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Global Artificial Intelligence (AI) in Precision Medicine Market: By Type: Machine Learning, Querying Method, Deep Learning, Context-Aware Processing, Natural Language Processing; By Components; Hardware, Software; By Therapeutic Area; Regional Analysis; Patent Analysis; Grants Analysis; Supplier Landscape; 2024-2032
Global Artificial Intelligence (AI) in Precision Medicine Market Outlook
The global artificial intelligence (AI) in precision medicine market size was valued at USD 1.63 billion in 2023, driven by high demand of precision medicines and rising expenditure on artificial intelligence research and development. The market is expected to grow at a CAGR of 35.6% during the forecast period of 2024-2032, with the values likely to rise from USD 2.21 billion in 2024 to USD 25.22 billion by 2032.
Artificial Intelligence (AI) in Precision Medicine: Introduction
Precision medicine is offering a customized drug or treatment to a patient based on the genetic or molecular understanding of their disease. The approach behind precision medicine is that each patient has a unique set of symptoms which may not necessarily be like others, even though they are suffering from the same disease.
Artificial intelligence and precision medicine convergence is set to revolutionize the future of healthcare industry. Artificial intelligence is expected to help with personalised diagnostics, treatment, and prevention. It will leverage inference and computation to generate valuable insights, empowering it to learn and reason to make clinically sound decisions.
Global Artificial Intelligence (AI) in Precision Medicine Market Analysis
The world has witnessed vast applications of artificial intelligence in almost every major field in the past few years. A similar trend has been followed in the medicine and healthcare industry as well. With the sudden outbreak of COVID-19, there has been a prominent use of artificial intelligence in the hospitals in the form of pharmacy automation devices, vitals monitoring devices and reducing the load of labour-intensive and repetitive tasks, improving the productivity of the healthcare staff significantly.
Artificial intelligence is an integral part of early-stage drug development case studies. There has been valuable development in 3D bioprinters, which now work on the mechanism of machine learning. This has allowed machines to optimise the printing process and improve accuracy as well. As a result, there has been significant artificial intelligence (AI) in precision medicine market growth. The trend is set to grow as the global health ecosystem leans towards usage of precision medicine for treatments.
There is an increasing emphasis on leveraging artificial intelligence to make drug discovery faster and economical. With the emergence of algorithms and machine learning, healthcare data analysis can become accurate and rapid. Empowered by predictive models, artificial intelligence can be used to cut-down long hours of lab work by predicting how potential drugs may behave in the body leading to precise diagnosis and development of personalised treatment plans. With further ideations and developments, the artificial intelligence (AI) in precision medicine market value is predicted to grow further in the upcoming years.
Global Artificial Intelligence (AI) in Precision Medicine Market Segmentation
Medicine Market Breakup by Type
- Machine Learning
- Querying Method
- Deep Learning
- Context-Aware Processing
- Natural Language Processing
Market Breakup by Components
- Hardware
- Software
Market Breakup by Therapeutic Area
- Oncology
- Neurology
- Cardiology
- Respiratory
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Global Artificial Intelligence (AI) in Precision Medicine Market Overview
With a robust research and development infrastructure and hefty investments coming in from major corporations and the government, the United States owns the largest artificial intelligence (AI) in precision medicine market share.
In March 2024, Google Cloud launched two new AI powered tools with a vision to help biotech companies speed up the drug discovery process and dive deeper into artificial intelligence driven precision medicine. “Target and Lead Identification Suite” is the first tool that helps in identification of the biological target, helping the researchers design a treatment around it while the second tool is called “Multiomics Suite” helps with genomic data analysis.
Dartmouth has also launched a special centre for precision health and artificial intelligence with the aim to help scientists research into the field deeply. Such steps in the field of precision medicine indicate a profound market expansion in the future.
We can also expect to see the dramatic rise of Asia Pacific led research in the precision medicine domain. This can be attributed to extensive development in biotech industry, with the added boost of several government grants and foreign investments.
Global Artificial Intelligence in Precision Medicine Market: Competitor Landscape
The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:
- Novo Nordisk A/S
- GE Healthcare
- Intel Corporation
- NVIDIA Corporation
- Microsoft Corporation
- Alphabet Inc.
- IBM Corporation
- Enlitic Inc.
