In the last few years, artificial intelligence (AI) has grabbed the interest and thoughts of MedTech professionals, as various corporations and significant research institutions have pushed to develop these technologies for clinical usage. These solutions may result in a fundamental change in physician workflow and increase productivity while improving treatment.
With the boundless possibilities presented by this advanced technology, a wave of commercial powerhouses is pouring money into healthcare applications. The incorporation of AI and machine learning tools in drug discovery and development applications has the potential to improve healthcare quality by raising drug discovery effectiveness, shortening drug discovery timelines, enabling aimed molecule identification, and reducing drug development costs for drug companies. Moreover, different pharmaceutical companies and entrepreneurs throughout the world are beginning projects and engaging in the development of AI and machine learning technologies to improve drug discovery and development outcomes.
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The prevalence of chronic diseases is constantly rising over the world. As per the CDC (Centers for Disease Control and Prevention), five out of every ten adults in the United States have a chronic disease, and three out of every ten have two or more. Moreover, the CDC emphasizes that chronic diseases, including diabetes and heart disease, are the main causes of mortality in the United States. Such figures highlight the increasing incidence of chronic diseases and the urgency to reduce the number of deaths induced by such illnesses.
AI drug discovery platforms can be a viable solution for gaining information into the discovery of medications to cure and mitigate the intensity of different chronic conditions. As a result of these factors, the global AI in drug discovery market is expected to expand significantly during the forecast period.
The global AI in drug discovery market is anticipated to surpass US$ 10.93 Bn by 2031, advancing at a CAGR of 36.1% from 2021 to 2031 (forecast period).
COVID-19 Pandemic Had Positive Impact on AI in Drug Discovery Market
The global AI in drug discovery market witnessed tremendous growth as a result of the COVID-19 pandemic. Increased implementation of AI to discover and develop medications for COVID-19 treatment boosted the global AI in drug discovery market growth. For example, in June 2020, Repurpose. AI worked with Scripps Research to create COVID-19 medicines with an emphasis on drug repurposing. AI-based drug screening approaches aided in explaining crucial aspects of the virus (such as protein structure) in order to determine how the virus’s capabilities can play a pivotal role in medication development and speed vaccination technologies to combat COVID-19.
Moreover, AI can speed up the drug discovery and development process by swiftly finding medicines with COVID-19 effectiveness. This straddles the line between the amount of repurposed medications (using current drugs to treat various conditions), clinical testing, and the ultimate drug approval procedure. Such factors had a positive impact on the sales of AI in drug discovery market.
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North America to Dominate AI in Drug Discovery Market
North America is set to dominate the global AI in drug discovery market during the forecast period. The United States is expected to be the largest revenue generator in AI in drug discovery market in North America.
The United States has been a trailblazer in AI technology from its inception. IBM used their supercomputer ‘Watson’ to beat the quiz contest ‘Jeopardy,’ which has resulted in the business developing the concept of AI. AI has become an important aspect of the tech sector and is regularly used in a variety of fields, including the pharmaceutical industry. Major US technology companies have all cooperated with famous institutes to accelerate drug discovery, development, and repurposing. They are also employing AI to investigate diseases in order to arrive at useful findings that will enhance disease management.