Meticulous Research®, a leading global market research company, has recently released an in-depth 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 projects that the global market for AI in drug discovery will reach a staggering $8.95 billion by 2030, registering a compound annual growth rate (CAGR) of 27.2% from 2024 to 2030.

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The AI in drug discovery market is witnessing rapid growth due to several key factors. These include the increasing emphasis on reducing the time required for drug discovery, expanding applications of AI in healthcare, the rising prevalence of chronic diseases, and advancements in AI technology. Additionally, the growing use of machine learning (ML) in drug discovery, the emergence of numerous startups focused on AI-driven drug research, and increased investments in research and development (R&D) are providing further impetus to the market.

Market Segmentation and Key Insights
The global AI in drug discovery market is categorized based on several criteria, including offering, deployment mode, application, therapeutic area, and end user. Each segment offers significant insights into the market’s growth potential and evolving trends.

1. By Offering: Software Dominates the Market
The market is segmented into software and services based on offering. In 2024, the software segment is expected to hold the largest share of the AI in drug discovery market. The significant demand for software solutions is primarily driven by their ability to reduce both time and costs associated with the drug discovery process. AI-powered software often operates on subscription-based or software-as-a-service (SaaS) models, which ensures recurring revenue streams for companies. This software enables pharmaceutical firms to accelerate drug development timelines, reduce errors, and optimize processes, resulting in enhanced efficiency.

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2. By Deployment Mode: Cloud & Web-based Platforms Set to Experience Rapid Growth
The deployment mode of AI solutions in drug discovery is another crucial factor in the market's expansion. In 2024, the cloud and web-based platforms segment is anticipated to grow at the fastest rate. Cloud platforms offer several advantages, such as excellent accessibility, minimal maintenance costs, and substantial storage capacity, which are essential for handling the vast pharmaceutical datasets required for drug discovery. As cloud computing becomes more integral to pharmaceutical operations, the adoption of cloud-based AI solutions is projected to rise significantly, providing a boost to the overall market.

3. By Application: Lead Compound Identification Takes Center Stage
Within the application segment, lead compound identification is poised to account for the largest market share in 2024. This stage marks a critical point in the drug discovery process, as it involves identifying potential compounds that can be developed into new therapies. AI-driven technologies are increasingly being used to streamline and enhance this process, offering faster identification and analysis of lead compounds. With the pharmaceutical industry continually seeking more efficient drug development methods, the adoption of AI in lead compound identification is expected to see substantial growth.

4. By Therapeutic Area: Oncology Leads the Way
The therapeutic area segment encompasses various fields, including oncology, neurodegenerative diseases, cardiovascular diseases, metabolic diseases, and other therapeutic areas. In 2024, the oncology segment is expected to dominate the market, largely due to the increasing prevalence of cancer worldwide and the rising focus on developing AI-driven oncology therapies. According to the International Agency for Research on Cancer (IARC), there were approximately 19.30 million new cases of cancer globally in 2020. This rising burden of cancer, coupled with extensive R&D efforts aimed at identifying novel therapies, is driving the adoption of AI technologies in oncology. AI algorithms are being leveraged to streamline the drug discovery process for oncology treatments, leading to significant market growth in this segment.

5. By End User: Pharmaceutical & Biopharmaceutical Companies Hold the Largest Share
The AI in drug discovery market is also segmented based on end users, which include pharmaceutical and biopharmaceutical companies, contract research organizations (CROs), and academic & research institutes. In 2024, pharmaceutical and biopharmaceutical companies are expected to hold the largest share of the market. These companies are heavily investing in AI technologies, particularly in the area of oncology drug development. Their strong focus on leveraging AI to accelerate drug discovery, reduce costs, and improve patient outcomes is a major factor contributing to the dominance of this segment.

Regional Market Analysis: North America to Lead
The global AI in drug discovery market is also segmented geographically into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Among these regions, North America is projected to account for the largest share of the market in 2024, followed by Europe and Asia-Pacific.

Within North America, the U.S. is expected to dominate the AI in drug discovery market, driven by several factors. These include increased public and private investments in drug discovery, the high adoption rate of AI technologies, and the presence of major pharmaceutical companies such as Abbott Laboratories and Pfizer Inc. The U.S. also boasts a thriving ecosystem of AI companies that are pioneering advancements in drug discovery, further cementing the country’s leadership position in the market.

In Europe, countries like Germany, France, and the U.K. are also making significant strides in AI-driven drug discovery, spurred by government support and investments in AI research. Asia-Pacific, particularly China, Japan, and India, is emerging as a lucrative market due to rising healthcare needs, increasing R&D investments, and the adoption of advanced technologies in pharmaceutical development.

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Key Players Driving the Market
The global AI in drug discovery market is highly competitive, with several key players leading the charge in innovation and development. Prominent companies operating in this space 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.), and Standigm Inc. (South Korea).

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