Machine Learning in Pharmaceutical Market size is set to register remarkable growth rate during the forecast period i.e., between 2024-2036. 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.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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Regional Scope |
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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.
Our in-depth analysis of the global market includes the following segments:
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Application |
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On the basis of geographical analysis, the machine learning in pharmaceutical 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 is predicted to account for largest revenue share by 2036, 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.
Author Credits: Abhishek Verma
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