Press Release

Global Artificial Intelligence (AI) in Precision Medicine Market to Grow with a CAGR of 27% During 2024 to 2030

The Global Artificial Intelligence (AI) in Precision Medicine Market size was valued at USD 1.7 billion in 2023 & is expected to reach USD 14.5 billion by 2030. The market is expected to grow at a CAGR of 27% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report., cites MarkNtel Advisors in the recent research report.

Globally, the explosive growth in cancer including breast & blood has heightened the mortality rate. Further, the limited efficacy & adverse effects of conventional cancer treatments like chemotherapy & radiotherapy have reduced patient survival rates. Due to this, the focus has shifted toward developing tailored treatments. As a result of this, the adoption of AI for the development of precision medicines has seen a tremendous boost.

Further, patients with respiratory diseases like asthma & COPD have been surging at alarming rates. These diseases if not cured adequately, at earlier stages could have potentially negative consequences on the overall health of the person including death. As a result, researchers around the globe have been seeking newer medical technologies like AI in precision medicine to help such patients. 

Further, there has been a rise in various genomic research programs backend by governments of countries like the UK & Canada. These research programs collect a vast amount of genetic information and thereby allow researchers to have access to wide datasets beneficial for the development of precision medicine. To analyze such a vast amount of genetic information and gain valuable insights, the adoption of AI has increased, thereby fueling the growth of Global Artificial Intelligence (AI) in the Precision Medicine Market.

Moreover, realizing the essentiality of AI in precision medicine for enhancing patient health outcomes, governments across countries like the UK & India, and others have been actively investing in AI technologies to accelerate precision medicine research, thereby expanding the market, further states the research report, “Global Artificial Intelligence (AI) in Precision Medicine Market Analysis, 2024.”

Global Artificial Intelligence (AI) in Precision Medicine Market Segmentation Analysis

Software Segment Continues to Grow with Remarkable Market Share

Based on the component segment, the market is further bifurcated into, Hardware, Software, and Services. Out of them, the Software category is expected to grow with a considerable market share. This has been because of the high rates of cancer, heart failure, COPD, tuberculosis, and other chronic & infectious diseases globally which has escalated the need for novel tailored treatments to safeguard the lives of patients. As a result, AI software adoption for the research & development of precision medicine for such diseases has increased, fueling the category’s market growth. Further, over the years, various advancements in AI algorithms, predictive analysis, data analytics, etc. have enhanced the performance & other capabilities of AI software. Due to this more companies & researchers have been adopting AI software for precision medicine. Moreover, the potential of AI software in precision medicine research & development has fueled collaborations & partnerships between major pharmaceutical players & technology firms. In the coming years as well, owing to the factors mentioned above, the software category’s market size will be expanding with positive growth trends. 

North America Leads the Artificial Intelligence (AI) in Precision Medicine Market Globally

North America is expected to hold a significant market share of Global Artificial Intelligence (AI) in the Precision Medicine Market, among all regions. The high rates of various cancers like lung & breast in the region have escalated the demand for tailored therapies and so the adoption of AI for precision medicine. Further, the aging population in countries like the US & Canada has resulted in a heightened number of cases of neurological diseases like dementia & Parkinson's disease. As a result, the focus of healthcare bodies, researchers, and companies has been on leveraging AI technologies to develop tailored treatments for patients with such neurological conditions. Ultimately, the North American Artificial Intelligence (AI) in the Precision Medicine Market registers growth. Moreover, in recent times, the adoption of electronic health records (EHR) has increased across healthcare facilities in countries like the US & Mexico. The increased adoption of EHR increased access to genetic information that could be used to develop novel precision medicine treatments. To analyze such large datasets and gain meaningful insights for developing treatments, AI adoption would increase in the region.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Tempus, Intel Corporation, Zephyr AI, IBM, NVIDIA Corporation, Intuz, Google LLC, Persistent Systems, Owkin, Inc., and Others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the regions?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?