The Machine Learning (ML) in The Pharmaceutical Industry Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Machine Learning (ML) in The Pharmaceutical Industry Global Market Report 2024, 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.
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.
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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
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 report table of contents includes:
1. Executive Summary
2. Machine Learning (ML) in The Pharmaceutical Industry Market Characteristics
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. Global Machine Learning (ML) in The Pharmaceutical Industry Market Size and Growth
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26. South America Machine Learning (ML) in The Pharmaceutical Industry Market
27. Brazil Machine Learning (ML) in The Pharmaceutical Industry Market
28. Middle East Machine Learning (ML) in The Pharmaceutical Industry Market
29. Africa Machine Learning (ML) in The Pharmaceutical Industry Market
30. Machine Learning (ML) in The Pharmaceutical Industry Market Competitive Landscape And Company Profiles
Top Major Players:
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