Machine Learning in Pharmaceutical Market Size

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.