Venture Capital
Andrea Alms Video: Money In Motion 43 - Artificial Intelligence In The Drug Discovery Market
February 2023 - Venture Capital
TRANSCRIPT
Hello, my name is Andrea Alms and I am technology investor and financial manager. And this is your money in motion. The pharmaceutical industry has been slow moving when it comes to adopting digital health technologies. The pharma companies overall have taken a long time to implement AI and machine learning strategies, making broad scale digital transformation difficult, using artificial intelligence and machine learning can help at every stage of the drug discovery process.
Health Care AI startups have been able to raise over $2 billion in Q3 2020. AI may reduce drug discovery costs by 70%, bringing a drug market costs to about 2.8 billion over 12 years. The global artificial intelligence and drug discovery market size was valued at USD 897 million in 2021 and is expected to expand at a compound average growth rate of 29% in 2022 to 2030.
In this report, the market is expected to grow from 791 million in 2021 to about 1 billion in 2022. At a compound average growth rate of 31%. The market is expected to reach 2.9 billion in 2026, at a growth rate of 30%. In this report, the market size is estimated to be about 1.1 billion in 2021 and projected to hit around 11 billion in 2030, registering at a growth rate of about 29% 2022 to 2030.
Upon averaging these reports in 2021 and 22, market average is about $900 million. The average compound growth rate about 29%. It isn't yet a multiple billion dollar market, but with these double digit growth rates, I like it. Let's keep an eye on it. Thank you. This is your money, your money, in motion.