What are the Historical Developments and Current Growth Metrics of the Artificial Intelligence (AI) in Precision Medicine Market?
The artificial intelligence (ai) in precision medicine market has seen considerable growth due to a variety of factors.
•The market size for artificial intelligence (AI) in precision medicine has seenrapid growth in the past few years. It is projected to rise from $2.33 billion in 2024 to $3 billion in 2025, registering a compound annual growth rate (CAGR) of 28.9%.
Factors contributing to this surge during the historical period include increased access to healthcare data, escalating burden of chronic diseases, advancement in genomic research, rising focus on individualized medicine, and enhanced computational capacity.
What Does Future Hold for The Artificial Intelligence (AI) in Precision Medicine Market Size?
The artificial intelligence (ai) in precision medicine market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for artificial intelligence (AI) in precision medicine is forecasted to experience significant expansion in the coming years, anticipated to reach $9.18 billion in 2029 with a compound annual growth rate (CAGR) of 32.2%.
This projected growth over the forecast period can be linked to the broadening initiatives in precision medicine, the escalating demand for predictive analytics in healthcare, developments in genomics-based therapies, and higher funding for AI within the sector of precision medicine research. Key trends within the forecast period encompass biomarker discovery powered by AI, an increasing application of natural language processing in healthcare, improved patient stratification via AI, the optimization of clinical trials through AI, and personalized treatment strategies facilitated by AI-supported decision support systems.
What Are The Key Drivers Fueling Growth In The Artificial Intelligence (AI) in Precision Medicine Market?
The increasing incidence of chronic health conditions and respiratory diseases is projected to spur the expansion of artificial intelligence within the precision medicine market. Chronic illnesses, defined as medical disorders persisting over a year requiring continuous medical supervision, along with respiratory diseases that impact the lungs and airways, are the primary drivers. The use of artificial intelligence in precision medicine significantly aids prediction and diagnosis of outcomes for individuals with respiratory disease, based on clinical data and chest imaging. It's also employed in the treatment of chronic diseases due to its cost-effectiveness and efficient resource utilization. For example, in May 2023, the United Nations, an American intergovernmental entity, projected that by 2050, chronic diseases such as cancer, heart disease, diabetes, and respiratory diseases will constitute 86% of the estimated 90 million deaths. Furthermore, in June 2024, the Australia-based governmental body, the Australian Institute of Health and Welfare, reported an increase in death rates connected to chronic conditions, rising from 459 deaths per 100,000 individuals in 2021 to 490 deaths per 100,000 individuals in 2022. As a result, the widespread occurrence of chronic diseases and respiratory disorders will propel the growth of artificial intelligence in the precision medicine market.
What Are The Principal Market Segments In The Global Artificial Intelligence (AI) in Precision Medicine Industry?
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
Subsegments:
1) By Hardware: AI Processors, High-Performance Computing Systems, Diagnostic Devices
2) By Software: AI Algorithms And Models, Data Analytics Platforms, Genomic Analysis Software, Clinical Decision Support Systems
3) By Service: Consulting Services, Integration Services, Maintenance And Support Services, Training And Education Services
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Which Emerging Market Trends Are Altering The Artificial Intelligence (AI) in Precision Medicine Sector?
A key emerging trend within the field of precision medicine and artificial intelligence is the creation of innovative AI-based solutions for life sciences. Major industry players in the precision medicine market are making considerable strides in big data analytics to maintain their market standing. For instance, in May 2023, Google LLC, a leading technology firm from the United States, launched a cutting-edge life sciences solution, empowered by AI, to expedite the process of drug discovery and precision medicine. This undertaking, named the target and lead identification suite, was devised to aid research groups in predicting protein structures and identifying the activities of amino acids with greater accuracy, thereby enhancing the efficacy of in silico drug development.
Who Are the Key Players in the Artificial Intelligence (AI) in Precision Medicine Market?
Major companies operating in the artificial intelligence (AI) in precision medicine market include:
• 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.
What are the Regional Insights into the Artificial Intelligence (AI) in Precision Medicine Market?
North America was the largest region in the artificial intelligence (AI) in the precision medicine market in 2024. 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