- AstraZeneca
- Sanofi
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Components |
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| Breakup by Therapeutic Area |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
1.1 Objectives of the Study
1.2 Key Assumptions
1.3 Report Coverage – Key Segmentation and Scope
1.4 Research Methodology
2 Executive Summary
3 Global Artificial Intelligence in Precision Medicine Market Overview
3.1 Global Artificial Intelligence in Precision Medicine Market Historical Value (2017-2023)
3.2 Global Artificial Intelligence in Precision Medicine Market Forecast Value (2024-2032)
4 Global Artificial Intelligence in Precision Medicine Market Landscape
4.1 Artificial Intelligence in Precision: Developers Landscape
4.1.1 Analysis by Year of Establishment
4.1.2 Analysis by Company Size
4.1.3 Analysis by Region
4.2 Artificial Intelligence in Precision: Product Landscape
4.2.1 Analysis by Type
4.2.2 Analysis by Components
4.2.3 Analysis by Region
5 Global Artificial Intelligence in Precision Medicine Market Dynamics
5.1 Market Drivers and Constraints
5.2 SWOT Analysis
5.3 Porter’s Five Forces Model
5.4 Key Demand Indicators
5.5 Key Price Indicators
5.6 Industry Events, Initiatives, and Trends
5.7 Value Chain Analysis
6 Global Artificial Intelligence in Precision Medicine Market Segmentation
6.1 Global Artificial Intelligence in Precision Medicine Market by Type
6.1.1 Market Overview
6.1.2 Machine Learning
6.1.3 Querying Method
6.1.4 Deep Learning
6.1.5 Context-Aware Processing
6.1.6 Natural Language Processing
6.2 Global Artificial Intelligence in Precision Medicine Market by Components
6.2.1 Market Overview
6.2.2 Hardware
6.2.3 Software
6.3 Global Artificial Intelligence in Precision Medicine Market by Therapeutic Area
6.3.1 Market Overview
6.3.2 Oncology
6.3.3 Neurology
6.3.4 Cardiology
6.3.5 Respiratory
6.3.6 Others
6.4 Global Artificial Intelligence in Precision Medicine Market by Region
6.4.1 Market Overview
6.4.2 North America
6.4.3 Europe
6.4.4 Asia Pacific
6.4.5 Latin America
6.4.6 Middle East and Africa
7 North America Artificial Intelligence in Precision Medicine Market
7.1 Market Share by Country
7.2 United States of America
7.3 Canada
8 Europe Artificial Intelligence in Precision Medicine Market
8.1 Market Share by Country
8.2 United Kingdom
8.3 Germany
8.4 France
8.5 Italy
8.6 Others
9 Asia Pacific Artificial Intelligence in Precision Medicine Market
9.1 Market Share by Country
9.2 China
9.3 Japan
9.4 India
9.5 ASEAN
9.6 Australia
9.7 Others
10 Latin America Artificial Intelligence in Precision Medicine Market
10.1 Market Share by Country
10.2 Brazil
10.3 Argentina
10.4 Mexico
10.5 Others
11 Middle East and Africa Artificial Intelligence in Precision Medicine Market
11.1 Market Share by Country
11.2 Saudi Arabia
11.3 United Arab Emirates
11.4 Nigeria
11.5 South Africa
11.6 Others
12 Regulatory Framework
12.1 Regulatory Overview
12.1.1 US FDA
12.1.2 EU EMA
12.1.3 INDIA CDSCO
12.1.4 JAPAN PMDA
12.1.5 Others
13 Patent Analysis
13.1 Analysis by Type of Patent
13.2 Analysis by Publication year
13.3 Analysis by Issuing Authority
13.4 Analysis by Patent Age
13.5 Analysis by CPC Analysis
13.6 Analysis by Patent Valuation
13.7 Analysis by Key Players
14 Grants Analysis
14.1 Analysis by year
14.2 Analysis by Amount Awarded
14.3 Analysis by Issuing Authority
14.4 Analysis by Grant Application
14.5 Analysis by Funding Institute
14.6 Analysis by NIH Departments
14.7 Analysis by Recipient Organization
15 Clinical Trials Analysis
15.1 Analysis by Trial Registration Year
15.2 Analysis by Trial Status
15.3 Analysis by Trial Phase
15.4 Analysis by Therapeutic Area
15.5 Analysis by Geography
16 Funding and Investment Analysis
16.1 Analysis by Funding Instances
16.2 Analysis by Type of Funding
16.3 Analysis by Funding Amount
16.4 Analysis by Leading Players
16.5 Analysis by Leading Investors
16.6 Analysis by Geography
17 Partnership and Collaborations Analysis
17.1 Analysis by Partnership Instances
17.2 Analysis by Type of Partnership
17.3 Analysis by Leading Players
