|Status : Published||Published On : Oct, 2021||Report Code : VRHC1234||Industry : Healthcare||Available Format :||Page : 200|
The Global AI-Enabled Drug Discovery and Clinical Trials Market is anticipated to grow at a substantial rate i.e. from USD 260 Million In 2020 to USD 4165.1 Million by 2027, registering a CAGR of 24.65% during the forecast period 2021-2027. The AI for drug discovery is defined as a technology that is used to improve the process of decision-making for drug discovery. The market is driven by the rising demand to decrease the cost of new drug discovery and production, increasing incidences of rare diseases, need for personalized drugs.
Moreover, the use of AI is increasing rapidly to make the discovery of efficient and cost-effective drugs, resulting in gaining traction from the stakeholders in the pharmaceutical industry. Moreover, the increasing drug development expenditure and a growing number of synergistic activities will bolster the growth of the AI-enabled drug discovery and clinical trials market. Nevertheless, various regulatory bodies like U.S. Food and Drug Administration (FDA) have provided guidelines and taken initiatives to encourage the implementation of AI in the drug discovery and development process.
The pharmaceutical and biotechnology industries are increasingly using AI to faster the process of drug development and enhance precision during the COVID-19 pandemic. Moreover, there is rising clinical R&D expenditure on various drugs leading to the growth of AI-enabled drug discovery and clinical trials market during the pandemic.
Insight by Component
Based on the component, the global AI-enabled drug discovery and clinical trials market is bifurcated into solutions and services. The solutions segment is sub-divided into aggregation & synthesis of information, drug design & validation, optimizing drug candidates, and others. The solution segment is anticipated to hold the largest share in the AI-enabled drug discovery and clinical trials market during the forecast period owing to the increasing cost of drug discovery and advancement process leading to the development of AI solutions. This will increase the time efficiency and curtail the cost of the drug discovery and development process.
Insight by Application
Based on the application, the global AI-enabled drug discovery and clinical trials market is segmented into data integration & analysis, clinical trials, drug design, drug characterization, biomarker research, and others. Among all the segments, the data aggregation and analysis segment is anticipated to dominate the market by 2027 as most of the companies in the market are offering solutions & services for data analysis. Also, the biomarker segment will witness the fastest growth during the forecast period 2021-2027.
Insight by Therapeutic Application
Based on the therapeutic applications, the global AI-enabled drug discovery and clinical trials market is divided into oncology, nervous system diseases, cardiovascular diseases, respiratory disorders, metabolic diseases, immunologic diseases, infectious diseases, and others. Among all the segments, the oncology segment dominates the market in 2020 owing to the crucial role played by AI in the early detection of cancer. AI-enabled drug discovery will find out the genetic mutations which will help oncologists to provide effective personalized medicine for cancer patients.
Insight by End-User
Based on the end-user, the global AI-enabled drug discovery and the clinical trial market is divided into the biopharmaceutical industry, contract research organizations (CROs), and academic institutes and research & centers. The biopharmaceutical industry dominates the market due to the adoption of artificial intelligence (AI) which will offer drug manufacturers to increase the productivity of the drug development process and reduce the processing time.
The increasing adoption of AI which includes machine learning, cloud computing, etc., increasing cross-industry collaboration, focus on the quality of care, and streamlining workflow facilities are the trends that will anticipate the growth of the AI-enabled drug discovery and clinical trials market.
The rising awareness about the advantages of AI, 4K Imaging, and IoT among healthcare professionals, rising drug development expenditure, increasing need to reduce the drug discovery cost and time, rising number of agreements between pharmaceutical and IT companies, facilitation of polypharmacology, increasing use of cloud-based services, rising number of synergistic activities, are the drivers that propel the growth of the market. Moreover, the use of AI will provide precision which in turn will reduce the complications and time-consuming process of the drug development, resulting in the fast development of drugs and reduce risk failure. These all factors will bolster the growth of the AI-enabled drug discovery and clinical trials market.
Lack of regulations and ethical issues, high cost of AI implementation, and limited awareness may hinder the growth of the AI-enabled drug discovery and clinical trials market as certain countries like America and Europe are regulated but there are no proper guidelines in countries such as Asia-Pacific and the Middle East & African region. Moreover, lack of skilled staff and insufficient data sets for the discovery and development of medicines will impact the market growth.
The expansion of businesses in emerging economies like India and Brazil, and countries having a high geriatric populace like Japan and China will create lucrative opportunities for growth in the AI-enabled drug discovery and clinical trials market.
North America is anticipated to hold the largest market share in the AI-enabled drug discovery and clinical trials market owing to the presence of market players in the region., rising need to develop novel treatments for rare diseases, increasing R&D expenditure, an increasing number of clinical trials, and significant investment in the healthcare sector by USA government.
The industry players are expanding their customer base in various countries to compete on product price and efficiency. These industry players are leveraging strategic collaboration initiatives and partnerships to expand their geographical reach and improve their profitability
The University of Kentucky announced a research collaboration with Atomwise, an industry leader in using artificial intelligence (AI) for small molecule discovery, to explore potential COVID-19 therapies.
Some of the key players operating in the global AI-enabled drug discovery and clinical trials market: Accutar Biotechnology Inc., AiCure, Ardigen, Atomwise inc., BERG LLC, Biovista, Cloud Pharmaceuticals, Inc., Cyclica Inc., Symphony Innovation, LLC, and Benevolent AI.
Source: VynZ Research