AI In Precision Medicine Market Analysis By Component (Hardware, Software, Services), By Technology (Machine Learning, Querying Method, Deep Learning, Context Aware Processing, Natural Language Processing), By Therapeutic Area (Oncology, Neurology, Cardiology, Respiratory, Others), By Region And Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, And Forecast 2024-2033
- Published date: March 2024
- Report ID: 116378
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Report Overview
The Global AI In Precision Medicine Market size is expected to be worth around USD 24.4 Billion by 2033, from USD 2.4 Billion in 2023, growing at a CAGR of 26.1% during the forecast period from 2024 to 2033.
The utilization of genomic data of a person to develop personalized medicine is popularly referred to as Artificial intelligence in precision medicine. This advanced technology assists scientists to study how genetic factors such as mutations mechanism leading to diseases.
Deep learning, the fundamental part of artificial intelligence underpins the creation of treatment plans for patients by capturing patient data from electronic health records, genomic profiles, insurance records, diagnostic imaging systems and wearable devices. The field of personalized medicine is revolutionized abetted by data analytics and machine learning in unprecedented ways. The process of disease diagnosis, treatment, selection, and prognosis prediction has become accurate and easy by virtue of AI algorithms identifying delicate patterns and correlations that unfortunately remains unnoticed by human experts.
The market for AI in precision medicine witnessed widespread growth due to soaring favorable government policies, rise in chronic illnesses coupled with rising consumer recognition regarding the efficiency and benefits of AI based precision medicines. In addition, collaboration among major market players also up scaled the market reach.
- According to World Health Organization, causing 3.23 million deaths in 2019, Chronic obstructive pulmonary disease is the 3rd largest cause of death across the globe. Amongst which, 90% of the population age over 70 particularly in low and middle income nations.
- For instance, Enlitic collaborated with GE healthcare to help PACS users in accelerating work efficiencies through data standardization using Enlitic Curie.
Key Takeaways
- AI based software solutions is highly potent in diagnosing the diseases, leading the software segment to scale in recent times.
- A laudable market shares of 36.2% is withheld by deep learning segment according to analysis of technology.
- Oncology segment being widely accompanied by AI driven solutions underscores the importance of AI based solution in treating various types of cancers, leading to the market spread.
- Rising elderly population usually deals with vital diseases necessitating the need for AI based solutions for improving patient outcome.
- Data security concern may roadblock the growth of AI in precision medicine market.
Component Analysis
AI based software solutions bolsters the market in 2023
Based on components, the market for AI in precision medicines bifurcated into hardware, software and services segments. The potential of AI based software solutions to precisely diagnose and conclude the insights from a medical report bolsters the software segment strongly into the market place.
This allow the segment to capture a commendable market share of 45.6% in the year 2023. The adoption of AI based software solutions for precision medicine has witnessed a noticeable adoption rate by healthcare providers and research institutions due to its outstanding role played in diverse healthcare applications such as reduction of dose error, robot-assisted surgeries, fraud detection, telemedicine, and cybersecurity. The segmental growth is also based on the rising collaborations.
- With the aim to develop Edison AI platform and promote an immaculate digital transition, GE Healthcare collaborated with several companies in China, such as 12 Sigma Technologies, Bio-mind, Yizhun Medical and Shukun Technology.
Technology Analysis
Deep Learning Algorithms allow hastened diagnostic procedures
With respect to technology, the market is broadly fragmented into Machine Learning, Querying Method, Deep Learning, Context Aware Processing and Natural Language Processing segments. Occupying a meritorious market share of 36.2%, deep learning segment overshadows the AI in precision medicine market in 2023.
The supremacy speaks louder by virtue of the advanced abilities provided by deep learning platform such as enhanced processing power coupled with automatic task performance. The integration and modeling of diverse patient data across contrasting modalities and time has become possible due to deep learning algorithms resulting into more satisfactory predictions and personalized treatment recommendations.
On a contrary, Natural Language processing comes out with a fastest CAGR anticipation of 37.4% owing to its determining role in hastening decision making processes in healthcare facilities. Thus, this qualified data allow the physicians to emphasize on value-added treatments.
