Artificial Intelligence in Drug Discovery market expected to reach USD 15.50 billion by 2032
From GlobeNewswire: 2025-01-13 08:41:00
The Artificial Intelligence in Drug Discovery Market was valued at USD 1.48 billion in 2023 and is projected to reach USD 15.50 billion by 2032, growing at a CAGR of 29.89%. AI technologies like machine learning and neural networks are revolutionizing drug development, reducing time and costs associated with traditional methods.
AI technology providers and drug discovery startups are entering the market, offering innovative solutions that improve clinical and preclinical outcomes in the pharmaceutical sector. The rapid development of AI tools is driving market growth, with increased adoption by pharmaceutical companies and government support enhancing demand for AI-driven drug discovery solutions.
In 2023, drug optimization and repurposing accounted for 40% of the AI in drug discovery market, accelerating drug development and addressing urgent healthcare needs. AI models enable the identification of new uses for existing drugs, reducing development time and costs. The preclinical testing segment is expected to see rapid growth, transforming early-stage drug discovery processes.
Oncology dominated the AI in drug discovery market in 2023 with a 45% share, due to the complexity of cancer treatment and the global burden of cancer cases. AI-driven platforms like Tempus personalize treatment plans and optimize clinical trials in oncology. Neurodegenerative diseases, such as Alzheimer’s and Parkinson’s, represent the fastest-growing segment in AI-driven drug discovery, given the increasing prevalence of these conditions.
North America held the largest share of the AI in drug discovery market in 2023, driven by leading pharmaceutical companies and research institutions. The U.S. contributed significantly to this growth, with extensive funding for AI research and the integration of AI technologies in the pharmaceutical industry. The Asia Pacific region is expected to experience the highest growth rate, fueling market expansion throughout the forecast period. The AI-driven drug discovery market is booming, with a focus on countries like China, Japan, and India. In 2023, over 19.3 million new cancer cases were diagnosed, leading to 9.9 million deaths. The U.S. received 60% of global funding for AI-based drug discovery, while Asia-Pacific saw USD 350 million in funding. Clinical trial success rates have improved by 15% in 2023, with oncology trials seeing a 20% increase.
The AI in Drug Discovery Market Analysis & Outlook Report 2024-2032 provides insights on technology adoption, investment trends, regulatory landscape, and clinical trial success rates. The report includes sections on competitive landscape, applications, therapeutic areas, regional analysis, company profiles, and use cases. Access the complete report for comprehensive details on artificial intelligence in drug discovery.
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Read more at GlobeNewswire: Artificial Intelligence (Ai) in Drug Discovery Market Size