical Testing, etc.)

In 2024, the lead compound identification segment is expected to account for the largest share of the AI in drug discovery market. Lead compound identification is a critical step in the early stages of drug development, as it lays the foundation for developing new therapeutics. AI plays a vital role in this stage by helping researchers identify promising lead compounds more quickly and accurately than traditional methods. This high degree of reliance on AI for lead identification makes it the most significant application within the drug discovery process. Other important applications in the market include target discovery, drug optimization, preclinical and clinical testing, and de novo design.

4. Therapeutic Area (Oncology, Cardiology, Neurodegenerative, etc.)

The oncology segment is expected to dominate the market in 2024, holding the largest share. This trend can be attributed to the significant efforts being made by drug discovery companies to develop new oncology drugs, combined with the growing prevalence of cancer worldwide. According to the International Agency for Research on Cancer, nearly 19.3 million new cases of cancer were reported globally in 2020. Researchers are increasingly turning to AI to expedite the identification of novel cancer therapies, leading to its widespread adoption in oncology-focused drug discovery. In addition to oncology, other therapeutic areas benefiting from AI-driven drug discovery include neurodegenerative diseases, cardiovascular diseases, metabolic disorders, and immunology.

5. End User (Pharmaceutical & Biopharmaceutical Companies, CROs, Research Institutes)

Pharmaceutical and biopharmaceutical companies are expected to lead the AI in drug discovery market in 2024, driven by substantial investments in AI and a strong focus on developing AI-powered oncology drugs. These companies are at the forefront of adopting AI solutions in drug development, as they seek to enhance the efficiency and precision of their drug discovery processes. Contract research organizations (CROs) and academic research institutes also play key roles in the AI in drug discovery market, although pharmaceutical companies are currently the largest end-user segment.

Geographic Analysis: North America Leads the Market
From a geographic perspective, North America is projected to maintain the largest share of the AI in drug discovery market in 2024, driven by factors such as increasing public and private investments in drug discovery and the widespread adoption of AI technologies in the pharmaceutical sector. The U.S. is expected to lead this market due to the presence of key AI companies, such as Microsoft Corporation and NVIDIA Corporation, as well as major pharmaceutical players like Abbott Laboratories and Pfizer Inc. Additionally, the increasing number of AI-powered drug discovery startups in North America further contributes to the region's dominance in this space.

Following North America, Europe and the Asia-Pacific region are also expected to experience significant growth in the AI in drug discovery market. In particular, countries such as the U.K., Germany, France, Japan, and China are emerging as key players in AI-driven drug discovery research, benefiting from a strong focus on healthcare innovation, the presence of leading pharmaceutical companies, and rising investments in AI research.

Key Players in the Market
The global AI in drug discovery market is highly competitive, with several key players leading the charge in AI research and software development. Notable companies operating in the market include:
• Microsoft Corporation (U.S.)
• Exscientia plc (U.K.)
• NVIDIA Corporation (U.S.)
• Schrödinger, LLC (U.S.)
• Atomwise, Inc. (U.S.)
• BenevolentAI Limited (U.K.)
• Deep Genomics Incorporated (Canada)
• InSilico Medicine (U.S.)
• Cloud Pharmaceuticals, Inc. (U.S.)
• Standigm Inc. (South Korea)

These companies are leveraging their expertise in AI and drug discovery to develop innovative solutions that enhance the drug development process. They are actively involved in strategic partnerships, collaborations, and acquisitions to strengthen their market positions and expand their product offerings in the AI-powered drug discovery space.

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Conclusion
The global AI in drug discovery market is poised for rapid growth, driven by the increasing demand for efficient and cost-effective solutions in drug development. With advancements in AI technology, including machine learning, deep learning, and natural language processing, drug discovery processes are becoming faster and more accurate. The growth of this market is further supported by the rising focus on chronic diseases, particularly oncology, and the growing adoption of AI tools by pharmaceutical and biopharmaceutical companies.

As the market continues to evolve, AI will play an increasingly central role in revolutionizing the drug discovery process, enabling researchers and pharmaceutical companies to develop more effective therapies at a faster pace. The future of AI in drug discovery looks promising, with significant opportunities for growth and innovation across various therapeutic areas and geographic regions.

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