PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498733
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498733
Artificial Intelligence in Precision Medicine Market size was valued at USD 1,854.2 Million in 2023, expanding at a CAGR of 20.10% from 2024 to 2032.
Precision medicine has never been the same since artificial intelligence (AI) has made it possible to evaluate enormous volumes of biological, clinical, and lifestyle data to customize medicines and treatments for specific patients. With the use of AI algorithms, precision medicine practitioners can now sift and decipher intricate genetic and molecular data, find patterns, and create individualized predictions regarding a patient's prognosis, likelihood of developing a disease, and reaction to various therapies. Clinical professionals can benefit from AI-powered systems that can forecast probable side effects or problems, make more accurate diagnoses, and choose targeted therapies by integrating data from several sources, including wearables, electronic health records, and genetic sequencing.
Artificial Intelligence in Precision Medicine Market- Market Dynamics
Growing Chronic Diseases Prevalence to Propel Market Growth
Chronic diseases, also known as non-communicable diseases (NCDs), are a broad category of medical ailments that include respiratory disorders, diabetes, cancer, and cardiovascular diseases. Their protracted length, gradual advancement, and constant need for medical care and supervision define them. The World Health Organization (WHO) reports that nearly 71% of deaths worldwide are attributable to chronic diseases, with low- and middle-income nations accounting for an astounding 85% of these deaths. Chronic illnesses have a significant negative socioeconomic impact on people's quality of life, as well as on healthcare systems, workforce productivity, and individual and family quality of life. The healthcare sector has seen a significant transformation due to artificial intelligence, particularly in the areas of machine learning and deep learning. Al is capable of producing predictive models, processing and analyzing enormous datasets, and identifying intricate patterns. With Al's application to precision medicine, more precise diagnoses and individualized therapeutic interventions can be achieved by exploring the complex interactions among genetic composition, illness susceptibility, and treatment outcomes. Genomic research represents one of the major uses of Al in precision medicine. Additionally, the use of Al in precision medicine will probably grow as long as technology keeps developing. Real-time monitoring, wearable technology, and electronic health record integration will all work together to offer Al algorithms a constant stream of data to evaluate, allowing for prompt treatment plan modifications and interventions.
Artificial Intelligence in Precision Medicine Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 20.10% over the forecast period (2024-2032)
Based on technology segmentation, the deep learning category was predicted to show maximum market share in the year 2023
Based on component segmentation, the software category was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Artificial Intelligence in Precision Medicine Market is segmented on the basis of Technology, Component, Therapeutic Application, and Region.
The market is divided into two categories based on technology: Machine Learning, Querying Method, Deep Learning, Context-Aware Processing, and Natural Language Processing. The deep learning category dominates the market. The segment's growth can be attributed to its high processing power, advancements in data center capabilities, and its capacity for automated processes. Modern deep learning algorithms can now integrate and model several data sets from an individual across time and modalities, improving prediction accuracy and therapy recommendations for specific patients.
The market is divided into the following categories based on therapeutic application: Oncology, Neurology, Cardiology, Respiratory, and Others. The oncology category dominates the market and is likely to maintain its dominance during the forecast period. Artificial intelligence (AI) in oncology is expected to drive the industry's growth throughout the projected period by facilitating more rapid and accurate cancer diagnosis, which in turn improves patient income. The major factors that are anticipated to drive the oncology industry are the rising incidence of cancer and the expanding medical infrastructure. Additionally, it is anticipated that there will be a serious scarcity of medical staff-such as doctors and nurses-in hospital facilities, which will raise demand for technology.
Artificial Intelligence in Precision Medicine 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.
Over the course of the forecast period, North America is anticipated to hold the greatest share of the global market for artificial intelligence in precision medicine. The strategic presence of major players, including Abbott, Danone, Targeted Medical Pharma, Inc., Nestle, and Mead Johnson & Company, LLC, is credited with the market's growth. For instance, the biosimulation pioneer Certara, Inc. announced in July 2022 that it would be working with Memorial Sloan Kettering Cancer Center for two years to develop new biosimulation software. Through this partnership, businesses may create a biosimulation platform for the treatment of CAR T cells. Moreover, immune system T-cells that have undergone a special modification are used in CAR T-cell therapy, also referred to as immunotherapy, to treat specific forms of blood cancer.
In addition, the artificial intelligence in precision medicine market is anticipated to expand at the fastest rate in the world during the projected period in Europe because of the population's increasing ability to pay for healthcare and the pace at which technology is developing. The growing government initiatives are fueling the expansion of the regional market. In order to develop innovative cancer detection, diagnosis, and treatment solutions-especially those based on artificial intelligence-innovators and researchers need assistance translating real-world oncology data on the quality and scale required. This is the goal of the European Cancer Imaging Initiative.
Numerous key players, including Intel Corporation, Insilico Medicines, NVIDIA Corporation, Microsoft Corporation, and AstraZeneca, among others, produce goods or introduce novel applications of AI in precision medicine. These companies have developed several strategies to increase their market share. These developments in the market include the introduction of new products, contracts, large investments, mergers and acquisitions, and partnerships with other organizations. One attractive strategy for growing and surviving in the rising market climate is to offer cost-effective products. Furthermore, during the projected period, the market is expected to reach a notable extent due to the product approvals granted by regulatory authorities.
January 2024: The Siemens Healthineers-Computational Data Sciences (CDS) Collaborative Laboratory was launched by Siemens Healthineers and the Indian Institute of Science (IISc) in Bangalore. This is a ground-breaking project that combines artificial intelligence (AI) and precision medicine. Committed to developing open-source AI tools, the CDS collaborative laboratory is focused on progressing in the area of neuroimaging. These will be key instruments in automating the accurate delineation of abnormal findings in neuroimaging data.
March 2023: In order to help pharmaceutical businesses, biotech companies, and other stakeholders expedite drug discovery and precision medicine, Google Cloud has introduced two new artificial intelligence (Al)-based life sciences solutions. Research teams can more accurately identify the role of amino acids with the aid of the target & lead identification suite. It is anticipated that this approach will improve its service portfolio and help to solidify its position in the market.
GLOBAL ARTIFICIAL INTELLIGENCE IN PRECISION MEDICINE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Intel Corporation
Insilico Medicines
NVIDIA Corporation
Zephyr AI
Atomwise Inc
Microsoft Corporation
AtraZeneca
Enlitic Inc.
Modernizing machine Inc.
BioXcel Therapeutics, Inc.
Others