The global AI in the drug discovery market is projected to reach USD 1,434 million by 2024 from USD 259 million in 2019, at a CAGR of 40.8%

Growing number of cross-industry collaborations and partnerships and the need to control drug discovery & development costs and reduce the overall time taken in this process are the key factors driving the AI in the drug discovery market. The global AI in the drug discovery market is projected to reach USD 1,434 million by 2024 from USD 259 million in 2019, at a CAGR of 40.8% during the forecast period. Growth in this market is mainly driven by growing number of cross-industry collaborations and partnerships, the need to control drug discovery & development costs and reduce the overall time taken in this process, the rising adoption of cloud-based applications & services, and the impending patent expiry of blockbuster drugs. On the other hand, a lack of data sets in the field of drug discovery and the inadequate availability of skilled labor are some of the factors challenging the growth of the market. The immuno-oncology segment accounted for the largest share in 2019.