Meticulous Research®, a prominent global market research company, has published a detailed 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. The report delves into the key trends, drivers, and growth opportunities shaping the global artificial intelligence (AI) in drug discovery market.

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Market Projections and Growth Drivers
According to the report, the global AI in drug discovery market is anticipated to grow significantly, reaching $8.95 billion by 2030. This represents a compound annual growth rate (CAGR) of 27.2% from 2024 to 2030. Several factors contribute to this robust growth, including:
1. The Push for Faster Drug Discovery
AI's ability to reduce turnaround time in drug discovery processes is revolutionizing the pharmaceutical industry. The adoption of AI tools has significantly accelerated the identification of viable drug candidates, enabling companies to bring innovative therapies to market more quickly.
2. Expanding Applications of AI in Drug Development
AI applications in target identification, lead optimization, and clinical testing are steadily increasing. This technology is also being utilized to identify repurposed drugs, optimize trial designs, and predict treatment responses, further driving its adoption.
3. The Rising Burden of Chronic Diseases
Chronic illnesses, such as cancer, cardiovascular conditions, and neurodegenerative diseases, are on the rise globally. These conditions demand novel and efficient therapies, which are being addressed through AI-enhanced drug discovery.
4. Advancements in AI Technology
Continuous advancements in machine learning (ML) algorithms and computational power are enabling more accurate predictions and modeling in drug discovery. This, coupled with the integration of AI with other technologies like big data and cloud computing, is fueling market growth.
5. Increased R&D Investments and Start-ups
The emergence of regional start-ups specializing in AI-driven drug discovery and increased funding for research and development are creating substantial opportunities for market expansion.

Market Segmentation
The report segments the AI in drug discovery market based on offering, deployment mode, application, therapeutic area, end user, and geography.

By Offering
In 2024, the software segment is projected to hold the largest market share. AI software is commonly offered through subscription models, licensing agreements, or software-as-a-service (SaaS) platforms. These recurring revenue streams, combined with the high adoption of software tools to reduce costs and time in drug discovery, underscore the segment's dominance.

By Deployment Mode
The cloud and web-based deployment mode is expected to witness the fastest growth during the forecast period. Cloud platforms offer enhanced accessibility, cost-efficiency, and scalability, making them ideal for managing the vast datasets generated during drug discovery processes. With pharmaceutical companies increasingly adopting cloud-based solutions, this segment is poised for rapid expansion.

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By Application
Among applications, the lead compound identification segment is forecasted to account for the largest share in 2024. Identifying lead compounds is a critical step in drug development, serving as a foundation for subsequent preclinical and clinical trials. AI's ability to streamline and optimize this process has driven its adoption in this segment.

By Therapeutic Area
The oncology segment is expected to dominate the market in 2024. Cancer remains one of the most researched and targeted diseases in drug discovery. According to the International Agency for Research on Cancer, approximately 19.3 million new cancer cases were reported globally in 2020. AI is being extensively utilized to discover novel cancer therapies, enhance drug efficacy, and personalize treatment regimens, contributing to the segment's significant market share.

By End User
Pharmaceutical and biopharmaceutical companies are anticipated to represent the largest end-user segment in 2024. High investments in AI technologies and a strong focus on developing AI-driven oncology drugs are the primary factors supporting this dominance. Contract research organizations (CROs) and academic institutions also play a vital role in driving the adoption of AI solutions.

Regional Analysis
North America
North America is expected to lead the global AI in drug discovery market in 2024, with the U.S. being the primary contributor. The region's growth is attributed to substantial investments in drug discovery initiatives, widespread adoption of AI technologies, and the presence of major pharmaceutical and AI companies, such as Abbott Laboratories and Pfizer Inc.

Europe
Europe is poised to hold the second-largest market share, driven by supportive regulatory frameworks, collaborations between AI firms and pharmaceutical companies, and government funding for AI research.

Asia-Pacific
Asia-Pacific is expected to exhibit rapid growth, fueled by the rising prevalence of chronic diseases, increasing healthcare expenditure, and government initiatives supporting AI adoption in drug discovery. China, Japan, and India are key contributors to this regional growth.

Latin America and the Middle East & Africa
Although these regions currently hold smaller market shares, they present untapped opportunities for growth due to increasing investments in healthcare infrastructure and the gradual adoption of AI-driven solutions in the pharmaceutical sector.

Competitive Landscape
The global AI in drug discovery market is characterized by intense competition, with key players focusing on innovation and strategic collaborations to gain a competitive edge. Prominent companies operating in this market include:
1. Microsoft Corporation (U.S.)
Leveraging its Azure cloud platform and AI capabilities, Microsoft is partnering with pharmaceutical companies to accelerate drug discovery processes.
2. Exscientia plc (U.K.)
A pioneer in AI-driven drug discovery, Exscientia utilizes its proprietary platforms to develop optimized drug candidates.
3. NVIDIA Corporation (U.S.)
NVIDIA's advanced GPU computing technology plays a crucial role in enhancing the speed and accuracy of AI algorithms used in drug discovery.
4. Schrödinger, LLC (U.S.)
This company provides physics-based simulation software for drug discovery and materials design, powered by AI.
5. Atomwise, Inc. (U.S.)
Atomwise's AI technology focuses on virtual screening and identifying promising drug candidates through its AtomNet platform.
6. BenevolentAI Limited (U.K.)
BenevolentAI combines machine learning with domain expertise to accelerate drug discovery for various therapeutic areas.
7. Deep Genomics Incorporated (Canada)
This company specializes in AI-powered precision medicine, targeting genetic diseases through advanced data analysis.
8. InSilico Medicine (U.S.)
InSilico is known for its AI-driven platform that facilitates the discovery of novel targets and lead compounds.
9. Cloud Pharmaceuticals, Inc. (U.S.)
Cloud Pharmaceuticals leverages AI and cloud computing to design and optimize drug molecules.
10. Standigm Inc. (South Korea)
A leader in AI-based drug discovery, Standigm focuses on creating novel drug pipelines for various diseases.

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Conclusion and Future Outlook
The global AI in drug discovery market is undergoing a transformative phase, driven by technological advancements, increased R&D investments, and the pressing need for efficient drug development processes. As AI technologies continue to evolve, their applications in drug discovery are expected to expand, unlocking new opportunities for growth.

The rising prevalence of chronic diseases, coupled with the integration of AI with cloud computing and big data analytics, is creating a fertile ground for innovation. Pharmaceutical and biotechnology companies are increasingly recognizing the potential of AI to revolutionize drug discovery, reduce costs, and enhance patient outcomes.

With North America leading the charge and Asia-Pacific emerging as a promising market, the future of AI in drug discovery looks bright. Key industry players are likely to continue investing in cutting-edge technologies and strategic collaborations to maintain a competitive edge. As the market progresses, AI is set to become an indispensable tool in the pharmaceutical industry's quest for groundbreaking therapies.

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