North America Machine Learning in Pharmaceutical Industry Market Size, Share & Industry Trends Analysis Report By Component (Solution and Services), By Deployment Mode (Cloud and On-premise), By Organization size, By Country and Growth Forecast, 2023 - 2029
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Market Report Description
The North America Machine Learning in Pharmaceutical Industry Market would witness market growth of 33.0% CAGR during the forecast period (2023-2029).
Artificial intelligence (AI) algorithms and statistical models are employed in the pharmaceutical business to analyze enormous datasets to find patterns and relationships that can be utilized to improve decisions about drug development, clinical trials, and patient care. The pharmaceutical sector is rapidly using machine learning (ML) to support discovering and development of new drugs. ML approaches can be used to evaluate vast volumes of data, including genomes, proteomics, and metabolomics data, to find new therapeutic targets and possible drug candidates.
The effectiveness of possible drug candidates can also be predicted using machine learning (ML) algorithms, which can aid researchers in prioritizing which drug candidates to proceed with during the drug development process. As a result, lowering the number of medication candidates that must be examined in clinical trials can save time and resources. By accelerating, streamlining, and improving the delivery of new medications to patients, the application of ML in drug research and development has the potential to transform the pharmaceutical business completely.
The Canadian government has provided funding for eHealth programs, such as the First Ministers' Agreements. Health Canada has put policy concerns and challenges at the top of its list of things to do to integrate eHealth services into Canada's healthcare system and track how they are being deployed and invested. Thus, the rising use of eHealth in the region is expected to surge the utilization of machine learning in the pharmaceutical to access the patient's database better and provide precise remedies to them, which will boost the market growth in North America.
The US market dominated the North America Machine Learning in Pharmaceutical Industry Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $3,336.6 million by 2029. The Canada market is poised to grow at a CAGR of 35.6% during (2023 - 2029). Additionally, The Mexico market would witness a CAGR of 35.2% during (2023 - 2029).
Based on Component, the market is segmented into Solution and Services. Based on Deployment Mode, the market is segmented into Cloud and On-premise. Based on Organization size, the market is segmented into Large Enterprises and SMEs. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Machine Learning in Pharmaceutical Industry Market is Projected to reach USD 11.4 Billion by 2029, at a CAGR of 34.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC (Alphabet, Inc.), NVIDIA Corporation, IBM Corporation, Microsoft Corporation, Cyclica, Inc., BioSymetrics Inc., Cloud Pharmaceuticals, Inc., Deep Genomics Incorporated and Atomwise, Inc.
Scope of the Study
Market Segments Covered in the Report:
By Deployment Mode
- On premise
By Organization size
- Large Enterprises
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Google LLC (Alphabet, Inc.)
- NVIDIA Corporation
- IBM Corporation
- Microsoft Corporation
- Cyclica, Inc.
- BioSymetrics Inc.
- Cloud Pharmaceuticals, Inc.
- Deep Genomics Incorporated
- Atomwise, Inc.
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