The global AI-Enabled drug discovery and clinical trials market size was US$ 325 million in 2021. The global AI-Enabled Drug discovery and clinical trials market is forecast to grow to US$ 2440 million by 2030, registering a compound annual growth rate (CAGR) of 25.1% during the forecast period from 2022-2030.
Factors Influencing
- Artificial Intelligence is proven advantageous for the pharmaceutical and biotechnology industries. Industries use this technology to escalate the drug development process and increase the efficiency of the work. As a result of growing awareness, the global AI-enabled drug discovery and clinical trials market will grow during the study period.
- Increasing government investments for clinical R&D activities are forecast to boost the growth of the global AI-enabled drug discovery and clinical trials market.
- Increasing agreements among Information Technology (IT) and pharmaceutical companies and the growing adoption of cloud-based services are the other key factors driving the market growth. The University of Kentucky collaborated with Atomwise to introduce efficient therapies for the COVID-19 virus.
- The increasing prevalence of several types of diseases is another factor playing important role in the market growth.
Geographic Analysis
North America is forecast to emerge as the largest market in the global AI-enabled drug discovery and clinical trials market. The growth of the region would be mainly due to the presence of prominent market players in the region, such as Accutar Biotechnology Inc. In addition, rising demand for novel treatments is forecast to benefit the regional market.
Government initiatives for increasing R&D expenditure play a significant role in the growing regional contribution. Moreover, an increasing number of clinical trials in the region is forecast to boost the growth of the market.
COVID-19 Impact Analysis
- The global AI-Enabled drug discovery and clinical trials market witnessed significant growth during the pandemic.
- The emergence of the pandemic raised the demand for novel treatments. Due to variation in symptoms, it was essential for the pharmaceutical sector to develop efficient drugs.
- Due to rising cases of COVID-19 infection worldwide, industries began using the technology to introduce efficient drugs and cater to the demand of the public.
- The healthcare expenditure also increased in various countries. As a result, the global AI-Enabled drug discovery and clinical trials market grew rapidly.
- The number of clinical trials, collaborations, and partnerships also grew during the pandemic, witnessing the surging demand for drugs. Thus, the market growth accelerated.
Competitors in the Market
- Accutar Biotechnology Inc.
- AiCure
- Ardigen
- Atomwise inc.
- BERG LLC
- Biovista
- Cloud Pharmaceuticals, Inc.
- Cyclica Inc.
- Symphony Innovation, LLC
- Benevolent AI
- Other prominent players
Market Segmentation
The global AI-Enabled drug discovery and clinical trials market is segmented on the basis of component, application, therapeutic application, end-user and region.
Insight by Component
Insight by Application
- Data Integration & Analysis
- Clinical Trials
- Drug Design
- Drug Characterization
- Biomarker Research
- Others
Insight by Therapeutic Application
- Oncology
- Nervous System Diseases
- Cardiovascular Diseases
- Respiratory Disorders
- Metabolic Diseases
- Immunologic Diseases
- Infectious Diseases
- Others
Insight by End-User
- Biopharmaceutical Industry
- Contract Research Organizations (CROs)
- Academic Institutes
- Research & Centers
Regional Insight
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
