Global Artificial Intelligence (AI) in Precision Medicine Market Research Report: Forecast (2024-2030)

Market Definition

Precision medicine, an emerging form of medicine takes into account individual variations in genes, proteins, environment, and lifestyle for disease prevention & treatment. Artificial Intelligence (AI) in precision medicine analyses datasets to generate insights helpful in the development of novel treatments.

Market Insights & Analysis: Global Artificial Intelligence (AI) in Precision Medicine Market (2024-30):

The Global Artificial Intelligence (AI) in Precision Medicine Market size was valued at USD 1.7 billion in 2023 and is projected to reach USD 14.5 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 27% during the forecast period, i.e., 2024-30.

Asthma & chronic obstructive pulmonary disease (COPD) are most in the world responsible for high mortality rates. Ultimately, the need for AI in assessing the role of abnormally expressed genes & identifying potential novel targets for life-changing precision medicines has been greater than before. As a result, the Market has been experiencing positive growth trends. For instance, in 2023 COPD remained the 3rd leading cause of death worldwide as the WHO reported.

Further, the number of genomic research projects has been increasing with significant funding from government & private research bodies. Such research projects collect large volumes of genomic datasets and thereby make it easier for scientists to develop tailored treatments with enhanced efficacy & minimal side effects. This eventually, drives the adoption of AI to analyze the vast amount of genomic & clinical data to understand the genetic basis of disease & develop precision treatments. As a result, the market for AI in Precision Medicine has been expanding globally. For instance,

• In 2023, the Canadian government announced plans to establish the Canadian Genome Library for easier sharing of genomic data across the country with an investment amount of USD 15 million.

*Boost strategic growth with in-depth market analysis - Get a free sample preview today!

Moreover, in recent times, realizing the importance of AI & precision medicine in improving patient health outcomes, the governments of countries like the UK, India, Germany, and others have been increasingly investing in artificial intelligence (AI) technologies to support the development of novel precision medicine treatments for diseases like cancer, dementia, etc. For instance,

• In 2023, the UK Government announced an investment of USD132 million to accelerate the utilization of AI in life sciences & healthcare including in the development of novel precision medicine treatments.

Global Artificial Intelligence (AI) in Precision Medicine Market Driver:

High Rates of Different Cancers to Impact the Market Positively – Throughout the world, there have been high rates of various cancers including breast & stomach. However, the currently available treatments like chemotherapy, radiation therapy, and others have not been very effective for every patient while some had negative consequences on the health of patients. There has been continuous research & development for therapies specifically tailored according to patient’s characteristics, and prove to be more effective compared to conventional treatments with minimal cost and no side effects.

Subsequently, Artificial intelligence (AI) in precision medicine has accelerated the analysis of vast amounts of genomic or proteomic data rapidly, identifying disease targets, and rapid discovery and development of drugs thereby expanding the market size for AI in Precision Medicine. For instance,

• The World Health Organization (WHO) reported about 20 million new cases of cancer globally in 2022 and also expects that the cases will eventually increase to around 32.6 million by 2045.

Global Artificial Intelligence (AI) in Precision Medicine Market Challenge:

Ethical and Regulatory Challenges with AI to Impact Market Growth – AI has great potential and advancement in precision medicine, but the approach has certain ethical & regulatory challenges that have been hindering its widespread adoption. The ethical challenges concerning patient privacy and surveillance, bias, and discrimination, and the role of human judgment have been restricting concerned healthcare authorities, researchers, and many medical practitioners from relying upon such technologies. This not only affects the revenue growth of companies that are present in the realm of Artificial Intelligence (AI) in Precision Medicine but also limits patient access to life-saving novel treatments.

Further, companies need to comply with certain regulatory challenges, however, due to a lack of policies & guidelines in earlier times regarding AI, authorities like the US FDA, EMA, and others have been regularly updating the regulations as per the present requirements. The regular updates have made it complicated for companies especially those with limited budgets & resources to comply with regulations. As a result, they either face the issues of product recall or fail to introduce their newer software & services. Ultimately, the Global Market for Artificial Intelligence (AI) in Precision Medicine faces negative growth patterns.

Global Artificial Intelligence (AI) in Precision Medicine Market Trend:

Increasing AI Utilisation for Identifying Tailored Therapies for Rare Disease Patients – There has been a lack of treatments available for nearly all known rare disorders of the liver, muscle, and central nervous system. As healthcare is revolving & newer technologies like AI have become accessible, the focus has shifted towards developing precision genetic medicines for patients with such rare conditions. Precision medicine when utilized along with AI allows researchers to better understand the fundamental biology of rare diseases, identify new molecular drug targets, and more importantly accelerate the pace of drug discovery & development for new treatment options. Ultimately, major pharmaceutical players like Pfizer, Astra Zeneca, and others have been actively leveraging AI technologies for the research & development of precision medicine for rare diseases. Moreover, increasing government support in the form of funding & investments to improve patient access to drugs for rare diseases is further expected to boost AI usage in precision medicine development for rare disease conditions. For example,

• In 2023, Canada’s government invested USD68 million to support collaborative governance, data infrastructure, and research for drugs for rare diseases, basically to improve access to drugs for rare diseases across the country.

