AI in Precision Medicine Market is Rapidly Growing at 25.54% CAGR Up to 2032

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The artificial intelligence (AI) in precision medicine market would grow to US$ 16.91 billion by 2032 from US$ 1.74 billion in 2022, growing at a compound annual growth rate of 25.54% from 2023 to 2032.

The artificial intelligence (AI) in precision medicine market growth is driven by the growing need and demand for personalized medicines, rapidly growing research & development activities, increasing innovations in cancer biology technology, rising aging population, and the increasing prevalence of chronic disorders.

Market Overview:

Precision medicine is a field of medicine that uses artificial intelligence (AI) to enhance patient diagnosis and treatment. Artificial intelligence (AI) is anticipated to assist in the realization of precision medicine's promise in some of the primary ways such as illness prevention, personalized diagnosis, and personalized therapy. Precision medicine approaches identify patient phenotypes with less common treatment responses and healthcare demands. Artificial intelligence (AI), deep learning, and Machine learning (ML) are continuously gaining popularity in biomedicine.

Artificial intelligence is being used in the field of healthcare and continues to flourish each year with its potential to boost medicine and research. Without the assistance of machine learning algorithms, Precision medicine is not complete. Machine Learning is an artificial intelligence application that can learn and improve based on past experiences without being explicitly programmed by a human.

The growing demand for personalized medicine, early diagnosis of chronic illness, rising adoption of big data, and the demand for efficient data evaluation, are projected to propel the market growth during the forecast period. The increasing R&D investment as well as rapid growth in various types of chronic disorders such as heart diseases, respiratory disorders, and others are expected to boost the global artificial intelligence (AI) in precision medicine market growth.

Additionally, increasing the usage of respiratory devices, such as oxygen concentrators, humidifiers, and nebulizers drives the market growth. For instance, As per WHO, Chronic obstructive pulmonary disease (COPD) is the third leading cause of death worldwide, causing 3.23 million deaths in 2019. About 90% of Chronic obstructive pulmonary disease fatalities in people under the age of 70 occur in low- and middle-income nations (LMIC). Partnership or collaboration and acquisition among the major companies is propelling the market growth. For instance, in August 2022, Sanofi and Atomwise signed a contract worth USD 20 mn.

In May 2020, Intel Labs and the University of Pennsylvania's Perelman School of Medicine (Penn Medicine) are collaborating on technology that will allow a federation of 29 international healthcare and research institutions led by Penn Medicine to train AI models that identify brain tumors using a privacy-preserving method called as federated learning.

Additionally, the market has grown as a result of companies widely adopting partnerships and collaborations as key market strategies. Furthermore, the rapid technological advancements in healthcare are expected to boost market expansion during the forecast period.

Artificial Intelligence (AI) in Precision Medicine Market Report Scope:

Report Highlights:

• By Technology, the deep learning segment accounted for the larger revenue share owing to the high processing power and the ability to carry out procedures without requiring human intervention.
• By Component, the software segment registered the highest revenue share of more than 56% in 2022 due to the increasing use of Artificial Intelligence (AI) based software solutions in precision medicine by healthcare payers, healthcare providers, and patients. The rising use of AI technology in several healthcare applications, including a reduction in dose error, detection of fraud, telemedicine, clinical trials, and others is anticipated to fuel the growth of the segment.
• By Therapeutic Application, In 2022, the oncology sector accounted for over 31% of the revenue share. Artificial Intelligence (AI) used in oncology helps in the rapid and accurate diagnosis of cancer. The increasing prevalence of cancer is the primary driving factor projected to boost the growth of the oncology segment.

Regional Insights:

In 2022, it is anticipated that North America will maintain its position as the leading market share holder, with a revenue share exceeding 33%.The market growth in the region is attributed to the sophisticated healthcare infrastructure, growing need for personalized medicine, increasing R&D investment, increasing prevalence of chronic disorders, and rapid technological advancement.

On the other hand, the Europe market is expected to grow at a significant CAGR during the forecast period due to the increasing aging population, wide adoption of advanced technologies in healthcare, increasing prevalence of chronic disorders, and increasing need for diagnosing diseases at the early stage.

Market Dynamics:

Drivers

Growing aging population

As the aging population is growing and they are more susceptible to chronic disorders such as cardiovascular diseases, high cholesterol, hypertension, cancer, strokes, and others. The aging population is a primary factor in the rapid growth of Artificial Intelligence (AI) in precision medicine market. An increase in the aging population results in an increase in the usage of Artificial Intelligence (AI) based precision medicines. For instance, According to the World Health Organization, By 2030, 1 in every 6 people across the globe will be 60 years of age and above. The proportion of the population aged 60 and above will rise from 1 billion in 2020 to 1.4 billion. The world's population of adults aged 60 and over will double to 2.1 billion by 2050. The number of people aged 80 and more is predicted to triple between 2020 and 2050, reaching 426 million.

Restraint:

Lack of data privacy

The rising use of artificial intelligence in healthcare results in a data privacy breach is projected to hamper the growth of the market. In addition, the data collected by advanced technologies can be misused and it is also likely to limit the expansion of global Artificial Intelligence (AI) in precision medicine market during the forecast period.

Opportunities:

Rapid technological advancement

The ongoing rapid technological advancement in cancer biology is projected to create immense growth opportunities for market expansion in the coming years. Artificial Intelligence based computational tools coupled with the wide availability of sets of human genome databases, resulting in the enhancement of precision medicine. Prominent market players in the market focus on strategic partnership and collaboration in order to advance research into cancer biology and offer a marketplace for precision treatment.

Recent Developments: 

• In April 2020, Indivumed GmbH ("Indivumed") announced the launch of the Oncology Alliance for Individualized Medicine ("Onco AI-Med"), a worldwide collaborative alliance dedicated to advancing customized treatment in cancer by utilizing Indivumed's true multi-omics database, IndivuType.
• In November 2022, Google collaborated with iCAD, Inc. mammography artificial intelligence (AI) vendor, The partnership will incorporate Google Health's AI technology into iCAD's range of breast imaging AI products in an effort to enhance breast cancer diagnosis and risk assessment in the short term. The two companies also said that they will work jointly to improve breast cancer AI solutions for mammography as well as expand access to these tools to a large number of patients and providers across the globe.
• In September 2022, NVIDIA announced a collaboration with the Broad Institute of MIT and Harvard to give the Terra cloud platform and its over 25,000 clients from academics, startups, and big pharmaceutical firms. The Artificial Intelligence and acceleration technologies are required to rapidly evaluate large amounts of healthcare data. The cooperation aims to bring combine NVIDIA's AI expertise and healthcare computing platforms with the Broad Institute's world-renowned academics, scientists, and open platforms in important areas.

Major Key Players:

• Novo Nordisk A/S
• GE Healthcare
• Intel Corporation
• NVIDIA Corporation
• Microsoft Corporation
• Alphabet Inc.
• IBM Corporation
• BioXcel Therapeutics Inc.
• Enlitic Inc.
• AstraZeneca
• Sanofi
• Zephyr AI
• Sensely Inc.
• Tempus
• Berg LLC
• Insilico Medicine
• Modernizing Medicine Inc.
• Atomwise Inc

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