Therapeutic Area Analysis
Growing cancer cases necessitates the demand for AI based precision medications
Oncology, Neurology, Cardiology, Respiratory and Other therapeutic applications are the diverse therapeutic areas of AI in precision medicines market. The market experienced a ground breaking excellence underpinned by Oncology segment holding a remarkable market share of 47.6% in the year 2023. This attributes to the scaling utilization of artificial intelligence facilitating accurate cancer diagnosis, thereby improving patient upshots. The market is further fueled by rising prevalence of cancer cases across the globe coupled with the improvements in healthcare foundations.
- According to World Health Organization, cancer have accounted for approximately 10.3 million deaths across the globe in 2020.
Neurology segment on the other hand, anticipates promising growth with a significant CAGR of 34.8% during the prophecy period. The promise highlights the growing cases of neurological illnesses including epilepsy, dementia, Alzheimer’s disease and migraines, propelling the market reach.
Key Market Segments
By Component
- Hardware
- Software
- Services
By Technology
- Machine Learning
- Querying Method
- Deep Learning
- Context Aware Processing
- Natural Language Processing
By Therapeutic Area
- Oncology
- Neurology
- Cardiology
- Respiratory
- Others
Market Drivers
Advancements in technology scales the market growth
Technological advancements are overshadowing cancer biologics, leading to growth of AI in precision medicine market. The idea of precision medicines came across vital improvements with the existence of AI based computational tools coupled with abundant sets of human genome databases. In addition to these, strategic partnerships and collaborations among major market players are on the main stage, accelerating revolution across cancer biology and develop precision medicine in the market.
- To exemplify, a collaboration was established between GE Healthcare (US) and Minerva Imaging (Denmark) with the aim to flourish precision medicine development for oncology treatments, fueling the AI in precision medicine market during the forecast period.
Rising geriatric population rises AI adoption rate
The market took an outstanding step with the growing elderly population, and further promises to excel in the upcoming years. This assists to scale the market as the risk is on the greater side of geriatric population in comparison with young generation. Thus, the rising geriatric population rises the adoption rate of AI based precision medicines over the prophecy period.
- According to World Health Organizations’ 2022 statistics, by 2030, one out of every seven people will be aged over 60 years. In addition, these individuals above age 60 and over will be doubled by 2050, which is approximately 2.3 billion.
- A 99.5% increase in Americans with at least one chronic condition from 71.522 million in 2020 to 142.66 million in 2050 was estimated by National Library of Medicine.
Market Restraints
Data breach can hamper the market reach
One of the perpetual concern restricting the growth of AI in precision medicine market involves data security issues. This is due to the fact of artificial intelligence dealing with huge amount of patient sensitive data including insurance IDs, medical details, and social security numbers. Thus significant challenges are encountered due to unauthorized access, misuse and data breaches related to patient sensitive data posing a barrier towards adoption of AI in precision medicine, thus slowing down the market growth.
For instance, OneTouch Point observed a breach in July 2022, that impacted nearly 2,651,396 people.
Opportunities
AI being a potent tool opens up various growth pathways
The potential of artificial intelligence in precision medicine is paramount, revolutionizing the way diseases are studied, diagnosed, and treated leading to useful outcomes. Vast amounts of medical data and recognition of patterns, correlations, and insights are precisely analyzed by deep learning and machine learning technologies.
The incorporation of artificial intelligence in research areas allow quick witted and accurate data analysis, resulting into progress of disease understanding, drug discovery, and development of personalized treatment. In addition, the market further boosts with the rising collaborations and partnerships skyrocketing the sales of AI in precision medicine. This offers lucrative opportunities towards the market to excel and spread its reach in the near future.
For example, emerging with the idea to develop an AI model that assist in the identification of brain cancer, Intel collaboration with Perelman School of Medicine at the University of Pennsylvania.
Impact of macroeconomic factors
One of the significant macroeconomic factor influencing the market spread is rising inflation affecting the prices of AI solutions, consumer purchasing power, and cost of regulatory compliance. The rising inflation affects the pricing of AI driven solutions, making the companies to adjust their pricing to conceal heightening operational costs.
This limits the patients and healthcare providers’ access towards advanced healthcare technologies. Consumers and healthcare professionals find it more difficult to afford such expensive AI driven precision medicine solutions, slowing down the adoption rate particularly in the regions where patients have limited accessibility for insurance coverage for highly improved medical treatments.
Latest Trends
Several advancements in AI in precision medicine results into the growth of the market. Some of these include:
Integration of Multi Omics Data
A better understanding regarding disease mechanism and improvements in patient’s outcomes is as a result of integrating various omics disciplines such as transcriptomic, metabolomics, genomics and proteomics. The integration and analysis of multi-omics data promises the advances in precision medicine.