Hence, as the focus of companies & governments increases on developing tailored therapies for rare disease patients, the market for Artificial Intelligence (AI) in Precision Medicine would be registering positive growth trends.

Global Artificial Intelligence (AI) in Precision Medicine Market (2024-30): Segmentation Analysis

The Global Artificial Intelligence (AI) in Precision Medicine Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global levels. Based on the analysis, the market has been further classified as:

Based on Component:

• Hardware
• Software
• Services

Out of them, the software category held a considerable market share of the Global Artificial Intelligence (AI) in the Precision Medicine Market during 2019-2023. This has been because of the high rates of various chronic diseases such as cancer, heart failure, COPD, and others which have augmented the demand for tailored treatments as conventional ones have been ineffective & causing health deteriorating side effects. Subsequently, the adoption of AI to develop effective & precise treatments has seen a remarkable boost. Further, in recent times, the performance & capabilities of AI software have enhanced with continuous advancements in machine learning algorithms, natural language processing, data analytics, etc. As a result, more companies & researchers have been relying on AI software for the research & development of novel precision medicines. Due to this, the market size of the software category has been rapidly expanding.

Moreover, realizing the potential of AI software in precision medicine research & development, major pharmaceutical companies like Sanofi, Pfizer, and others have been actively collaborating with technology firms to leverage their AI software capabilities. This is basically to simplify a demanding part of the drug discovery program & advance the development of targeted therapies. Hence, considering the aforementioned factors, the software categories market will be growing in the coming years as well.

Based on Therapeutic Application:

• Oncology
• Neurological Diseases
•  Cardiology
• Haematological Diseases
• Autoimmune Diseases
• Others

Out of all, the cardiology category expects to grow with a considerable market share of Global AI in Precision Medicine Market. This has been because of the alarming rates of cardiovascular diseases that have also been accountable for most non-communicable disease (NCD) deaths globally. The involvement of people in activities such as smoking, alcohol consumption, etc., and leading a sedentary lifestyle without any physical activity have been responsible for elevating the cases to such heightened levels. As traditional treatments have not been very beneficial for the patients, the focus has shifted to a precision medicine approach for the treatment & management of cardiovascular diseases. This has further augmented the demand for AI hardware, software, & services that could accelerate the search and development of precision treatment for CVDs.

Moreover, the increasing focus of companies on developing innovative therapies in precision cardiology either standalone or in collaboration with others is further expected to positively impact the market for Artificial Intelligence (AI) in Precision Medicine. For example,

• In 2024, Bayer & Evotec announced strategic collaboration regarding the development of innovative precision treatments for cardiovascular diseases (CVDs).

Global Artificial Intelligence (AI) in Precision Medicine Market (2024-30): Regional Projection

Geographically, the Global Artificial Intelligence (AI) in Precision Medicine Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

North America expects to hold a prominent market share of Global Artificial Intelligence (AI) in Precision Medicine Market, among all regions. In the region, over the years, there have been a significant number of patients with various cancers including breast & lung. Also, treatments like chemotherapy & radiation therapy have not been very effective in improving the patient’s condition, ultimately declining their survival rates. Due to this, the adoption of AI in precision medicine to develop innovative, effective, & tailored cancer treatments has seen a boost, thereby augmenting the growth of North American AI in the Precision Medicine Market.

Further, in the US & Canada, there has been a rise in various neurological diseases like dementia & Parkinson's in the elderly population resulting in researchers focusing on personalized, targeted therapies that may significantly improve outcomes in patients. This, in turn, is propelling the demand for AI solutions for precision medicine, and impacting the market growth of the North America Artificial Intelligence (AI) market.

Moreover, in this region, there has been the adoption of electronic health records (EHR) in major healthcare facilities that store huge numbers of genomic data, collected over time through patient visits, giving researchers access to rich & detailed genomic data for studies. Further, to analyze such widespread data & utilize it in an insightful way for the development of precision medicine, researchers tend to adopt AI technologies. Subsequently, the North American Artificial Intelligence (AI) in Precision Medicine Market registers remarkable growth.

Global Artificial Intelligence (AI) in Precision Medicine Recent Development:

• 2024: Zephyr AI raised funding of USD111 million to advance its to advance its artificial intelligence (AI) platform for precision medicine.
• 2023: Google LLC launched two new AI-powered tools to help biotech and pharmaceutical companies accelerate drug discovery and advance precision medicine.

Gain a Competitive Edge with Our Global Artificial Intelligence (AI) in Precision Medicine Market Report

• Global Artificial Intelligence (AI) in Precision Medicine Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global Artificial Intelligence (AI) in Precision Medicine Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

*Reports Delivery Format  - Market research studies from MarkNtel Advisors are offered in PDF, Excel and PowerPoint formats. Within 24 hours of the payment being successfully received, the report will be sent to your email address