Overview and Scope
Artificial intelligence in precision medicine refers to leveraging sophisticated computation and inference to generate insights, enabling the system to reason and learn and helping healthcare professionals make decisions through augmented intelligence. Artificial intelligence in precision medicine is used to optimize diagnosis, therapeutic intervention, and prognosis in healthcare.
Sizing and Forecast
The artificial intelligence (ai) in precision medicine market size has grown exponentially in recent years. It will grow from $1.82 billion in 2023 to $2.37 billion in 2024 at a compound annual growth rate (CAGR) of 30.2%. The growth in the historic period can be attributed to increasing healthcare data availability, rising chronic disease burden, genomic research advancements, growing emphasis on personalized medicine, improved computational power.
The artificial intelligence (ai) in precision medicine market size is expected to see exponential growth in the next few years. It will grow to $6.86 billion in 2028 at a compound annual growth rate (CAGR) of 30.4%. The growth in the forecast period can be attributed to expansion of precision medicine initiatives, rising demand for predictive analytics in healthcare, growth in genomics-based therapies, increased funding for ai in precision medicine research. Major trends in the forecast period include ai-driven biomarker discovery, increased use of natural language processing in healthcare, enhanced patient stratification through ai, ai-enabled clinical trial optimization, personalized treatment plans using ai-based decision support systems.
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Segmentation & Regional Insights
The artificial intelligence (ai) in precision medicine market covered in this report is segmented –
1) By Component: Hardware, Software, Service
2) By Technology: Deep Learning, Querying Method, Natural Language Processing, Context Aware Processing
3) By Therapeutic Application: Oncology, Cardiology, Neurology, Respiratory, Other Therapeutic Applications
North America was the largest region in the artificial intelligence (AI) in precision medicine market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (ai) in precision medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The high prevalence of chronic illnesses and respiratory disorders is expected to propel the growth of artificial intelligence in the precision medicine market going forward. Chronic illnesses refer to a medical condition that lasts longer than a year and requires ongoing medical attention, while respiratory disorders are diseases that affect the airways and the lungs. Artificial intelligence in precision medicine helps in diagnosing and predicting the outcomes for people suffering from respiratory diseases based on clinical data and chest imaging. It is used in precision medicine to treat chronic illnesses because it reduces costs and optimizes resource utilization. For instance, in May 2023, the United Nations, a US-based intergovernmental organization, estimated that chronic diseases such as cardiovascular diseases, cancer, diabetes, and respiratory illnesses would account for 86% of the 90 million deaths by 2050. Additionally, in January 2023, the National Library of Medicine, a US-based medical library operated by the federal government, issued a report predicting a 99.5% increase in Americans with at least one chronic condition from 71.522 million in 2020 to 142.66 million in 2050. Therefore, the high prevalence of chronic illnesses and respiratory diseases will drive artificial intelligence in the precision medicine market.
Key Industry Players
Major companies operating in the artificial intelligence (AI) in precision medicine market report are Alphabet Inc., Microsoft Corporation, Intel Corporation, International Business Machines Corporation, AstraZeneca PLC, Sanofi S.A., NVIDIA Corporation, GE HealthCare Technologies Inc., Illumina Inc., QIAGEN N.V., Helix Inc., Sema4 Holdings Corp., SOPHiA GENETICS SA, Insilico Medicine, BenevolentAI Limited, Fabric Genomics Inc., Tempus Technologies Inc., Enlitic Inc., PathAI Inc., Genuity Science Inc., BERG LLC, Perthera Inc., Vuno Inc., CureMetrix Inc., AITIA International Inc., Zephyr AI, Freenome Inc., PetaGene Ltd., Suki AI Inc., BioXcel Therapeutics Inc.
The artificial intelligence (ai) in precision medicine market report table of contents includes:
1. Executive Summary
2. Artificial Intelligence (AI) in Precision Medicine Market Characteristics
3. Artificial Intelligence (AI) in Precision Medicine Market Trends And Strategies
4. Artificial Intelligence (AI) in Precision Medicine Market – Macro Economic Scenario
5. Global Artificial Intelligence (AI) in Precision Medicine Market Size and Growth
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31. Artificial Intelligence (AI) in Precision Medicine Market Other Major And Innovative Companies
32. Global Artificial Intelligence (AI) in Precision Medicine Market Competitive Benchmarking
33. Global Artificial Intelligence (AI) in Precision Medicine Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Artificial Intelligence (AI) in Precision Medicine Market
35. Artificial Intelligence (AI) in Precision Medicine Market Future Outlook and Potential Analysis
36.Appendix
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