New York, United States, Dec. 06, 2023 (GLOBE NEWSWIRE) -- The Global Artificial Intelligence In Precision Medicine Market Size is to Grow from USD 1.28 Billion in 2022 to USD 5.79 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 16.3% during the forecast period.
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Artificial Intelligence (AI) has revolutionized the field of precision medicine by harnessing the power of data analytics and machine learning to personalize healthcare in unprecedented ways. By analyzing vast datasets of genomic, clinical, and patient information, AI algorithms can identify subtle patterns and correlations that human experts might overlook. This enables AI to assist in disease diagnosis, treatment selection, and prognosis prediction with remarkable accuracy. AI-driven tools like predictive modeling, natural language processing, and image recognition have transformed medical research and clinical practice. They empower clinicians to tailor treatments and interventions to individual patients, optimizing outcomes and minimizing adverse effects
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Artificial Intelligence In Precision Medicine Market Size, Share, and COVID-19 Impact Analysis, By Technology (Deep Learning, Querying Method, Natural Language Processing, and Context-Aware Processing), By Component (Hardware, Software, and Service), By Therapeutic Application (Oncology, Cardiology, Neurology, Respiratory, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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In 2022, the deep learning segment accounted for around 32.7% market share
On the basis of the technology, the global artificial intelligence in precision medicine market is segmented into deep learning, querying method, natural language processing, and context-aware processing. The dominance of the deep learning segment in the AI market can be attributed to its exceptional ability to process and analyze vast and complex datasets, making it especially well-suited for applications in healthcare, including precision medicine. Deep learning algorithms, such as convolutional neural networks (CNNs) and recurrent neural networks (RNNs), excel in image analysis, natural language processing, and pattern recognition tasks.
The software segment held the largest market with more than 41.3% revenue share in 2022
Based on the component, the global artificial intelligence in precision medicine market is segmented into hardware, software, and service. The dominance of the software segment in the market can be attributed to several factors. Software solutions play a pivotal role in harnessing the power of artificial intelligence and machine learning for precision medicine. They enable the development and deployment of sophisticated algorithms and models that analyze vast healthcare datasets, including genomic and clinical data. These software tools provide healthcare professionals with actionable insights, aiding in disease diagnosis, treatment selection, and patient care optimization.
The oncology segment is expected to grow at a CAGR of around 17.3% during the forecast period
Based on the therapeutic application, the global artificial intelligence in precision medicine market is segmented into oncology, cardiology, neurology, respiratory, and others. The rapid growth expected in the oncology segment can be attributed to cancer being a major global health concern, and precision medicine holds great promise in improving cancer diagnosis and treatment. AI technologies can analyze diverse data sources, such as genomics and imaging, to identify personalized treatment options and predict treatment responses. Additionally, the increasing incidence of cancer cases, coupled with a growing understanding of the molecular basis of cancer, creates a fertile ground for AI-driven innovations.
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Europe is predicted to grow at a significant CAGR over the forecast period
Based on region, Europe is projected to experience substantial growth in the AI in precision medicine market during the forecast period. This growth is attributed to increasing investments in healthcare technology, supportive government policies, and a growing emphasis on personalized medicine. European countries have been actively collaborating on large-scale genomics initiatives and data sharing, fostering an environment conducive to AI-driven advancements in healthcare. Additionally, a rising prevalence of chronic diseases and a commitment to improving patient outcomes are driving the adoption of AI solutions, positioning Europe as a key growth region in the field of precision medicine.
North America has consistently dominated the AI in precision medicine market, primarily owing to its well-established healthcare infrastructure, substantial investments in research and development, and a large pool of healthcare data. The region boasts a robust ecosystem of pharmaceutical and biotech companies, academic institutions, and technology firms, all actively driving AI innovation in precision medicine.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global artificial intelligence in precision medicine market include BioXcel Therapeutics, Inc., Sanofi S.A., NVIDIA Corp., Google Inc., IBM, Microsoft, Intel Corp., AstraZeneca Plc, GE HealthCare, Enlitic, Inc. and other key vendors.
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Recent Developments
- In July 2022, Certara, Inc., a biostimulation pioneer, has announced a two-year cooperation with Memorial Sloan Kettering Cancer Centre to develop new biosimulation software. This partnership will assist firms in developing a biosimulation platform for CAR T-cell therapy.
- In September 2022, Google collaborated with iCAD, Inc. to enhance breast cancer diagnosis and risk assessment in the near term. Furthermore, the collaboration would focus on improving access to mammography technology through cloud-based solutions.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global artificial intelligence in precision medicine market based on the below-mentioned segments:
Artificial Intelligence In Precision Medicine Market, By Technology
- Deep Learning
- Querying Method
- Natural Language Processing
- Context-Aware Processing
Artificial Intelligence In Precision Medicine Market, By Component
- Hardware
- Software
- Service
Artificial Intelligence In Precision Medicine Market, By Therapeutic Application
- Oncology
- Cardiology
- Neurology
- Respiratory
- Others
Artificial Intelligence In Precision Medicine Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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