The global machine learning in the pharmaceutical industry market is estimated to grow at a robust CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing amount of big data in the health industry, along with the growth of machine learning. Machine learning is a common form of artificial intelligence (AI), that is extensively used in various end-use industries, such as, BFSI, IT & Telecom, and others. The presence of huge amounts of big data in the pharmaceutical industry, in the form of patient history, clinics and pharmacies records, drug development, and others, is estimated to boost the scope for machine learning in the pharmaceutical industry. With the help of machine learning, it can be possible to predict the result of any drug on a patient, provide personalized treatment, and develop drugs and treatment methods based on patient responses. These beneficial applications of machine learning are estimated to boost the market growth. According to the statistics by the Office of the National Coordinator for Health Information Technology of the United States, as of 2017, around 86% of office-based physicians had adopted electronic health record (HER) system.
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The market is segmented by application into electronic recordkeeping, data integrity, predictive analysis, radiology, and others, out of which, the predictive analysis segment is anticipated to hold the notable share in the market over the forecast period owing to the dire need to predict the biological response of the patient to a certain drug, in order to design better treatment method for the disease. Machine learning can analyze data and overtime predict the possible outcomes. This is estimated to boost the growth of the segment.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global machine learning in the pharmaceutical industry market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period, owing to the presence of major pharmaceutical companies in the region, along with constant advancements in the medical sector. Moreover, the technological sector in the United States and Canada is also experiencing rapid progress and innovation, which is estimated to encourage the adoption of machine learning in the pharmaceutical industry. The market in Asia Pacific region is estimated to witness modest growth over the forecast period on the back of increasing adoption of AI in developing countries, such as, Japan, China, South Korea, Singapore, and others. The technological advancement in these regions is anticipated to boost the market growth.
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The global machine learning in the pharmaceutical industry market is further classified on the basis of region as follows:
Our in-depth analysis of the global machine learning in the pharmaceutical industry market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing adoption of artificial intelligence, and growing need for advanced technology in medical sector to boost the market growth.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2030.
Lack of resources in the developing and under developed countries are estimated to hamper the market growth.
The market in the North America will provide more growth opportunities over the forecast period owing to the growing pharmaceutical industry, along with technical advancements in the region.
The major players in the market are Cyclica Inc., BioSymetrics Inc., Cloud Pharmaceuticals, Inc., Deep Genomics, Atomwise Inc., Alphabet Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, and by region.
The predictive analysis segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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