14 November 2022
The progress of technology and data science over the past few years means that machine learning and AI is now a part of almost every industry. Understanding past trends and patterns is a key aspect of making close to accurate predictions for future situations. Machine learning has greatly impacted every industry by speeding up this process and improving the accuracy of predictions and forecasts.
Between 2022 and 2030, the global machine learning in the life sciences market is expected to grow rapidly. In fact, as a whole, the market for machine learning behaved very differently from a lot of other markets over the past few years - particularly during the COVID-19 period. Where other industries faced declines and stagnation, there was a staggering demand for machine learning across all regions, and had much greater growth between 2020 and 2019.
When it comes to life sciences, the industry is still at its base level. There is a great amount of potential and improvement still possible, and plenty more to go in the long-run. Machine learning and artificial intelligence is proving to be a tipping point for growth in the life sciences market. Not only does it allow for more accurate predictions and a better understanding of the life sciences, but in many cases becomes a crucial element to saving lives - particularly in the medical and drug discovery sector.
The different players in the global machine learning in the life sciences market are investing in adopting AI and ML based technologies at a rapid rate, since the competitiveness of the market now demands the use of these two technologies. There is also an increasing amount of applications for AI - and thus, ML - in analyzing datasets that enhance drug discovery and develop personalized medicines for specific problems.
Currently, the largest share of the global machine learning in life sciences market is in North America, while the fastest growing region is Europe.
The major segments in the market are:
In terms of offering, the software segment dominated the market in 2021, because of the growing need for storage, management, analysis and sharing of important data in drug discovery and clinical trials. With the rise of big data and analytics, the demand for AI and ML software is also growing. Software is also a recurring revenue stream, and thus the major revenue contributor towards global machine learning in life sciences market.
Due to lack of understanding around how machine learning works, life sciences professionals also need third party service providers who can run the software itself to get meaningful insights and analysis out of it.
In terms of deployment, the growing use of the internet, cloud-based services and servers are also leading to the growth of deployment of machine learning models via cloud services. This segment has a high growth rate, and is forecasted to keep growing until 2030.
In 2021, the application of machine learning models was greatest in drug discovery and development. Since chronic and genetic diseases are prevalent and growing, the investments towards drug discovery are also growing, and thus machine learning models are being used widely in pharma and biotech companies for new and innovative drugs.
However, clinical trials are considered to be the most opportunistic in terms of application, since drug discovery growth resulted in a greater number of clinical trials as the drugs were developed, and this is expected to keep growing over the forecast period.
To provide a clearer idea on the current state of the global machine learning in the life sciences market, the Douglas Insights report contains a full analysis. The report goes over the current market potential, as well as projections for the future, and provides a detailed analysis of the competitive environment, what regulations are in place as well as key drivers. It also looks at the restraints, opportunities and trends within the global machine learning in the life sciences market.
The report considers the projections for the market from 2022 to 2027 and takes a detailed look at ML technologies as they are used in the life sciences sector. It identifies the key players in the market and the current status of the market itself, as well as providing forecasts for growth over the next five years.
The report highlights the major challenges and advances from a scientific perspective as well as the latest trends. Being a sensitive field, there are a number of government regulations in place and these are also addressed.
The industry is also frequently affected by a number of different factors worldwide, which are taken into account in the analysis, as well as the recent patents and collaborations between players.
Machine learning in life sciences technologies are constantly growing as new discoveries and algorithms come to the surface, affecting the present and future market status and any growth forecasts. By taking a look at these factors, it is easier for organizations involved in the industry to make smart decisions at the right time to gain a competitive advantage.
The report includes 32 data tables, and 28 additional ones. It looks at all the factors affecting the market, as highlighted above, and also identifies the major stakeholders and competitors within the industry, and how they affect development and segmental revenues.
There is also an emphasis on the growth strategies that are adopted by the major players within the global market, such as Alteryx Inc, KNIME AG, Microsoft Corp and others. This also affects the market share and growth, and these factors are taken into account.
With the rapid growth in ML technologies, the Douglas Insights report on the global machine learning in the life sciences market is a necessity for any organization in the industry to make good business decisions and improve performance.
For more details and insights, the report can be accessed here.
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