PUBLISHER: Global Insight Services | PRODUCT CODE: 1632738
PUBLISHER: Global Insight Services | PRODUCT CODE: 1632738
The AI for Drug Repurposing market is set to expand from $1.2 billion in 2024 to $4.7 billion by 2034, with a CAGR of approximately 13.9%.
The AI for Drug Repurposing Market encompasses the application of artificial intelligence technologies to identify new therapeutic uses for existing drugs. This innovative sector leverages machine learning algorithms, data analytics, and computational biology to streamline drug discovery processes, reduce costs, and accelerate time-to-market. It plays a pivotal role in enhancing pharmaceutical research efficiency, addressing unmet medical needs, and optimizing resource utilization within the healthcare industry.
The AI for Drug Repurposing Market is witnessing robust growth, driven by the need for cost-effective and efficient drug development processes. The oncology segment leads the market, as AI-driven repurposing offers promising avenues for cancer treatment innovations. Neurology emerges as the second-highest performing sub-segment, propelled by the urgent need for novel therapies in neurodegenerative diseases. Regionally, North America dominates, benefiting from substantial technological advancements and a supportive regulatory environment. Europe follows as a strong contender, with significant investments in AI research and a focus on healthcare innovation. Within countries, the United States remains at the forefront, leveraging its vast pharmaceutical infrastructure and AI expertise. Germany stands out in Europe, driven by its robust R&D ecosystem and strategic partnerships. The market's growth is further augmented by increasing collaborations between AI firms and pharmaceutical companies, aiming to unlock the full potential of AI in drug repurposing.
In 2023, the AI for Drug Repurposing Market demonstrated a robust volume, with a significant focus on enhancing drug discovery efficiency. The market was segmented into technology, application, and end-user categories. The machine learning segment accounted for 45% of the market share, driven by its capacity to analyze complex datasets. Natural language processing followed with a 30% share, while deep learning constituted 25%. The pharmaceutical sector emerged as the dominant end-user, representing 60% of the market volume. This dominance is attributed to the increasing adoption of AI technologies to expedite drug repurposing processes and reduce costs.
Competitive dynamics are shaped by key players such as BenevolentAI, Insilico Medicine, and Atomwise, which are leveraging AI to streamline drug development. Regulatory frameworks, especially from the FDA and EMA, are pivotal, as they set stringent guidelines ensuring safety and efficacy. The market is poised for growth, with AI's role in reducing drug development timelines and costs being a critical factor. However, challenges such as data privacy concerns and regulatory compliance remain significant hurdles. The integration of AI with big data analytics is anticipated to unlock further opportunities, enhancing precision in drug repurposing strategies.
North America dominates the AI for drug repurposing market. The region benefits from advanced healthcare infrastructure and significant R&D investments. Companies in the United States lead innovation, driving market growth. The presence of key industry players enhances the region's competitive edge.
Europe follows closely, with countries like Germany and the United Kingdom spearheading efforts in AI-driven drug discovery. Strong regulatory frameworks and collaborative research initiatives support market expansion. The European Union's focus on healthcare innovation further propels growth.
Asia Pacific emerges as a promising market. Rapid technological advancements in countries such as China and India boost adoption. Governments in the region invest in AI research, fostering a conducive environment for growth. The increasing prevalence of chronic diseases also fuels demand.
In Latin America, the market is gradually gaining traction. Brazil and Mexico are at the forefront, leveraging AI to enhance drug repurposing efforts. Collaboration between academic institutions and industry players supports market development.
The Middle East and Africa present emerging opportunities. Countries like the United Arab Emirates are investing in AI technologies to advance healthcare solutions. Strategic partnerships and government initiatives are expected to drive market growth in the coming years.
Insilico Medicine, Atomwise, Benevolent AI, Healx, Recursion Pharmaceuticals, Cyto Reason, Exscientia, Pharm AI, Bio Xcel Therapeutics, Deep Genomics, Insitro, Verge Genomics, GNS Healthcare, Numerate, Nu Medii, One Three Biotech, Aria Pharmaceuticals, Standigm, BERG Health, Cyclica
National Institutes of Health (NIH), U.S. Food and Drug Administration (FDA), European Medicines Agency (EMA), World Health Organization (WHO), National Center for Advancing Translational Sciences (NCATS), Biomedical Advanced Research and Development Authority (BARDA), European Federation of Pharmaceutical Industries and Associations (EFPIA), Innovative Medicines Initiative (IMI), National Institute for Health and Care Excellence (NICE), National Health Service (NHS) Digital, DrugBank, PubChem, ClinicalTrials.gov, The American Association for Cancer Research (AACR) Annual Meeting, The International Society for Computational Biology (ISCB) Conference on Intelligent Systems for Molecular Biology (ISMB), The American Society for Clinical Pharmacology and Therapeutics (ASCPT) Annual Meeting, The Drug Information Association (DIA) Global Annual Meeting, The European Conference on Computational Biology (ECCB), The International Conference on Machine Learning (ICML), The Conference on Neural Information Processing Systems (NeurIPS)
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