The Global AI-Enabled Drug Discovery and Clinical Trials market is estimated to reach over USD 3641.01 million by 2030, exhibiting a CAGR of 26.3% during the forecast period.
AI-Enabled Drug Discovery and Clinical Trials are expected to gain promiscuous popularity over the coming years due to a rapid increase in the use of AI worldwide and its increasing scope of application in multiple industry verticals. Artificial intelligence technology is advancing rapidly, and continuous technological advancements are expected to boost AI-Enabled Drug Discovery and Clinical Trials market potential. The increasing digitization of the healthcare industry will also majorly propel AI-Enabled Drug Discovery and Clinical Trials across the world through 2028. Rising research and development activity will also help the AI-Enabled Drug Discovery and Clinical Trials market gain the expected impetus in the global marketplace through 2028.
However, the high costs associated with AI-Enabled Drug Discovery and Clinical Trials are expected to have a negative impact on the global AI-Enabled Drug Discovery and Clinical Trials market growth. The AI-Enabled Drug Discovery and Clinical Trials market experienced an increase in demand in the COVID-19 pandemic to fast track development of vaccines, and this trend set the stage for future market growth and will enhance AI-Enabled Drug Discovery and Clinical Trials market performance over the forecast period.
Market Segmentation:
The AI-Enabled Drug Discovery and Clinical Trials market is segmented on the basis of product and application. Based on the component scope, the market is segmented into solutions and services. By application, the market is segmented into Data Aggregation and Analysis, Clinical Trials, Drug Design, Drug Characterization, and Biomarker Research. By therapeutic application, the market is segmented into Oncology, Cardiovascular Diseases, Nervous System Diseases, Respiratory Disorders, Metabolic Diseases, Immunologic Diseases, and Infectious Diseases. By end-users, the market is segmented into Biopharmaceutical Industry, Contract Research Organizations (CROs), and Academic Institutes and Research Centers.
Based on therapeutic application, the oncology segment dominates
The incidence of cancer has risen substantially over the past few years, and this has bolstered demand for oncology across the world. Increasing investments in oncology research and development are expected to boost AI-Enabled Drug Discovery and Clinical Trials market potential over the forecast period. The oncology segment is expected to be the most lucrative application segment over the forecast period.
Biopharmaceutical Industry to lead growth
The biopharmaceutical industry has taken notable strides ahead over the past few years, and this trend is rife over the forecast period as well. The rising number of biopharmaceutical companies across the world and increasing investments in research activity coupled with supportive government initiatives are expected to provide highly lucrative opportunities for AI-Enabled Drug Discovery and Clinical Trials market growth through 2028.
The North America AI-Enabled Drug Discovery and Clinical Trials market holds a dominant outlook in the region.
Global AI-Enabled Drug Discovery and Clinical Trials market in North America is estimated to dominate the forecast period due to the existence of strong healthcare infrastructure. Increasing investment on R&D activities sponsored by governments in this area is likely to be a major driver through 2030. Increasing adoption of technology in healthcare, favorable reimbursement policies, the surge in chronic diseases, rising incidence of cancers, and increasing demand for better diagnostics and treatment are other factors that are anticipated to propel the AI-Enabled Drug Discovery and Clinical Trials market growth over the forecast period. The United States and Canada are expected to lead the market growth in this region through 2030.
Competitive Landscape
The key players in the AI-Enabled Drug Discovery and Clinical Trials market have shifted their focus towards bio-based components for product manufacturing and are initiating significant strategies such as mergers, acquisitions, and joint ventures of major and domestic players to enhance product portfolio and strengthen their market footprint across the globe. Some of the major key players in the AI-Enabled Drug Discovery and Clinical Trials market are Accutar Biotechnology Inc., AiCure, Ardigen, Atomwise Inc., Benevolent AI, Berg, Berkeley Lights, BioAge Labs, Biovista, C4X Discovery Holdings Plc, Clinithink Ltd, Cloud Pharmaceuticals, Cyclica Inc., CytoReason, Concerto Health AI., Deep Genomics Inc., DeepThink Health Inc., Envisagenics, Inc., Exscientia Limited, e-therapeutics plc, GNS Healthcare, Insilico Medicine, Lantern Pharma Inc., Medable, Inc., Mind the Byte, NuMedii, Inc, Nuritas, Ltd., Owkin, Inc., Recursion Pharmaceuticals, Inc., Schrödinger, LLC, Symphony Innovation, LLC, TARA Biosystems, Inc., twoXAR, Incorporated, Verge Analytics, Inc., Winterlight Labs Inc., WuXi Nextcode Genomics, XtalPi Inc., and Other Prominent Players.
By Application
