Artificial Intelligence (AI) in Precision Medicine Market - Forecasts from 2024 to 2029

The AI in precision medicine market is expected to grow at a CAGR of 27.56%, reaching a market size of US$9.157 billion in 2029 from US$2.711 billion in 2024.

Artificial intelligence (AI) has found its application in various fields, including precision medicine. AI is merging technology with healthcare, propelling the market in the projected period. AI algorithms and machine learning techniques have allowed for the study of massive volumes of patient data, such as genetic profiles, medical records, and lifestyle information, to provide personalized and targeted treatment solutions. AI in the precision medicine market is expanding rapidly as healthcare providers and pharmaceutical firms see its potential to improve patient outcomes, increase diagnosis accuracy, and expedite drug discovery processes. AI-enabled systems can then unveil patterns and connections from such large amounts of data to predict the risk of disease and formulate risk-based therapies. As AI continues to evolve, it holds great promise of reshaping precision medicine in the future since it offers novel ways to implement personalized healthcare approaches and change the paradigm for patient care.

Improvement in data analytics and machine learning algorithms empowers AI to drive growth in the precision medicine market:

The development of data analytics and machine learning algorithms has played an important role in AI in the precision medicine business growth. These developments have enabled healthcare practitioners to process huge and complex datasets, gain valuable insights from them, and construct personalized treatment approaches with much ease. Machine learning algorithms screen for patterns and relationships in patient data that, in turn, support diagnosis, prognosis, and assessment of treatment response of certain diseases. These algorithms are increasingly accurate and more proficient, hastening the use of AI in precision medicine by providing healthcare professionals with strong tools with which to apply targeted and effective therapies to improve patient outcomes.

North America is the market leader in AI in precision medicine.

North America has emerged as the leading market in AI in precision medicine. Several factors contribute to the region's leading position in the market. First, the health infrastructure is well-developed in North America, and so is the pace of technology innovation, thereby favoring the usage of AI in precision medicine. The headquarters of leading pharmaceutical and biotechnology companies are situated in North America, along with research institutes and academic centers. This further strengthens the company's leading position in the market.

Considerable AI research and development investments have been observed in the region, further encouraging innovation in precision medicine. Additionally, North America has a friendly regulatory framework with supportive policies for adopting artificial intelligence in healthcare.

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Report Coverage:

• Historical data & forecasts from 2022 to 2029
• Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
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AI in Precision Medicine market is segmented and analyzed as follows:

By Technology

• Machine Learning
• Natural Language Processing (NLP)
• Deep Learning
• Big Data Analytics
• Others

By Application

• Drug Discovery and Development
• Oncology
• Genetic Testing
• Rare Diseases
• Infectious Diseases
• Others

By End-User

• Pharmaceutical And Biotechnology Companies
• Research Institutes And Academic Centers
• Healthcare Providers
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Taiwan
• Others