Machine Learning (ML) in The Pharmaceutical Industry Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends

"The Business Research Company recently released a comprehensive report on the Global Machine Learning (ML) in The Pharmaceutical Industry Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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.

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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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

Machine Learning (ML) in The Pharmaceutical Industry Market 2024 Key Insights:

• The machine learning (ml) in the pharmaceutical industry market is expected to grow to $10.2 billion in 2028 at a compound annual growth rate (CAGR) of 35.7%.
• Transformative Role Of Artificial Intelligence (AI) And Machine Learning (ML) In The Pharmaceutical Industry
• Cutting-Edge AI-Integrated Platforms Unveiled By Major Players In The Pharmaceutical Industry
• North America was the largest region in the machine learning in the pharmaceutical industry market in 2023

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