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), By Region - Industry Forecast 2024-2031

Insilico Drug Discovery Market size was valued at USD 2.8 billion in 2021 and is poised to grow from USD 3.08 billion in 2022 to USD 6.60 billion by 2031, growing at a CAGR of 10% in the forecast period (2024-2031).

In-silico drug discovery strategies are typically used to locate drug targets using bioinformatics technologies. These techniques can also be used to develop candidate molecules, assess how similar they are to drugs, rank them according to how well they bind to targets, dock these molecules with targets, and further tune them to improve binding properties. One of the key factors anticipated to accelerate the growth and demand of the in-silico drug discovery market is the increase in the volume of drug discovery data. Over the forecast period of 2022 to 2030, it is also anticipated that the rise in the high growth in the biomarker identification field and the increased focus on reducing readmission rates and medical errors would contribute to the growth of the worldwide market. The rapid developments in in-silico drug discovery methodologies as well as computational technical advancements in the field of computational biology are also expected to contribute to the market's expansion. The market for in-silico drug discovery is also anticipated to increase as a result of the cost-effectiveness and high acceptance of in-silico drug designing services.

The in-silico drug discovery market is expected to experience considerable growth prospects from 2023 to 2030 as a result of the quick increase in drug discovery projects, growth in therapeutic area research, and end number of R&D in many pharmaceutical organisations. However, it is anticipated that downward pricing pressure and outsourcing for services will restrain the growth of the in-silico drug discovery market, whilst the availability of open-source software packages for drug discovery may pose a threat to that market's expansion.