The global Artificial Intelligence in Drug Discovery Market is estimated to be valued at US$ 1,016.1 Mn in 2022 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Artificial intelligence (AI) in drug market refers to the use of AI technology in drug discovery and development processes. It involves the application of machine learning algorithms and data analysis to identify potential drug candidates, optimize molecule structures, and predict drug-target interactions. The advantages of using AI in drug development include faster and more accurate identification of drug targets, reduction in time and costs associated with drug discovery, and improved success rate of clinical trials. With the increasing demand for innovative and effective drugs, the need for AI in drug discovery is growing.

Market Key Trends:
One of the key trends in the Artificial Intelligence in Drug Discovery Market is the increasing adoption of AI in drug discovery. AI technologies, such as machine learning and deep learning, are being utilized to analyze large volumes of data and accurately predict the properties and behavior of molecules. This enables researchers to accelerate the drug discovery process and identify potential drug candidates with higher success rates. Moreover, AI algorithms can also be used to optimize drug development processes, making them more efficient and cost-effective. The integration of AI technology in drug discovery has the potential to revolutionize the pharmaceutical industry by enabling the development of personalized medicines and targeted therapies.

PEST Analysis:

Political: The political factors affecting the Artificial Intelligence in Drug Discovery Market include government regulations and policies related to drug development and approval. Political stability and the presence of favorable policies in different countries can impact the growth of the market.

Economic: Economic factors such as healthcare expenditure, GDP growth, and disposable income play a crucial role in the adoption of artificial intelligence in drug development. The economic conditions of a country can affect the investment in research and development activities, which in turn can impact market growth.

Social: The social factors influencing the market include the acceptance and awareness of artificial intelligence in healthcare, public perception towards AI-based drug development, and the willingness of healthcare professionals to adopt and integrate AI technologies into their practice.

Technological: Technological advancements and innovations in artificial intelligence, machine learning, and data analytics are key factors driving the growth of this market. Developments in computer processing power and data storage capabilities have enabled AI systems to analyze large datasets and assist in drug discovery and development.

Key Takeaways:

The global Artificial Intelligence in Drug Discovery Market is expected to witness high growth, exhibiting a CAGR of 5.7% over the forecast period (2023-2030), driven by several factors. The increasing adoption of AI technologies in the healthcare industry for drug discovery, drug repurposing, and precision medicine is expected to fuel market growth. AI-based systems can analyze vast amounts of data, identify patterns, and assist researchers in developing new drugs and personalized treatment plans, leading to improved patient outcomes.

In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the Artificial Intelligence in Drug Discovery Market. The presence of established AI-based drug discovery companies, the availability of funding for research and development activities, and the presence of a supportive regulatory environment contribute to the region's growth. Additionally, collaborations between pharmaceutical companies and AI technology providers are driving market growth in this region.

Key players operating in the Artificial Intelligence in Drug Discovery Market include IBM Corporation (IBM Watson Health), Exscientia, GNS Healthcare, Alphabet, Inc. (DEEPMIND), Benevolent AI, Biosymetrics, Euretos, Berg LLC., Atomwise, Inc., Insitro, and others. These companies are actively involved in research and development activities to develop innovative AI-driven solutions for drug discovery and development. They are also forming collaborations and partnerships to expand their market presence and gain a competitive edge.

Overall, the Artificial Intelligence in Drug Discovery Market is expected to experience significant growth in the forecast period, driven by advancements in technology, increasing adoption of AI in drug development, and supportive government policies. North America is expected to dominate the market, with key players actively participating in research and development activities