The machine learning (ml) in the pharmaceutical industry global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Machine Learning (ML) in The Pharmaceutical Industry Market, 2024 report by The
Business Research Company offers comprehensive insights into the current state
of the market and highlights future growth opportunities.
Market Size -
The machine learning in the pharmaceutical industry market size has grown
exponentially in recent years. It will grow from $2.22 billion in 2023 to $3.02
billion in 2024 at a compound annual growth rate (CAGR) of 36.1%. The growth in
the historic period can be attributed to increased adoption of federated
learning, accelerated drug discovery timelines, enhanced drug safety and
pharmacovigilance, expansion of precision medicine applications.
The machine learning in the pharmaceutical industry market size is expected to
see exponential growth in the next few years. It will grow to $10.2 billion in
2028 at a compound annual growth rate (CAGR) of 35.7%. The growth in the
forecast period can be attributed to increasing complexity of biological data,
growing computational power, increasing industry awareness and education,
patient-centric healthcare solutions. Major trends in the forecast period
include AI-pharma partnerships and collaborations, drug-agnostic therapies,
interoperability of ML systems, decentralized clinical trials, AI-driven
biomarker discovery.
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Scope Of Machine Learning (ML) in The Pharmaceutical Industry Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Machine Learning (ML) in The Pharmaceutical Industry Market Overview
Market Drivers -
The increasing adoption of artificial intelligence (AI) is driving machine
learning (ML) in the pharmaceutical industry. AI is computer software that
mimics human cognition to perform complex tasks, such as analyzing, reasoning,
and learning, while ML is a subset of AI that uses algorithms trained on data
to produce models that can perform complex tasks. AI and ML has been utilized
in pharmaceutical technology and drug delivery design, offering expedited
solutions to complex challenges. It has the potential to transform the drug
delivery process, enhance decision-making tools, and handle large quantities of
data for a more effective decision. For instance, in June 2023, according to Forbes,
a US-based business magazine, approximately 432,000 UK organizations, or one in
six, have adopted at least one AI technology. Further, at least one AI
technology has been adopted by 68% of large businesses, 33% of medium-sized
businesses, and 15% of small businesses. Therefore, the increasing adoption of
artificial intelligence (AI) will drive machine learning (ML) in the
pharmaceutical industry.
Market Trends -
Major companies operating in machine learning (ML) in the pharmaceutical
industry are focusing on developing user-friendly software platforms, such as
drug discovery software, to improve their drug discovery capabilities. Drug
discovery software is a broad term encompassing a variety of specialized tools
and platforms used throughout the process of identifying and developing new
pharmaceutical drugs. For instance, in December 2023, Merck & Co. Inc., a
US-based pharmaceutical company, launched the AIDDISON drug discovery software,
which is the first software-as-a-service platform that integrates drug
discovery and synthesis using generative AI, machine learning, and
computer-aided drug design. This platform enables laboratories to identify
suitable drug candidates in a vast chemical space, virtually screen compounds
from a universe of over 60 billion chemical targets, and evaluate synthesis
routes for safer, more cost-effective, and higher-yield drug manufacturing.
The machine learning (ml) in the pharmaceutical industry market covered in this
report is segmented –
1) By Component: Solution, Services
2) By Component: Cloud, On-premise
3) By Enterprise Size : Small and Medium Enterprises (SMEs), Large Enterprises
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Regional Insights -
North America was the largest region in the machine learning in the
pharmaceutical industry market in 2023. Asia-Pacific is expected to be the
fastest-growing region in the forecast period. The regions covered in the
machine learning (ml) in the pharmaceutical industry market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South America,
Middle East, Africa.
Key Companies -
Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Dell Technologies Inc.,
Hitachi Ltd., International Business Machines Corporation, Cisco Systems Inc.,
Oracle Corporation, Honeywell International Inc., Hewlett Packard Enterprise,
NVIDIA Corporation, Thales SA, Atos SE, Hexagon AB, Palantir Technologies Inc.,
Verient Systems Inc., Alteryx Inc., Comet ML Inc., GAVS Technologies, NEC
Corporation, Veritone Inc., H2O.ai Inc., Sparkcognition Inc., Akira AI, Deep
Genomics Inc., Cloud Pharmaceuticals Inc., Atomwise Inc., Cyclica Inc.,
BioSymetrics Inc., Neptune Labs
Table of Contents
1. Executive Summary
2. Machine Learning (ML) in The Pharmaceutical Industry Market Report Structure
3. Machine Learning (ML) in The Pharmaceutical Industry Market Trends And
Strategies
4. Machine Learning (ML) in The Pharmaceutical Industry Market – Macro Economic
Scenario
5. Machine Learning (ML) in The Pharmaceutical Industry Market Size And Growth
…..
27. Machine Learning (ML) in The Pharmaceutical Industry Market Competitor
Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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