The drug discovery market refers to the process of identifying new drugs and bringing them to market. This is a complex and multi-step process that involves several stages, including target identification and validation, hit identification and optimisation, preclinical testing, clinical trials, regulatory approval, and finally, commercialisation.
The global drug discovery market size was valued at USD 82.9 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.1% from 2021 to 2028. Factors driving growth in the market include the increasing incidence of chronic diseases such as cancer, cardiovascular diseases, and diabetes, as well as advancements in technology and increasing investment in research and development (R&D) by pharmaceutical companies.
In recent years, the drug discovery market has seen significant advancements in areas such as computational chemistry, high-throughput screening, and molecular biology. These advancements have led to increased efficiency in drug discovery and have also enabled the development of more targeted and personalised treatments.
However, the drug discovery process is also subject to several challenges, including the high costs associated with R&D, long development timelines, and the high failure rates of clinical trials. Nevertheless, the growing demand for innovative treatments and the increasing investment in R&D by pharmaceutical companies is expected to continue driving growth in the drug discovery market.
Artificial intelligence (AI) has become increasingly important in the field of drug discovery. AI has the potential to accelerate the discovery process, reduce the time and costs associated with traditional drug discovery methods, and increase the success rate of bringing new drugs to market.
There are several ways that AI is being applied to drug discovery:
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Virtual screening: AI algorithms can be used to predict the potential efficacy of new drugs by analysing their chemical structure and predicted interactions with target proteins. This can help prioritise which compounds should be synthesised and tested in the lab.
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Lead optimisation: AI can be used to analyse the results of laboratory experiments to identify promising lead compounds, and to guide the design of follow-up experiments aimed at optimising their efficacy and safety.
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Target identification and validation: AI can help identify new targets for drug discovery by analysing large amounts of genomic and proteomic data, and by integrating this information with existing knowledge about disease mechanisms.
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Clinical trial design and analysis: AI can be used to design clinical trials, predict patient outcomes, and analyse the results of clinical trials in real-time, allowing for more efficient and effective trials.
Overall, AI has the potential to revolutionise the field of drug discovery, but it is important to note that it will not replace the traditional methods of drug discovery and development, but rather augment and complement them.
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Sources:
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MarketsandMarkets – “Drug Discovery Market by Type (Target-Based, Phenotypic), Technology (High-Throughput Screening, Computer-Aided Drug Design), Application (Cancer, CNS, Cardiovascular, Infectious Diseases), End User (Pharmaceutical Companies, CRO) – Global Forecast to 2023” URL: https://www.marketsandmarkets.com/Market-Reports/drug-discovery-market-1770.html
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ReportLinker Insights – “Drug Discovery Market – Global Forecast to 2023” URL: https://www.reportlinker.com/p05526097/?utm_source=GNW
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Technavio Research – “Global Drug Discovery Market 2020-2024” URL: https://www.technavio.com/report/drug-discovery-market-industry-analysis
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Grand View Research – “Drug Discovery Market Size, Share & Trends Analysis Report By Technology (High-Throughput Screening, Computer-Aided Drug Design), By Application (Cancer, CNS), By End User, And Segment Forecasts, 2020 – 2027” URL: https://www.grandviewresearch.com/industry-analysis/drug-discovery-market
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Zion Market Research – “Drug Discovery Market for Cancer, CNS Disorders, Cardiovascular Diseases, and Infectious Diseases: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” URL: https://www.zionmarketresearch.com/report/drug-discovery-market