Research Dive has released a new report predicting that the global machine learning in pharmaceutical industry market will achieve an impressive Compound Annual Growth Rate (CAGR) of 37.9% between 2022 and 2031, reaching a revenue of $26,151.8 million in the same timeframe. The report aims to provide readers with an overview of the machine learning in pharmaceutical industry market, its characteristics, growth drivers, opportunities and hindrances during this period. It also includes necessary market insights to support new entrants into the industry.
One of the primary drivers of growth in the machine learning in pharmaceutical industry market is expected to be the growing demand for personalized treatment and behavioral modification. Additionally, the increasing adoption of machine learning to accelerate the drug discovery process and identify potential targets for drug development is anticipated to contribute to further market growth. There are also opportunities for machine learning to improve medical diagnosis and identify biomarkers and other factors, which could help to boost growth rates in the industry.
However, regulatory and legal challenges related to machine learning may pose a threat to the market’s growth. Despite this, the Covid-19 pandemic offered a positive impact for the industry. The health crisis disrupted daily life for people across the globe, causing lockdowns which in turn affected industrial processes in all sectors. However, the pharmaceutical industry witnessed a growth in demand for machine learning techniques to improve the drug discovery process and clinical trials, which helped the market to record growth during the pandemic.
The machine learning in pharmaceutical industry market has been segmented based on component, enterprise size, deployment, and region with the solutions sub-segment anticipated to be the most dominant by 2031. Large enterprise sub-segments of pharmaceutical companies which employ machine learning systems to handle clinical trial data, electronic health records, genomic data, and chemical databases are predicted to experience significant growth rates, as is the cloud sub-segment, expected to be immensely profitable by 2031 because of the growing use of cloud computing in the pharmaceutical industry for secure and scalable data storage and processing.
The North America region is projected to be the most lucrative region for the machine learning in pharmaceutical industry market. The large scale of technological development taking place in the field of machine learning in the region, especially in the United States of America, is expected to be the main factor behind the growth of the market in this region. Some prominent market players include Microsoft, IBM, BioNTech, Google LLC and NVIDIA, who are formulating numerous business strategies like mergers, acquisitions, and collaborations to establish their commanding position in the market.
In conclusion, Research Dive’s report offers vital insights into the machine learning in pharmaceutical industry market, including strategic developments, SWOT analysis, financial performance of key players, and product portfolio, providing a comprehensive overview of this growing industry.
