The global market for artificial intelligence (AI)-enabled drug discovery & clinical trials was valued around USD 380 million in 2019 and is projected to reach USD 1,599 million by 2026 with an approximate CAGR of 23%.
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The application of AI in drug discovery and clinical trials involves collecting information on various potential drug entities, devising their design followed by successful planning and execution of their pre-clinical trials and copulating real-world evidence for such molecules. Such an application of AI saves time, cost and human efforts in the developmental process of the drugs.
Requirement to decrease the drug development cost, increasing number of agreements between pharmaceutical & IT companies, ease in designing & predicting the chemical nature of entities with AI, rising need for planned & fast screening of candidate molecules, and growing clinical R&D expenditures are some major factors that are laying the developmental & growth parameters for the global market.
Inconsistency in regulatory framework and ethical issues related to the usage of AI are the major barriers for the market growth. There are no clear guidelines for AI-enabled drug discovery and clinical trial products in the market. This indicates that the potential future of the market is skeptical. Additionally, it is suggestive that the privacy concerns may lag the market growth. The markets for the Americas & Europe are regulated whereas, there are no clear guidelines for AI-enabled drug discovery and clinical trials market in the Asia-Pacific and the Middle East & Africa region.
Segmentation:
The market has been segmented on the basis of component, application, diseases indication and industry.
Based on component, the global market is segmented into solutions and services. The solutions segment is sub-segmented into aggregation & synthesis of information, drug designing, identifying the candidates, besides others. On the basis of application, the market is divided into data integration & analysis, clinical trials, clinical trials, drug design & characterization, biomarker research, and others. For disease indication, the market has been segmented into oncology, central nervous system, cardiovascular, respiratory, metabolic, immunology, infectious diseases, and others. On the basis of industry vertical, the market is sub-segmented into pharmaceutical industry, clinical research organizations (CROs), and academic research & organizations.
Regional Analysis:
By region, the market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas has been divided into North America & South America. North America is estimated to lead the market owing to developed geographies and presence of market leaders within the U.S. Following a similar course, Europe stood second in the global market. Asia-Pacific region is estimated to be the fastest growing region in the global AI-enabled drug discovery and clinical trials owing to increasing penetration of major players, developing healthcare infrastructure and booming CRO industry within the region. The Middle East & African region was estimated to hold the least market share in 2019.
Competitive Landscape:
A large number of players are present in the global pharmaceutical market. They compete on product price and efficiency. Moreover, strategic collaboration is observed for expanding geographical reach. Some of the players analyzed in the report are Accutar Biotechnology Inc., AiCure, Ardigen, Atomwise, Inc., Benevolent AI, Berg LLC, Berkeley Lights, Inc., BioAge Labs, Inc., Biovista Inc., C4DX Discovery Holdings Plc, Clinithink Ltd, Cloud Pharmaceuticals, Inc., Cyclica Inc., CytoReason, Symphony Innovation, LLC, Deep Genomics, DeepThink Health Inc., Envisagenics, Inc., Exscientia Ltd, e-therapeutics plc, GNS healthcare, Insilico Medicine, Lantern Pharma Inc., Medable Inc., Mind the Byte, NuMedii, Inc., TARA Biosystems, Inc., twoXAR, incorporated, IBM Watson, Exscientia, GNS healthcare, and others.
Key Pointers:
- The global AI-enabled drug discovery and clinical trials market size is estimated to reach USD 1,599 by 2030 from 2019 with a CAGR of 24%.
- The clinical guidelines are not uniform across the studied regions.
- The Americas is estimated to lead the market with a share of ~62% in 2019.
- Increasing collaborations between pharmaceutical companies and IT companies boosts the market.
- By disease indication oncology is estimated to lead the market during the forecast period.
USP of the Report:
- Regulatory Guidelines & Government Initiatives
- Pipeline Analysis
- Competitive Landscape/Competition Concentration
- Competitive Benchmarking
- Technology Analysis
- Business Model Analysis
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