Machine Learning in the Life Sciences Market, By Component, By Application, By End User, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2023-2030
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.
Machine Learning in the Life Sciences Market - Market Dynamics:
Increasing uses of AI technologies drive the market growth
Machine learning is becoming a crucial instrument in the healthcare sector for disseminating the most recent information on the safety of the products used in healthcare. The majority of life science businesses are eager to improve drug labels (such as package inserts and patient information leaflets) to more effectively communicate safety information, particularly when it comes to offering customized medication. This element is also causing the need for an updated reference label, which is essential for safety reasons. This label must take into account several factors before being submitted to the relevant health authority, including artwork printing, manufacturing run dates, and so on. Additionally, corporations' SOP schedules set submission due dates that are stricter than those required by health authorities, which adds to the burden and expense. To establish the best submission date for the items and ensure their safety, the corporation combined its data points that were gathered with machine learning. Thus, this is expected to drive market growth during the forecast period.
Machine Learning in the Life Sciences Market - Key Insights:
As per the analysis shared by our research analyst, the global Machine Learning in the Life Sciences market is estimated to grow annually at a CAGR of around 22.9% over the forecast period (2023-2030)
Machine Learning in the Life Sciences industry is projected to grow at a significant rate owing to the growing investment in advanced technologies by the life science industries.
Based on the application, the clinical research and trials segment is expected to dominate the market during the forecast period.
Based on region, North America is expected to dominate the market over the forecast period.
Machine Learning in the Life Sciences Market- Segmentation Analysis:
The Global Machine Learning in the Life Sciences Market is segmented based on component, application, end user and Region.
Based on the application, the global Machine Learning in the Life Sciences market is segmented into drug discovery and development, precision medicine, genomics and proteomics, medical imaging and diagnostics and clinical research and trials. The clinical research and trials segment is expected to dominate the market during the forecast period. One of the life sciences sector's most data-intensive responsibilities is conducting clinical studies. They produce enormous amounts of data every day while keeping an eye on various patient characteristics. Researchers can find relevant connections between loosely connected data by running these data sets through sophisticated AI systems. This motivates several pharmaceutical firms and clinical research institutions to spend money on cutting-edge tools like artificial intelligence. In the current market environment, the pharmaceutical industry, which conducts over 50% of all clinical trials worldwide each year, is extensively observing the rapid adoption of AI. Thus, driving the segment expansion over the forecast period.
Machine Learning in the Life Sciences Market- Geographical Insights
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$83.49 billion in 2022. Thus, the aforementioned stats propel the market growth during the forecast period.
Machine Learning in the Life Sciences Market- Competitive Landscape:
The key players operating in the market are: Atomwise Inc, Insilico Medicine Inc., IBM Corporation, AiCure LLC, Nuance Communications Inc., Sensely Inc., Sophia Genetics SA, NuMedii Inc., Enlitic Inc., Apixio Inc., Zebra Medical Vision and twoXAR Inc.
Recent Developments:
In May 2023, two new AI-powered life sciences solutions from Google Cloud have been introduced to help biotech businesses, pharmaceutical corporations, and government agencies speed up drug development and precision medicine. The Multiomics Suite expedites the identification and analysis of genetic data, assisting businesses in the development of precision medicines. The Target and Lead Identification Suite aids researchers in better understanding the role of amino acids and predicting the structure of proteins.
Key features of the study:
This proposed research study on Machine Learning in the Life Sciences market provides market size (US$ 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
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL MACHINE LEARNING IN THE LIFE SCIENCES MARKET KEY PLAYERS
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
twoXAR Inc.
GLOBAL MACHINE LEARNING IN THE LIFE SCIENCES MARKET, BY COMPONENT
Software
Services
GLOBAL MACHINE LEARNING IN THE LIFE SCIENCES MARKET, BY APPLICATION
Drug Discovery and Development
Precision Medicine
Genomics and Proteomics
Medical Imaging and Diagnostics
Clinical Research and Trials
GLOBAL MACHINE LEARNING IN THE LIFE SCIENCES MARKET, BY END USER
Pharmaceutical and Biotechnology Companies
Academic and Research Institutions
Healthcare Providers
Contract Research Organizations (CROs)
GLOBAL MACHINE LEARNING IN THE LIFE SCIENCES MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. Machine Learning in the Life Sciences Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Machine Learning in the Life Sciences Market Snippet by Component
2.1.2. Machine Learning in the Life Sciences Market Snippet by Application
2.1.3. Machine Learning in the Life Sciences Market Snippet by End User
2.1.4. Machine Learning in the Life Sciences Market Snippet by Country
2.1.5. Machine Learning in the Life Sciences Market Snippet by Region
2.2. Competitive Insights
3. Machine Learning in the Life Sciences Key Market Trends
3.1. Machine Learning in the Life Sciences Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Machine Learning in the Life Sciences Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Machine Learning in the Life Sciences Market Opportunities
3.4. Machine Learning in the Life Sciences Market Future Trends
4. Machine Learning in the Life Sciences Industry Study
4.1. PEST Analysis
4.2. Porter's Five Forces Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. Machine Learning in the Life Sciences Market: COVID-19 Impact Analysis
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top Performing Segments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. Machine Learning in the Life Sciences Market Landscape
6.1. Machine Learning in the Life Sciences Market Share Analysis, 2022
6.2. Breakdown Data, by Key Manufacturer
6.2.1. Established Players' Analysis
6.2.2. Emerging Players' Analysis
7. Machine Learning in the Life Sciences Market - By Component
7.1. Overview
7.1.1. Segment Share Analysis, By Component, 2022 & 2030 (%)
7.1.2. Software
7.1.3. Services
8. Machine Learning in the Life Sciences Market - By Application
8.1. Overview
8.1.1. Segment Share Analysis, By Application, 2022 & 2030 (%)
8.1.2. Drug Discovery and Development
8.1.3. Precision Medicine
8.1.4. Genomics and Proteomics
8.1.5. Medical Imaging and Diagnostics
8.1.6. Clinical Research and Trials
9. Machine Learning in the Life Sciences Market - By End User
9.1. Overview
9.1.1. Segment Share Analysis, By End User, 2022 & 2030 (%)
9.1.2. Pharmaceutical and Biotechnology Companies
9.1.3. Academic and Research Institutions
9.1.4. Healthcare Providers
9.1.5. Contract Research Organizations (CROs)
10. Machine Learning in the Life Sciences Market- By Geography
10.1. Introduction
10.1.1. Segment Share Analysis, By Geography, 2022 & 2030 (%)
10.2. North America
10.2.1. Overview
10.2.2. Machine Learning in the Life Sciences Key Manufacturers in North America
10.2.3. North America Market Size and Forecast, By Country, 2018 - 2030 (US$ Million)
10.2.4. North America Market Size and Forecast, By Component, 2018 - 2030 (US$ Million)
10.2.5. North America Market Size and Forecast, By Application, 2018 - 2030 (US$ Million)
10.2.6. North America Market Size and Forecast, By End User, 2018 - 2030 (US$ Million)