Machine Learning in Pharmaceutical Industry Market to Exhibit 37.9% CAGR and Generate $26,151.8 Million by 2031 | Research Dive
The global machine learning in pharmaceutical industry market is expected to see prominent growth by 2031, due to the growing use of machine learning algorithms to develop medicines. Regionally, the North America region was dominant.
NEW YORK, July 3, 2023 /PRNewswire/ -- Global Machine Learning in Pharmaceutical Industry Market Forecast Analysis:
As per the report published by Research Dive, the global machine learning in pharmaceutical industry market is anticipated to generate a revenue of $26,151.8 million and grow at a fascinating CAGR of 37.9% over the analysis timeframe from 2022 to 2031.
Segments of the Machine Learning in Pharmaceutical Industry Market
The report has divided the machine learning in pharmaceutical industry market into the following segments:
- Component: solution and services
- Services – Expected to have the fastest growth by 2031
The increasing demand for more efficient and effective drug development and discovery processes and the growing use of machine learning services in the pharmaceutical sectors are expected to foster the growth of the market sub-segment forward. - Enterprise Size: SMEs and Large Enterprises
- Large Enterprises – Accounted for dominant market share in 2021
The increasing adoption of machine learning technologies to improve drug discovery, clinical trials, and patient outcomes is expected to bolster the growth of the market sub-segment throughout the forecast timeframe. - Deployment: cloud and on-premise
- Cloud – Held the largest market share in 2021
The increasing use of cloud computing in the pharmaceutical industry due to the rising need for secure and scalable data storage and processing, access to real-time data from multiple sources, and reduce infrastructure costs are predicted to fortify the growth of the market sub-segment further. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Held the greatest share of the market in 2021
The dominance of advanced research capabilities in the region to develop cutting-edge technologies in machine learning that can be applied in the pharmaceutical industry is predicted to boost the regional growth of the market in the coming period.
Dynamics of the Global Machine Learning in Pharmaceutical Industry Market
The increasing use of machine learning algorithms in the pharmaceutical sector to promote the diagnosis of diseases, improve the accuracy of diagnosis, reduce the need for invasive procedures, and enhance drug discovery is expected to augment the growth of the machine learning in pharmaceutical industry market. Moreover, the growing use of machine learning algorithms to analyze medical images such as CT scans and MRIs to detect abnormalities is further expected to augment the growth of the market over the analysis period. However, the regulatory and legal challenges over machine learning in the pharmaceutical sector may impede the growth of the market throughout the estimated period.
The increasing demand for machine learning to provide personalized medicines to individuals based on their unique characteristics such as medical history, lifestyle, and makeup is expected to create expansive growth opportunities for the machine learning in pharmaceutical industry market throughout the analysis timeframe.
Covid-19 Impact on the Machine Learning in Pharmaceutical Industry Market
Though the outbreak of the Covid-19 pandemic has devastated several other industries, it has positively impacted the machine learning in pharmaceutical industry market. This is mainly because of the increased use of machine learning algorithms to analyze large amounts of data from existing drugs, and clinical trials to speed up the drug discovery process during the pandemic period. Moreover, machine learning has been used in clinical trials during the pandemic who are mostly be benefitted from a particular treatment. This has further increased the growth of the market throughout the crisis.
Key Players of the Global Machine Learning in Pharmaceutical Industry Market
The major players of the market include
- Alphabet Inc.
- NVIDIA Corporation
- Atomwise Inc.
- Cyclica Inc.
- International Business Machines Corporation
- Deep Genomics
- Microsoft Corporation
- Cloud Pharmaceuticals Inc.
- IBM
- BioSymetrics Inc.
These players are mainly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in May 2023, Recursion, a renowned clinical stage TechBio company announced its acquisition of two companies Cyclica, the partner of choice for data-driven drug discovery, and Valence, a leading deep learning research institute. With this acquisition, the companies aimed to leverage their capabilities in digital chemistry, machine learning, as well as artificial intelligence for the deployment of technology-enabled drug discovery solutions in the biopharma industry.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Machine Learning in Pharmaceutical Industry Market:
- A Look at the Interesting Applications of Machine Learning in Pharmaceutical Industry
- Global Machine Learning in Pharmaceutical Industry Market to Generate $26,151.8 Million by 2031, Due to Growing Data Generation in Medical Sector
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