Application of AI in Drug Discovery Market
healthcaretechoutlook

Application of AI in Drug Discovery Market

Healthcare Tech Outlook | Tuesday, June 07, 2022

 

The global artificial intelligence in drug discovery market size is expected to reach USD 9.1 billion by 2030, growing a CAGR of 29.4 per cent from 2022 to 2030

FREMONT, CA: The pandemic has accelerated AI deployment in the pharmaceutical industry. AI and associated technologies aim to improve medical imaging and diagnostics, chronic illness management, and drug creation. The time spent by humans is likely to be more significant than the number of hours spent by an AI system scanning the same data, saving money and being a more practical method. In 2021, the drug optimization and repurposing application segment generated the most revenue. AI systems aid in the discovery of target proteins for medications, as well as the detection of adverse events and potential side effects. The efficacy of a drug compound can be improved while reducing its side effects when using repurposed drugs. A company's drug portfolio can be updated and researched at a much faster rate using AI platforms, speeding up the discovery of new drugs.

In 2021, the cancer therapeutic area segment witnessed the highest revenue share. The majority of pharmaceutical corporations are collaborating with AI start-ups to improve cancer research, which is still an unexplored area with plenty to learn. Even a highly skilled radiologist may detect cancer considerably earlier with AI algorithms than a conventional scan can. As a result, life expectancy may be increased, and markers for cancer research and treatment development may be identified. Treatments tailored to a patient's genetic makeup can be prescribed. IBM, Microsoft, and other corporate conglomerates have created partnerships with research institutes to speed up medication development and clinical trials for a variety of causes. Developing countries are also figuring out how to use AI technology for medicine development and disease understanding at a low cost.

The report highlights include:

• Majority of the market's revenue was generated by the drug optimization and repurposing applications in 2021, accounting for over 50.0 per cent of the total.

• In 2021, the oncology category had the highest revenue share of over 20.0 per cent by therapeutic area. During the projection period, the infectious diseases segment is predicted to increase at the quickest rate.

• From 2022 to 2030, Asia Pacific is predicted to grow at the fastest rate of 32.2 per cent. This can be ascribed to the growing use of artificial intelligence (AI) in developing countries in the region to better understand diseases and improve drug research.

• North America dominated the market in 2021, with a revenue share of about 55.0 per cent. As the pioneer in artificial intelligence technology, the United States is making a substantial contribution to regional market growth.

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