Artificial Intelligence (AI) Enabled Drug Discovery & Clinical Trials involves collecting information regarding various potential drug entities, formulating their design, followed by planning and pre-clinical trials execution. It helps in saving time, cost, and human efforts in the drug developmental process.
The “Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market” is likely to grow at a CAGR of around 23.6% during the forecast period, i.e., 2021-26, says MarkNtel Advisors. The market growth primarily attributes to the rising demand for reducing the cost of novel drug discovery and their production. Additionally, the adoption of artificial intelligence is significantly increasing, as faster, efficient, and cost-effective drug discovery is gaining momentum amongst the pharmaceutical industry stakeholders.
The research report, “Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market Analysis, 2021,” states that the burgeoning volume of data generated by the molecule screening processes & preclinical studies is another crucial factor fueling the adoption of artificial intelligence, thereby propelling the market growth.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR | 23.6% |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, UK, France, Italy, Spain | |
| Asia-Pacific: China, India, Japan, South Korea, Australia and Others | |
| South America: Brazil, and Argentina | |
| Middle East & Africa: UAE, Saudi Arabia | |
| Key Companies Profiled | Accutar Biotechnology, Ardigen, Atomwise Inc., AiCure, LLC, Berg LLc, Cloud Pharmaceuticals, Biovista, Cyclica Inc., Symphony Innovations, GNS Healthcare |
| Unit Denominations | USD Million/Billion |
Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market Have positively impacted by COVID-19 Pandemic
With the global Covid-19 pandemic outbreak in early 2020, the pharma and biotech companies have increasingly turned to artificial intelligence to enhance precision and speed in drug development. The pandemic has set the stage for massive investments toward fast development and trials of drugs.
Moreover, the adoption of artificial intelligence helps in offering a high level of precision to the complicated and time-consuming discovery phase in the drug development process, thereby leading to faster development of drugs and lower failure risk.
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Market Segmentation
Oncology Dominated the Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market with largest share
Based on the Therapeutic Application, the market bifurcates into Oncology, Cardiovascular Disease, Nervous System Disease, Respiratory Disorder, Metabolic Disorder, Immunologic Disease, and Infectious Disease. Of these segments, Oncology acquired the largest share of the Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market in the previous few years.
AI helps in the early detection of cancer. Personalized medicine is necessary for the treatment of cancer as cancer treatments may vary for every patient. Thus, AI identifies genetic mutations, which further help oncologists design effective personalized medicine for cancer patients. Hence, these aspects aid the overall market growth cites MarkNtel Advisors in their research report “Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market Analysis, 2021”.
Contract Research Organization (CROs) to Dominate the Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market During the Forecast Period.
Based on the End-User, the market segments into Biopharmaceutical Industry, Contract Research Organization (CROs), and Academic Institutes & Research Centers. For improving drug discovery and clinical trials, the end-users such as biopharmaceutical companies, contract research organizations, and academic institutions are assimilating AI-enabled solutions. However, Contract Research Organization (CROs) is likely to capture significant share of the Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market during the forecast period.
The segment growth owes to the increasing demand for maintaining the facility workflow and rearranging the work for enhancing the quality of work. AI-enabled solutions in the CROs are gaining popularity, thereby catalyzing the overall demand for drug discovery and clinical trials.
Regional Landscape
North America Attained the Largest Market Share
The region's growth attributes to the high patient acceptance for advanced technologies and growing positive perception of AI amongst businesses. It further propels by the presence of the substantially large and well-established healthcare industry. Additionally, rising awareness regarding the benefits of integrating AI in the drug discovery process contributes to the Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market growth in the region.
Market Driver
Mounting Technological Advancement to Propel the Market Growth
Burgeoning technological advancements like AI, 4K Imaging, and IoT (Internet of Things) have resulted in surging the demand for integrating these high-end technologies in the healthcare industry. AI helps provide patient-centric treatment, better diagnostic services, and accurate decision-making, thereby recognizing errors in the current situations and providing better alternatives in complex scenarios. Hence, AI technology is likely to encourage the growth of the Drug Discovery and Clinical Trials Market.
Market Challenge
Lack of Skilled Personnel to Hamper the Market Growth.
One of the most prominent challenges in the drug discovery phase is patient health. Dynamic activities interpret information about the documented effects of drugs and anticipate their side effects, which might be a major market restraint. Besides, lack of skilled staff and inadequate datasets for drug discovery & developments are other crucial factors likely to impact the market growth.
Competitive Landscape
According to MarkNtel Advisors, the leading industry players in the Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials market are Accutar Biotechnology, Ardigen, Atomwise Inc., AiCure, LLC, Berg LLc, Cloud Pharmaceuticals, Biovista, Cyclica Inc., Symphony Innovations, and GNS Healthcare.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market is forecast to grow at a CAGR of 23.6% during 2021-26
A. Accutar Biotechnology, Ardigen, Atomwise Inc., AiCure, LLC, Berg LLc, Cloud Pharmaceuticals, Biovista, Cyclica Inc., Symphony Innovations, and GNS Healthcare are a few of the leading players in the Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market.
A. The Biopharmaceutical Industry is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. North America continues to grow at the highest CAGR during 2021-26, thereby presenting immense opportunities to market players of the Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market.
A. The increasing drug development expenditure, facilitation of polypharmacology, and growing number of synergistic activities are the major factors fueling the market growth.
A. The outbreak of the COVID-19 Pandemic has positively affected the Global Artificial Intelligence (AI) Enabled Drug Discovery and Clinical Trials Market owing to the rising adoption of artificial intelligence to enhance precision and speed in drug development.
