According to The Business Research Company’s AI In Drug Discovery Global Market Report 2023, the global artificial intelligence (AI) in drug discovery market is concentrated with a large number of players. The top ten competitors in the market made up to more than 50% of the total artificial intelligence (AI) in drug discovery market. This is due to the growing number of applications that address target and drug discovery, preclinical and clinical development, and post approval activities.
The IBM Corporation was the largest competitor with 13.33% share of the artificial intelligence (AI) in drug discovery market, as per the artificial intelligence (AI) in drug discovery market analysis. Other major players in the artificial intelligence (AI) in drug discovery market include Benevolent AI, Nvidia Corporation, Exscientia, Concreto HealthAI, PathAI, BERG, GNS Healthcare, Microsoft Corporation, Insilico Medicine, and more. Several companies in the market have begun using artificial intelligence (AI) tools for tracking medication adherence.
For example, Groove Health, a US based digital health company launched an AI-powered mobile app to help Payers and Health Systems improve medication adherence in their chronic disease populations, addressing the behavioural aspects of medication non-adherence.
Learn more on the Artificial Intelligence (AI) In Drug Discovery Global Market Report 2023
The artificial intelligence (AI) in drug discovery market is expected to grow from $791.8 million in 2023 to $2.9 billion in 2027 at a rate of more than 30%.
AI In Drug Discovery Global Market Report 2023 segments the market
- By Technology: Deep Learning, Machine Learning
- By Drug Type: Small Molecule, Large Molecules
- By Therapeutic Type: Metabolic Disease, Cardiovascular Disease, Oncology, Neurodegenerative Diseases, Other Therapeutics
- By End-Users: Pharmaceutical Companies, Biopharmaceutical Companies, Academic And Research Institutes, Other End-Users
According to The Business Research Company, some of the top opportunities in the artificial intelligence (AI) in drug discovery market segmented by drug type will arise in small molecules segment, which will gain about $1.2 trillion of global annual sales by 2026.
To take advantage of these opportunities, The Business Research Company recommends companies in the artificial intelligence (AI) in drug discovery market to focus on use of AI based models in pre-clinical studies and introducing new AI tools for drug discovery and rare diseases treatment.
Global Artificial Intelligence (AI) In Drug Discovery Market Strategy Recommendations –
- Companies in the artificial intelligence (AI) in drug discovery market should focus on investing in AI innovation labs to effectively expand drug discovery, research and development and other capabilities. This will help in initiating a portfolio of initiatives across drug design, supply chain optimization and more.
- Companies in the artificial intelligence (AI) in drug discovery market should focus on investing in use of AI technology for developing drugs for rare diseases, to reduce the disease burden and increase revenue. The technology can be used to develop personalized drug treatments based on an individual’s genes, environment, and lifestyle.