Personalized treatment plans
Large datasets of patient information such as lifestyle factors, medical history, and genetic data are being extensively analyzed aided by AI algorithms, leading to the optimization of treatment efficiency and reducing side effects.
Regional Analysis
North America to witness significant growth during the forecast period
A praiseworthy market presence is encapsulated by North America in comparison with other considered geographies. Attributing to the strategic existence of market players for example, Mead Johnson and Company and Abbott Laboratories, the region overshadowed the market capturing a noticeable market share of 32.4% in the year 2023. In addition to this, the region witnesses several collaborations among market players. The region further excels with the global elderly population, sedentary lifestyles, and growing patient health-related digital information datasets, ultimating advanced medications for better treatment outcomes
- In May 2023, a US-based Intergovernmental organization estimated that Chronic diseases such as cardiovascular diseases, diabetes, cancer, and respiratory illnesses accounted for 86% of 90 million deaths by 2050
- For instance, with the aim to develop a bio-simulation platform for CAR-T cell treatment, Certara, Inc., announced a two-year collaboration with Memorial Sloan Kettering Cancer Center.
By Region and Countries
- North America
- The US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia & CIS
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- ASEAN
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- UAE
- Rest of MEA
Key Players Analysis
There are various companies that manufacture products or launch new techniques for AI in Precision medicine such as Novo Nordisk, GE healthcare, Alphabet Inc, Sanofi, and Tempus, etc.
In order to expand the footprints into the market these companies develop various strategies. These market developments include new product launches, contractual agreements, high investments, unifications and acquisitions, alliance with other organizations. Cost effective products is one of the eye catching tactic to expand and survive in rising market climate. In addition, the product approvals by regulatory authorities further stretch the market to a noticeable reach during the forecast period.
- According to Personalized Medicine Coalition in 2022, 12 personalized medicines were approved by US Food & Drug Administration, accounted for 34 to 26% of all newly approved therapeutic molecular entities.
Key market players
- Intel Corporation
- NVIDIA Corporation
- Microsoft Corporation
- AtraZeneca
- Atomwise Inc
- Insilico Medicines
- Modernizing machine Inc.
- BioXcel Therapeutics, Inc.
- Enlitic Inc.
- Zephyr AI
Recent Developments
- In March 2023: Two new artificial intelligence based life science solutions was launched by Google Cloud. This innovation accelerates drug discovery and precision medicine for biotech companies, pharma firms and other stake holders.
- In September 2022: AI based Cath Lab, Optima IGS 320 was launched by GE Healthcare. Intelligent imaging assists the patients and cardiologist offering personalized therapy protocols.
Report Scope
Report Features Description Market Value (2023) USD 2.4 Billion Forecast Revenue (2033) USD 24.4 Billion CAGR (2024-2033) 26.1% Base Year for Estimation 2023 Historic Period 2018-2022 Forecast Period 2024-2033 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Market share and key player analysis, Recent Developments Segments Covered By Component (Hardware, Software, Services), By Technology (Machine Learning, Querying Method, Deep Learning, Context Aware Processing, Natural Language Processing), By Therapeutic area (Oncology, Neurology, Cardiology, Respiratory, Others) Regional Analysis North America – The US & Canada; Europe – Germany, France, The UK, Spain, Italy, Russia & CIS, Rest of Europe; APAC- China, Japan, South Korea, India, ASEAN & Rest of APAC; Latin America- Brazil, Mexico & Rest of Latin America; Middle East & Africa- GCC, South Africa, & Rest of MEA Competitive Landscape Intel Corporation, NVIDIA Corporation, Microsoft Corporation, AtraZeneca, Atomwise Inc, Insilico Medicines, Modernizing machine Inc, BioXcel Therapeutics, Inc, Enlitic Inc, Zephyr AI Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) AI In Precision Medicine MarketPublished date: March 2024add_shopping_cartBuy Now get_appDownload Sample - Intel Corporation
- NVIDIA Corporation
- Microsoft Corporation Company Profile
- AtraZeneca
- Atomwise Inc
- Insilico Medicines
- Modernizing machine Inc.
- BioXcel Therapeutics, Inc.
- Enlitic Inc.
- Zephyr AI
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