PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1351393
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1351393
Machine Learning in the Life Sciences Market size was valued at USD 1,807.4 Million in 2022, expanding at a CAGR of 22.9% from 2023 to 2030.
Artificial intelligence, which is widely defined as a machine's capacity to mimic intelligent human behavior, includes the subfield of machine learning. Artificial intelligence (AI) systems are used to carry out complicated tasks like how people solve issues. AI and ML will assist life sciences companies in the future in developing treatments more quickly and effectively, lowering the costs of healthcare while increasing accessibility for patients. These technologies will work in conjunction with machine learning (ML) and natural language processing, which enable the algorithms to learn from experiences.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market over the forecast period due to the increased demand for artificial intelligence (AI) solutions from nearly all life sciences applications. Additionally, the large number of pharmaceutical firms and the increased demand for American pharmaceutical exports globally are encouraging businesses to engage in R&D operations. For instance, according to the United Nations COMTRADE database on global commerce, the United States exported pharmaceutical products worth US$83.49 billion in 2022. Thus, the aforementioned stats propel the market growth during the forecast period.
The key players operating in the market are: Atomwise Inc, Insilico Medicine Inc., IBM Corporation, AiCure LLC, Nuance Communications Inc., Sensely Inc., Sophia Genetics SA, NuMedii Inc., Enlitic Inc., Apixio Inc., Zebra Medical Vision and twoXAR Inc.
In May 2023, two new AI-powered life sciences solutions from Google Cloud have been introduced to help biotech businesses, pharmaceutical corporations, and government agencies speed up drug development and precision medicine. The Multiomics Suite expedites the identification and analysis of genetic data, assisting businesses in the development of precision medicines. The Target and Lead Identification Suite aids researchers in better understanding the role of amino acids and predicting the structure of proteins.
This proposed research study on Machine Learning in the Life Sciences market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The report provides the client the latest up-to-date and trending insights about the Machine Learning in the Life Sciences market.
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Machine Learning in the Life Sciences market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Machine Learning in the Life Sciences market
Impact of COVID-19 on Machine Learning in the Life Sciences market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Machine Learning in the Life Sciences market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Machine Learning in the Life Sciences market, we have also included competitive landscape and key innovator analysis for the Machine Learning in the Life Sciences market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Machine Learning in the Life Sciences market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Machine Learning in the Life Sciences market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows: