Global (AI) artificial intelligence in precision medicine market size & share was valued at USD 1.26 Billion in 2022 and is expected to reach USD 26.24 Billion by 2032, growing at a CAGR of 35.5% during the forecast period.
"Artificial Intelligence in Precision Medicine Market Share, Size, Trends, Industry Analysis Report, By Technology (Deep Learning, Querying Method, Natural Language Processing, and Context Aware Processing); By Component; By Therapeutic Application; By Region; Segment Forecast, 2023 - 2032" published by Polaris Market Research in its research repository.
According to the research report, the global (AI) artificial intelligence in precision medicine market size & share was valued at USD 1.26 Billion in 2022 and is expected to reach USD 26.24 Billion by 2032, growing at a CAGR of 35.5% during the forecast period.
What is (AI) Artificial Intelligence in Precision Medicine? How Big is (AI) Artificial Intelligence in Precision Medicine Market?
Precision medicine methods recognize phenotypes of patients with less common responses to treatment or unique healthcare needs. The rapidly rising demand for artificial intelligence in precision medicine market can be attributed to AI leveraging sophisticated computation and inference to generate insights, enabling the system to reason and learn and empower clinician decision-making through augmented intelligence.
The growing R&D spending and increasing demand for tailored medication drive market growth. Collaboration amongst key companies is further driving the industry's expansion. For instance, Sanofi and Atomwise agreed to a USD 20 million deal in August 2022, in which Sanofi agreed to use Atomwise's AtomNet platform for research and computational discovery research on up to five therapeutic targets. Through swift AI-powered searches of the company's exclusive library of more than three trillion synthesizable complexes, the platform ingrained deep learning-based modules for the structure-based designing of pharmaceuticals.
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Key factors driving market growth
The growing cases of respiratory diseases, rapid technological progress in healthcare, and the ever-increasing geriatric population is driving the market growth. Artificial intelligence in precision medicine market size is expanding due to the increased usage of therapeutic respiratory devices such as nebulizers, oxygen concentrators, and humidifiers will help drive the industry growth. The growing prevalence of respiratory ailments such as sleep apnea and chronic obstructive pulmonary disease is anticipated to boost the development of the market.
Artificial intelligence in precision medicine market sales is soaring as prominent companies are increasingly adopting collaborations and partnerships as strategies to maintain their market position. For instance, Intel collaborated with the University of Pennsylvania's Perelman School of Medicine to create an AI model that assists in the detection of brain cancer. Penn Medicine collaborated with 29 international organizations to build this tool using a privacy-preserving method known as federated learning.
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Recent trends influencing the market
As AI enters the world of precision medicine, the technology can help pharmaceutical manufacturers to deepen their knowledge about the origins and course of many diseases. More than 60 biotech companies are working towards progressing therapies for rare cancer conditions using advanced analytics capabilities.
AI models and methods are essential for recognizing causal genes from those with a difference of unsure importance, which was earlier difficult to determine with bioinformatics prediction. Also, AI-based solutions such as Human Splicing Code and DeepSEA have been a fountain for enhancing genetic diagnostics in neurodevelopment disorders and making accurate categorizations of missense variants.
Segmentation assessment
Based on technology, the deep learning segment accounted for a significant global market share and is expected to retain its position during the projected period. Artificial intelligence in precision medicine market demand is on the rise due to a swift upswing in developments of data center capabilities, growing capacity for executing tasks without human intervention, and comparably high processing power compared to others.
Based on components, the software segment held the highest market share in revenue and would witness substantial growth over the expected period. Artificial intelligence in precision medicine market trends includes the growingly escalating adoption of several AI-based software solutions in precision medicine by many research institutes, healthcare payers, and patients, along with the increasing focus on the development of prevailing software and advancing new ones are major factors behind the significant growth of the market.
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Artificial Intelligence in Precision Medicine Market: Report Scope
Report Attribute |
Details |
Revenue forecast in 2032 |
USD 26.24 Billion |
Market size value in 2023 |
USD 1.71 Billion |
Expected CAGR Growth |
35.5% from 2023 – 2032 |
Base Year |
2021 |
Forecast Year |
2023 – 2032 |
Top Market Players |
GE Healthcare, NVIDIA Corporation, Intel Corporation, Microsoft Corporation, IBM Corporation, Alphabet Inc., BioXcel Therapeutics Inc., AstraZeneca, Enlitic Inc., Sanofi, Sensely Inc., Zephyr AI, Tempus, Insilico Medicine, Berg LLC, Modernizing Medicine Inc., Novo Nordisk A/S, and Atomwise Inc. |
Segments Covered |
By Technology, By Component, By Therapeutic Application, By Region |
Customization Options |
Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
By geography, the market is segmented into North America, Europe, APAC, South America, the Middle East, and Africa. The report estimates the rise in the region's revenue due to collaboration between essential businesses.
Europe held the largest artificial intelligence in precision medicine market share because of the continuously growing demand and the prevalence of progressive diagnosis. The growing importance of AI in examining the patient condition and their advancement in multiple stages of illness motivates and captivates healthcare professionals to select these types of advanced technologies and push the market growth in the region.
North America dominated the market and is anticipated to maintain its dominance throughout the study period due to swift growth in the investment linked with research and development-related activities and existence of robust healthcare infrastructure in countries such as the US and Canada, and high consumer spending capacity in their health and wellbeing in the region.
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Recent Developments
Polaris Market Research has segmented the artificial intelligence in precision medicine market report based on technology, component, therapeutic application, and region:
By Technology Outlook
By Component Outlook
By Therapeutic Application
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Feb 15, 2023