Global Machine Learning in Pharmaceutical Industry Market to Generate $26,151.8 Million by 2031, Due to Growing Data Generation in Medical Sector

Machine learning in pharmaceutical industry can help in various ways including easier and quicker disease diagnosis, simplified drug discovery, accurate clinical trials, and advanced medical record-keeping. Using predictive analysis techniques, machine learning can help in identifying the discrepancies at each stage and help in solving them by adopting ingenious solutions.

Forecast Analysis of the Machine Learning in Pharmaceutical Industry Market

The increasing volume of data generated by the medical and healthcare sector is expected to be the primary growth driver of the global machine learning in pharmaceutical industry market in the forecast years. Along with this, increasing adoption of machine learning to accelerate the drug discovery processes is expected to push the market further. Also, personalized treatment/behavioral modification is predicted to offer numerous investment and growth opportunities to the market in the analysis timeframe. However, the regulatory and legal challenges over machine learning may restrain the growth of the machine learning in pharmaceutical industry market in the forecast period.

Regionally, the machine learning in pharmaceutical industry market in the North America region is expected to be the most dominant by 2031. The growing development of cutting-edge technologies in machine learning in the United States of America is anticipated to become the main growth driver of the market in this region.

According to the report published by Research Dive, the global machine learning in pharmaceutical industry market is expected to gather a revenue of $26,151.8 million by 2031 and grow at 37.9% CAGR in the 2022-2031 timeframe. Some prominent market players include Cyclica Inc., Atomwise Inc., International Business Machines Corporation, BioSymetrics Inc., Alphabet Inc., Microsoft Corporation, Cloud Pharmaceuticals, Inc., NVIDIA Corporation, IBM, Deep Genomics, and many others.

Covid-19 Impact on the Machine Learning in Pharmaceutical Industry Market

The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The machine learning in pharmaceutical industry market, however, has been an exception. Machine learning and similar technologies were increasingly being used during the pandemic for quicker drug discovery and completing the clinical trials accurately and in a shorter time span. This increased the demand for machine learning techniques in the medical sector which helped the market to grow in the pandemic period.

Significant Market Developments

The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the machine learning in pharmaceutical industry market to flourish. For instance:

• In January 2023, Microsoft, a global technology giant, announced a collaboration with VinBrain, Vietnam’s leading healthcare software company. This collaboration is aimed at introducing artificial intelligence in the healthcare sector and developing smart data sharing platforms. This collaboration is expected to help both the companies to expand their market share in the long run.
   
• In March 2023, Medtronic, a global medical device company, announced that it was partnering with NVIDIA, a leading technology. This partnership is aimed at building a “smart” AI-powered platform for medical devices. This collaboration will help both the companies to cater to the demands of the medical sector comprehensively in the near future.
   
• In May 2023, Recursion Pharmaceutical, a leading biotechnology company, announced the acquisition of two preclinical trials firms, Cyclica and Valance. This acquisition by Recursion has been done with the aim of introducing predictive analysis techniques during clinical trials of drug development. The acquisition is predicted to help Recursion immensely in the coming period.