According to recent findings, the Global Artificial Intelligence (AI) in Precision Medicine Market size was valued at USD 1.7 billion in 2023 and is projected to reach USD 14.5 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 27% during the forecast period, i.e., 2024-30.
At MarkNtel Advisors, we continuously monitor and analyze industry trends to provide reliable insights that support informed decision-making and the key factors contributing to the market's promising outlook.
Artificial Intelligence (AI) in Precision Medicine Overview:
Asthma chronic obstructive pulmonary disease (COPD) are most in the world responsible for high mortality rates. Ultimately, the need for AI in assessing the role of abnormally expressed genes identifying potential novel targets for life-changing precision medicines has been greater than before. As a result, the Market has been experiencing positive growth trends. For instance, in 2023 COPD remained the 3rd leading cause of death worldwide as the WHO reported.
Further, the number of genomic research projects has been increasing with significant funding from government private research bodies. Such research projects collect large volumes of genomic datasets and thereby make it easier for scientists to develop tailored treatments with enhanced efficacy minimal side effects. This eventually, drives the adoption of AI to analyze the vast amount of genomic clinical data to understand the genetic basis of disease develop precision treatments. As a result, the market for AI in Precision Medicine has been expanding globally. For instance,
- In 2023, the Canadian government announced plans to establish the Canadian Genome Library for easier sharing of genomic data across the country with an investment amount of USD 15 million.
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Artificial Intelligence (AI) in Precision Medicine Outlook and Future Trends :
Increasing AI Utilisation for Identifying Tailored Therapies for Rare Disease Patients – There has been a lack of treatments available for nearly all known rare disorders of the liver, muscle, and central nervous system. As healthcare is revolving newer technologies like AI have become accessible, the focus has shifted towards developing precision genetic medicines for patients with such rare conditions. Precision medicine when utilized along with AI allows researchers to better understand the fundamental biology of rare diseases, identify new molecular drug targets, and more importantly accelerate the pace of drug discovery development for new treatment options. Ultimately, major pharmaceutical players like Pfizer, Astra Zeneca, and others have been actively leveraging AI technologies for the research development of precision medicine for rare diseases. Moreover, increasing government support in the form of funding investments to improve patient access to drugs for rare diseases is further expected to boost AI usage in precision medicine development for rare disease conditions. For example,
- In 2023, Canada’s government invested USD68 million to support collaborative governance, data infrastructure, and research for drugs for rare diseases, basically to improve access to drugs for rare diseases across the country.
Hence, as the focus of companies governments increases on developing tailored therapies for rare disease patients, the market for Artificial Intelligence (AI) in Precision Medicine would be registering positive growth trends.
Global Artificial Intelligence (AI) in Precision Medicine Segmentation Analysis:
By Component
- Hardware- Market Size Forecast 2019-2030, USD Million
- Software- Market Size Forecast 2019-2030, USD Million
- Services- Market Size Forecast 2019-2030, USD Million
According to reports, Out of them, the software category held a considerable market share of the Global Artificial Intelligence (AI) in the Precision Medicine Market during 2019-2023.
By Technology
- Deep Learning- Market Size Forecast 2019-2030, USD Million
- Machine Learning- Market Size Forecast 2019-2030, USD Million
- Querying Method- Market Size Forecast 2019-2030, USD Million
- Natural Language Processing- Market Size Forecast 2019-2030, USD Million
- Context-Aware Processing- Market Size Forecast 2019-2030, USD Million
By Therapeutic Application
- Oncology- Market Size Forecast 2019-2030, USD Million
- Neurosciences- Market Size Forecast 2019-2030, USD Million
- Cardiology- Market Size Forecast 2019-2030, USD Million
- Hematological Diseases- Market Size Forecast 2019-2030, USD Million
- Autoimmune Diseases- Market Size Forecast 2019-2030, USD Million
- Others (Respiratory, Kidney Diseases, etc.)- Market Size Forecast 2019-2030, USD Million
According to reports, Out of all, the cardiology category expects to grow with a considerable market share of Global AI in Precision Medicine Market.
By Region
- North America
- South America
- Europe
- The Middle East Africa
- Asia-Pacific.
According to reports, North America expects to hold a prominent market share of Global Artificial Intelligence (AI) in Precision Medicine Market, among all regions.
For deeper insights into the market, explore the summary of the research report – https://www.marknteladvisors.com/research-library/global-artificial-intelligence-in-precision-medicine-market.html
Some of the Market players in the Global Artificial Intelligence (AI) in Precision Medicine are:
- Tempus
- Intel Corporation
- Zephyr AI
- IBM
- NVIDIA Corporation
- Intuz
- Google LLC
- Persistent Systems
- Owkin, Inc.
- GE Healthcare
- Insilico Medicine
- Atomwise
- BioXcel Therapeutics
- Sanofi
Artificial Intelligence (AI) in Precision Medicine Recent Development:
- 2024: Zephyr AI raised funding of USD111 million to advance its to advance its artificial intelligence (AI) platform for precision medicine.
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