The global artificial intelligence (AI) in drug discovery market is estimated to reach $9,1-billion in 2030 – growing at a CAGR of 29,7% from 2024 to 2030 – according to new data from Grand View Research.
The pandemic has made the adoption of AI more widespread in the pharma industry. AI and its related platforms aim to enhance medical imaging and diagnostics, management of chronic diseases, and drug designing. The overall human hours spent on tasks would be far more in comparison to AI system scanning the same data, which reduces overall cost and is a more feasible approach.
The drug optimisation and repurposing application segment held the largest revenue share in 2022. AI platforms help in the identification of target proteins for drugs to determine adverse events and possible side effects the drug can have. Drug molecules can be repurposed to make them more effective and with minimum side effects.
Portfolio drugs for a company can be altered and studied using AI platforms at a much faster pace so as to hasten new drug development.
The oncology therapeutic area segment accounted for the largest revenue share in 2022. The majority of pharmaceutical companies are pairing up with AI start-ups to optimise their cancer research which is still unchartered territory.
AI systems can identify cancer much earlier than a regular scan would indicate to even a thoroughly trained radiologist. This, in turn, can increase life expectancy and can also help identify markers to be studied for cancer research and drug development. Patients can be prescribed treatments suited to their genetic composition.
North America dominated the market in 2022. Many tech companies are now investing their money and efforts toward the use of AI in pharmaceutical companies. Companies like IBM, Microsoft and other tech giants have formed collaborations with research institutes for faster drug development and clinical trials for multiple indications. Developing countries are also finding cost-effective measures to implement AI technology for their drug development and disease understanding.
Additional highlights from the report include:
* The drug optimisation and repurposing application segment dominated the market and accounted for a revenue share of over 53,9% in 2022.
* By therapeutic area, the oncology segment held the largest revenue share of over 23,4% in 2022. The infectious diseases segment is expected to register the fastest growth rate during the forecast period.
* Asia Pacific is expected to expand at the fastest CAGR from 2023 to 2030. This can be attributed to the increasing adoption of AI among the developing countries in this region as a means to understand diseases and aid drug discovery.
* North America led the market and accounted for a revenue share of over 58% in 2022. The US is significantly contributing to the regional market growth as the country has been the forerunner in artificial intelligence technology.