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Artificial Intelligence in Drug Discovery Market Size
- Report ID: GMI6361
- Published Date: Aug 2024
- Report Format: PDF
AI in Drug Discovery Market Size
Artificial Intelligence in Drug Discovery Market size was valued at USD 1.9 billion in 2023 and is anticipated to grow at a CAGR of 29.6% from 2024 and 2032. High market growth can be attributed to a surge in investment and funding from venture capital firms, pharmaceutical companies, and government agencies. This influx of capital reflects growing interest and confidence in AI-driven technologies to expedite drug discovery processes, enhance efficiency, and address unmet medical needs.
In addition, collaboration is becoming increasingly prevalent in the market as companies seek to leverage complementary expertise, resources, and technologies. Furthermore, the increasing availability of healthcare data, such as genomics, proteomics, and clinical trial data, is providing a rich source of information for AI algorithms to analyze, further driving the adoption of AI in drug discovery. Moreover, the rising prevalence of chronic diseases and the need for innovative therapies are driving pharmaceutical companies to invest in AI technologies to stay competitive in the market.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Artificial Intelligence in Drug Discovery Market Size in 2023: | USD 1.9 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 29.6% |
| 2032 Value Projection: | USD 19.4 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 242 |
| Tables, Charts & Figures: | 388 |
| Segments covered: | Component, Technology, Application Type, Therapeutic Area, End-use, and Region |
| Growth Drivers: |
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Frequently Asked Questions (FAQ) :
Artificial Intelligence in Drug Discovery Market Scope
