Global Insilico Drug Discovery Market

Insilico Drug Discovery Market Size, Share, Growth Analysis, By Product(Software, Software-as-a-Service and Consultancy-as-a-Service), By Technology(Artificial Intelligence and other) - Industry Forecast 2024-2031

Report ID: SQMIG35J2032 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 60 | Figures: 75

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FAQs

Insilico Drug Discovery Market size was valued at USD 2.4 billion in 2021 and is poised to grow from USD 2.8 billion in 2022 to USD 5.9 billion by 2030, growing at a CAGR of 10% in the forecast period (2023-2030).

The insilico drug discovery market is highly competitive and somewhat fragmented in nature on account of the presence of multiple players. In an attempt to maintain a competitive edge, the major industry participants are implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also investing heavily on R&D activities. 'Schrödinger, Inc. ', 'OpenEye Scientific Software, Inc. ', 'Biovista Inc.', 'IBM Watson Health', 'Numerate, Inc.', 'Certara, L.P. ', 'XtalPi Inc.', 'Cloud Pharmaceuticals, Inc.', 'Atomwise, Inc.', 'Exscientia Ltd.', 'Insilico Medicine, Inc.', 'Cyclica Inc.', 'Biorelate Limited', 'Envisagenics, Inc.', 'BenevolentAI Limited', 'AI Cure Technologies Inc.', 'Genedata AG', 'BioSymetrics, Inc.', 'Recursion Pharmaceuticals, Inc.', 'Numedii, Inc.'

The in-silico drug discovery market is anticipated to have strong growth over the projected period due in large part to developments in the biomarker identification field, the focus on lowering readmission rates and medical errors, computational technical innovations in the field of computational biology, and improvements in insilico drug discovery techniques.

The increasing adoption of cloud-based tools is driving the in-silico drug discovery market. Pharmaceutical researchers can scale up or down their computing environment as necessary thanks to cloud computing, which gives them access to practically limitless processing resources. Businesses can more easily adapt solutions to their own requirements. For instance, BT's Cloud Compute life sciences platform can provide specific pharmaceutical applications throughout the value chain, from discovery to commercial operation, ensuring that the required applications are compatible across pipelines rather than requiring all pipeline teams to use the same application.

In 2021, the in-silico drug discovery market in North America maintained the greatest proportion, at around 45%. This is explained by the critical need for drugs to treat rare disorders like Lou Gehrig's disease and cystic fibrosis. Additionally, U.S. biopharmaceutical companies are spending more money on research and development. Around $250 billion was invested in medical and R&D in the United States in 2020. The market's growth is also related to a stronger network between service providers and manufacturers in this area than in any other. Additionally, the U.S. FDA's input has helped in the creation of a flexible regulatory pathway and provided answers to a number of questions regarding the co-development process.

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