New York, USA, June 20, 2023 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global machine learning in pharmaceutical industry market is predicted to grow at a tremendous CAGR of 37.9%, thereby garnering a revenue of $26,151.8 million in the 2022-2031 timeframe. This holistic report provides an overarching overview of the nature of the machine learning in pharmaceutical industry market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2022-2031 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the nature and working of the market.
Dynamics of the Market
Drivers: Growing demand for personalized treatment/behavioral modification is expected to be the primary growth driver of the machine learning in pharmaceutical industry market in the forecast period. Additionally, increasing adoption of machine learning to accelerate the drug discovery process by identifying potential targets for drug development is expected to help the market grow in the forecast period.
Opportunities: Rising popularity of machine learning in improving medical diagnosis is anticipated to offer numerous growth opportunities to the market in the forecast period. Moreover, growing use of machine learning to identify biomarkers and other factors is estimated to augment the growth rate of the market in the forecast period.
Restraints: Regulatory and legal challenges over machine learning, however, might restrict the growth of the machine learning in pharmaceutical industry market.
Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The machine learning in pharmaceutical industry market, however, faced a positive impact. There was a growth in demand for machine learning techniques to improve the drug discovery processes and cut down the time required for clinical trials. This helped the market post growth numbers during the pandemic.
Segments of the Market
The report has divided the machine learning in pharmaceutical industry market into certain segments based on component, enterprise size, deployment, and region.
Component: Solutions Sub-Segment to be One of the Most Dominant
The solutions sub-segment is expected to be highly dominant by 2031. Growing use of machine learning solutions by the pharmaceutical industry to enhance drug development, clinical trials, and personalized treatment is anticipated to help the market register a growth during the forecast period.
Enterprise Size: Large Enterprise Sub-segment to Have a Significant Market Share
The large enterprise sub-segment of the machine learning in pharmaceutical industry market is expected to hold a huge market share during the forecast timeframe. Large pharmaceutical companies employ machine learning systems to handle clinical trial data, electronic health records, genomic data, and chemical databases which is predicted to augment the growth rate of this sub-segment.
Deployment: Cloud Sub-Segment to Flourish Immensely
The cloud sub-segment is expected to be immensely profitable by 2031. Growing use of cloud computing in the pharmaceutical industry for secure and scalable data storage and processing is anticipated to help the market register growth during the forecast period.
Region: Market in North America to be the Most Lucrative
The machine learning in pharmaceutical industry market in the North America region is projected to be the most lucrative in the analysis timeframe. The massive scale of technological developments taking place in the field of machine learning in the countries of this region, especially in the United States of America is expected to be the main factor behind the growth of the market in this region.
Prominent Market Players
Some prominent market players of the machine learning in pharmaceutical industry market are
- Cyclica Inc.
- Atomwise Inc.
- International Business Machines Corporation
- BioSymetrics Inc.
- Alphabet Inc.
- Microsoft Corporation
- Cloud Pharmaceuticals Inc.
- NVIDIA Corporation
- IBM
- Deep Genomics
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
For instance, in January 2023, BioNTech, a leading biotechnology company, announced the acquisition of InstaDeep, an AI-based startup based in the United Kingdom. This acquisition is expected to help BioNTech to aid in its operations related to drug discovery, thus helping the company to cater to the demands of the medical sector in a comprehensive way.
Finally, this report published by Research Dive, also offers many vital facets of the machine learning in pharmaceutical industry market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
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