17.4 Analysis by Geography
18 Supplier Landscape
18.1 Novo Nordisk A/S
18.1.1 Financial Analysis
18.1.2 Product Portfolio
18.1.3 Demographic Reach and Achievements
18.1.4 Mergers and Acquisitions
18.1.5 Certifications
18.2 GE Healthcare
18.2.1 Financial Analysis
18.2.2 Product Portfolio
18.2.3 Demographic Reach and Achievements
18.2.4 Mergers and Acquisitions
18.2.5 Certifications
18.3 Intel Corporation
18.3.1 Financial Analysis
18.3.2 Product Portfolio
18.3.3 Demographic Reach and Achievements
18.3.4 Mergers and Acquisitions
18.3.5 Certifications
18.4 NVIDIA Corporation
18.4.1 Financial Analysis
18.4.2 Product Portfolio
18.4.3 Demographic Reach and Achievements
18.4.4 Mergers and Acquisitions
18.4.5 Certifications
18.5 Microsoft Corporation
18.5.1 Financial Analysis
18.5.2 Product Portfolio
18.5.3 Demographic Reach and Achievements
18.5.4 Mergers and Acquisitions
18.5.5 Certifications
18.6 Alphabet Inc.
18.6.1 Financial Analysis
18.6.2 Product Portfolio
18.6.3 Demographic Reach and Achievements
18.6.4 Mergers and Acquisitions
18.6.5 Certifications
18.7 IBM Corporation
18.7.1 Financial Analysis
18.7.2 Product Portfolio
18.7.3 Demographic Reach and Achievements
18.7.4 Mergers and Acquisitions
18.7.5 Certifications
18.8 Enlitic Inc.
18.8.1 Financial Analysis
18.8.2 Product Portfolio
18.8.3 Demographic Reach and Achievements
18.8.4 Mergers and Acquisitions
18.8.5 Certifications
18.9 AstraZeneca
18.9.1 Financial Analysis
18.9.2 Product Portfolio
18.9.3 Demographic Reach and Achievements
18.9.4 Mergers and Acquisitions
18.9.5 Certifications
18.10 Sanofi
18.10.1 Financial Analysis
18.10.2 Product Portfolio
18.10.3 Demographic Reach and Achievements
18.10.4 Mergers and Acquisitions
18.10.5 Certifications
19 Key Opinion Leaders (KOL) Insights (Additional Insight)
20 Company Competitiveness Analysis (Additional Insight)
20.1 Very Small Companies
20.2 Small Companies
20.3 Mid-Sized Companies
20.4 Large Companies
20.5 Very Large Companies
21 Payment Methods (Additional Insight)
21.1 Government Funded
21.2 Private Insurance
21.3 Out-of-Pocket
*Additional insights provided are customisable as per client requirements.
Key Questions Answered in the Report
The market attained a value of about USD 1.63 billion in 2023, driven by the emphasis on creating personalised medicines with the integration of artificial intelligence in the healthcare industry.
What is the global artificial intelligence (AI) in precision medicine market forecast for 2024-2032?
The market is anticipated to grow at a CAGR of 35.6% during the forecast period of 2024-2032, likely to reach a market value of USD 25.22 billion by 2032.
Some of the main drivers of market demand include the prevalence of several chronic diseases coupled with the extensive usage of artificial intelligence technologies in the healthcare sector.
Artificial intelligence in precision medicine has become a major area of interest by the technology giants. Companies like Google are now launching artificial intelligence tools to help scientists work efficiently in precision medicine development. New research labs and centres dedicated to artificial intelligence research are also being established.
Artificial intelligence tools like machine learning, querying method, deep learning, context-aware processing, and natural language processing can help in precision medicine development.
It can be used in oncology, neurology, cardiology, respiratory and other departments.
Artificial intelligence driven software and hardware are being used in precision medicine.
The major regions of the market include North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is currently leading the global market.
Who are the key players involved in the global artificial intelligence in precision medicine market?
Key players involved in the market are Novo Nordisk A/S, GE Healthcare, Intel Corporation, NVIDIA Corporation, Microsoft Corporation, Alphabet Inc., IBM Corporation, Enlitic Inc., AstraZeneca and Sanofi.
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