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Generative AI in Drug Discovery Market 2024: Global Growth, Trends, and Future Opportunities
Generative AI in Drug Discovery Market Growth
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According to The Business Research Company's, The generative AI in drug discovery market size has grown exponentially in recent years. It will grow from $0.15 billion in 2023 to $0.19 billion in 2024 at a compound annual growth rate (CAGR) of 30.6%. The growth in the historic period can be attributed to rising prevalence of chronic diseases, development of new drug discoveries and clinical trials, supporting AI integration into healthcare and drug development, growing biotech industries and increasing governmental support.
The generative AI in drug discovery market size is expected to see exponential growth in the next few years. It will grow to $0.57 billion in 2028 at a compound annual growth rate (CAGR) of 30.7%. The growth in the forecast period can be attributed to demand for cost-effective drug discovery drives adoption of generative AI, growing collaborations among market players, increasing computational power, integration of generative AI with other emerging technologies and rapid drug development. Major trends in the forecast period include advanced technologies, integration of generative AI with experimental biology, high-throughput screening for accelerated drug discovery pipelines, development of AI-driven platforms for drug repurposing and rising adoption of cloud-based AI solutions for collaborative drug discovery efforts.
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Market Drivers and Trends:
The rising number of clinical trials is expected to propel the growth of generative AI in the drug discovery market. Clinical trials involve human volunteers and assess the safety and effectiveness of new medical treatments or procedures, aiming to gather scientific data on their suitability for human use. The rising number of clinical trials is primarily attributed to advancements in medical research, increased disease burden, regulatory changes, globalization of clinical research, patient advocacy and awareness, industry competition, technological advancements, and funding opportunities. Clinical trial data fuels generative AI models, expediting drug discovery by predicting interactions and designing compounds. This synergy enables personalized medicine, optimizes treatment efficacy, improves patient outcomes, and revolutionizes the pharmaceutical landscape. For instance, according to ClinicalTrials.gov, a US-based clinical trial registry, by the end of 2023, there were 477,234 clinical trials registered globally, marking an increase from the 437,512 trials registered in 2022. Therefore, the rising number of clinical trials is driving the growth of generative AI in the drug discovery market.
Major companies operating in the generative AI in the drug discovery market are developing advanced AI-powered tools to accelerate drug discovery processes. AI-powered tools accelerate drug development by streamlining drug discovery, design, and clinical trials through predictive analytics and machine learning. They enhance efficiency in target identification and compound screening such as virtual screening using AI, preclinical development, regulatory compliance, and manufacturing processes. For instance, in May 2023, Google Cloud, a US-based cloud computing service provided by Google, introduced two innovative AI-driven solutions. These solutions, the Target and Lead Identification Suite and the Multiomics Suite are designed to improve drug discovery and precision medicine across biotech, pharmaceutical, and public sector organizations. The Target and Lead Identification Suite helps researchers understand amino acid functions and predict protein structures, while the Multiomics Suite speeds up the analysis and understanding of genomic data, simplifying the development of personalized treatments.
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Major Key Players of the Market:
Bayer AG, NVIDIA Corporation, Merck KGaA, IBM Research, Schrödinger Inc., Valo Health, BenevolentAI, XtalPi Inc., Insilico Medicine Inc., Recursion Pharmaceuticals Inc., Exscientia, Atomwise Inc., InveniAI LLC, Healx, Aitia, Cloud Pharmaceuticals Inc., Optibrium, Aiforia, BioSymetrics Inc., Collaborations Pharmaceuticals Inc., MAbSilico, Reverie Labs, Standigm Inc., DeepMatter Group Limited, Variational AI Inc
Generative Artificial Intelligence (AI) In Drug Discovery Market 2024 Key Insights:
• The generative AI in drug discovery market size is expected to see exponential growth in the next few years. It will grow to $0.57 billion in 2028 at a compound annual growth rate (CAGR) of 30.7%.
• Rising Clinical Trials on the Generative AI in Drug Discovery Market
• Advanced AI Solutions To Revolutionize Drug Discovery And Precision Medicine
• North America was the largest region in the generative AI in drug discovery market in 2023
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