Artificial Intelligence in Precision Medicine Market - By Technology (Deep Learning, Natural Language Processing, Context-Aware Processing), Component (Software, Hardware, Service), Application (Oncology, Cardiology), Global Forecast, 2023 - 2032

Artificial Intelligence in Precision Medicine Market - By Technology (Deep Learning, Natural Language Processing, Context-Aware Processing), Component (Software, Hardware, Service), Application (Oncology, Cardiology), Global Forecast, 2023 - 2032

 Artificial Intelligence in Precision Medicine Market Size

Artificial Intelligence in Precision Medicine Market size accounted for USD 1.2 billion in 2022 and is estimated to grow at 30.8% to reach USD 17.1 billion by 2032. The increasing investment in research and development (R&D) and the rising need for personalized medications are fuelling the market growth. Global precision medicine market is projected to register a CAGR of over 11.5% in the forecast period.
 

Also, collaboration among major companies is playing a significant role in driving the expansion of the industry. For instance, in January 2023, Sanofi collaborated with Exscientia to develop AI-driven pipeline of precision-engineered medicines. The collaboration aimed to jointly develop up to 15 innovative small molecule candidates in the fields of oncology and immunology. This collaboration leverage Exscientia’s AI-based capabilities and personalised medicine platform from target identification through patient selection.
 

Artificial intelligence (AI) in precision medicine refers to the utilization of advanced computational algorithms and technologies to analyse complex healthcare data and enhance patient care and treatment decisions. AI in precision medicine also has the potential to expedite drug discovery and development, optimizing research efforts and bringing innovative therapies to market more efficiently.
 

COVID-19 Impact

The COVID-19 pandemic had a positive impact on the AI in precision medicine market. The healthcare industry had witnessed an increased emphasis on leveraging AI technologies to combat the challenges posed by the pandemic. AI has played a crucial role in areas such as diagnosis, treatment development, drug discovery, and patient management during the COVID-19 crisis. Moreover, the integration of AI algorithms has enabled the analysis of large datasets for accurate and rapid diagnosis of COVID-19 cases.
 

Furthermore, AI-powered solutions have facilitated the development of potential therapeutics and vaccines by identifying drug candidates and expediting the drug repurposing process. Such factor has escalated the market progression. Additionally, AI has enabled personalized treatment strategies and remote patient monitoring through telemedicine, chatbots, and virtual assistants. This has created promising opportunities for both established companies and emerging players in the broader market.
 

Artificial Intelligence in Precision Medicine Market Trends

Rising adoption of artificial intelligence in healthcare research areas is expected to be a significant growth factor for the market. Researchers and healthcare professionals are increasingly recognizing the potential of AI in revolutionizing the way diseases are understood, diagnosed, and treated, thereby fostering the market revenue. Moreover, AI technologies such as machine learning and deep learning are being utilized to analyse vast amounts of medical data and identify patterns, correlations, and insights that can drive precision medicine approaches. This adoption of AI in research areas enables faster and more accurate data analysis, leading to advancements in disease understanding, drug discovery, and personalized treatment development.
 

AI in Precision Medicine Market Restraint

Security concerns regarding patient data may hamper the market share. As AI systems rely on vast amounts of patient sensitive information such as social security numbers, insurance IDs, addresses and medical details, ensuring the privacy and security of this data becomes paramount. The potential risks of data breaches, unauthorized access, and misuse pose significant challenges to the widespread adoption of AI in precision medicine thus, slow down the market growth. Furthermore, strict regulatory frameworks, such as HIPAA in the U.S., impose stringent requirements for data protection, further complicating the implementation of AI solutions.
 

Artificial Intelligence in Precision Medicine Market Analysis

By technology, the artificial intelligence in precision medicine market is classified into deep learning, natural language processing, context-aware processing, and querying method. The deep learning segment accounted for 36.5% of the market share in 2022 and is projected to witness robust growth over the analysis timeframe. Deep learning has emerged as a powerful technology in analysing complex and large-scale datasets in the healthcare industry. Its ability to automatically learn and extract high-level representations from data has significant implications for precision medicine, thereby accelerating the market growth. Furthermore, the increasing availability of healthcare data, advancements in computational power, and the development of advanced deep learning models are fuelling the adoption of deep learning in precision medicine thus, boosting the market size.
 

By component, the AI in precision medicine market is classified into software, hardware, and service. The software segment accounted for 53.4% of the business share in 2022 and is projected to witness robust growth over the analysis timeframe. The increasing adoption of AI-based software solutions for precision medicine by healthcare institutions, payers, patients, and providers is anticipated to boost the software segment growth in the market. The advancements in machine learning algorithms, natural language processing, and data integration techniques have enhanced the performance and capabilities of AI software, further driving its growth in precision medicine applications. Furthermore, the increasing collaboration between technology firms, healthcare providers, and research institutions will also contribute to the expansion of the software segment.
 

Based on application, the artificial intelligence in precision medicine market is segmented into oncology, cardiology, neurology, respiratory, and other applications. The oncology segment is expected to register around USD 5.7 billion by 2032. The growing prevalence of cancer cases and the increasing complexity of genomic data are two significant factors expected to drive market progress. For instance, according to the National Institutes of Health (NIH) report, in 2023, 1.9 million new cancer cases and 609,820 cancer deaths are projected to occur in the U.S. only. Therefore, integration of AI in oncology is expected to contribute to more accurate and faster diagnosis of cancer, leading to enhanced patient outcomes.
 

North America artificial intelligence in precision medicine market accounted for 51.9% revenue share in 2022 and is anticipated to grow at considerable growth rate during the forecast timeframe. Increasing prevalence of chronic diseases, such as cancer, cardiovascular conditions, and respiratory disorders will drive the market growth. For instance, according to the American Lung Association report, in 2020, 12.5 million people, or 5.0% of adults, reported a diagnosis of COPD (chronic obstructive pulmonary disease). Thus, increasing usage of artificial intelligence in the treatment and diagnosis of chronic diseases will escalate the market growth.
 

Artificial Intelligence in Precision Medicine Market Share

Major market players operating in the artificial intelligence in precision medicine market include

• Intel Corporation
•  GE Healthcare,
• Sanofi
•  NVIDIA Corporation,
• Microsoft,
• IBM Corporation

 These industry players majorly adopt various strategies including collaborations, acquisitions, mergers, and partnerships to create a global footprint and sustain market competition.
 

Artificial Intelligence in Precision Medicine Industry News

• In March 2023, Google Cloud launched two new artificial intelligence (AI)-based life sciences solutions to accelerate drug discovery and precision medicine for pharmaceutical firms, biotech companies, and other stakeholders. The target & lead identification suite is designed to help research teams more effectively identify amino acid function. This strategy is expected to enhance its service offering in market and assist in strengthening the market position.
   
• In November 2022, Maryland-based MedStar Health partnered with Zephyr AI, Inc., a precision medicine technology company to leverage artificial intelligence (AI)-enabled precision medicine tools to improve outcomes for chronic diseases. This strategy helped the company to expand their service offering.
   

The artificial intelligence (AI) in precision medicine market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments

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By Technology

• Deep Learning
• Natural Language Processing
• Context-Aware Processing
• Querying Method

By Component

• Software
• Hardware
• Service

Application

• Oncology
• Cardiology
• Neurology
• Respiratory
• Other Applications

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of Middle East & Africa