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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.
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.
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.
Medicine Market Breakup by Type
Market Breakup by Components
Market Breakup by Therapeutic Area
Market Breakup by Region
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.
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:
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2017-2023 |
Forecast Period | 2024-2032 |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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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.
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.
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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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