The artificial intelligence in precision medicine market size is estimated to be USD 987.2 million in 2022 and is expected to witness a CAGR of 9.67% during the forecast period 2023-2033. Rising R&D spending and expanding use of tailored drugs are some of the factors contributing to the market growth. Furthermore, growing partnerships and collaborations among key market players and rising prevalence of respiratory problems are other factors supporting the However, high price of precision medicine is expected to hinder the growth.

Growing partnerships and collaborations among key market players is expected to fuel the market growth during the forecasted period. For instance, Intel and the Perelman School of Medicine at the University of Pennsylvania collaborated to develop an AI model that aids in the early diagnosis of brain tumours. Using federated learning, a technique that protects privacy, Penn Medicine built this application in partnership with 29 global organizations. With the use of this technology, numerous companies will be able to collaborate together and train an AI model without disclosing private patient information.

Rising prevalence of respiratory problems including sleep apnea and chronic obstructive pulmonary disease is predicted to spur the market growth during the projected period. WHO estimates that 3.2 million persons with mild to severe chronic obstructive pulmonary disorders died globally in 2019. (COPD). Furthermore, COPD will be the third leading cause of death worldwide, according to WHO estimates.

Segmentation

By Technology

The market is categorized into querying method, deep learning, context aware processing, and natural language processing. In 2022, the deep learning segment accounted for the highest revenue share due to the advancements in data centre capabilities, rapid processing, and the ability to complete tasks without human interaction. Current deep-learning algorithms can combine and model various data from a single patient across modalities and time, enabling better predictions and therapy recommendations. The segment for natural language processing is anticipated to have the fastest CAGR over the projected period. To extract meaning from words, natural language processing (NLP) examines both text and speech. NLP is the technique of employing computer algorithms to extract meaning from unstructured spoken or written material and to discover key components of a common language. This technology will be essential in accelerating the decision-making procedures in the healthcare industry. The quality of the data acquired determines the genuine advantage of developing efficient algorithms. Faster decision-making will free up doctors to concentrate on patient therapies that offer value.

By Component

The market is categorized into service, hardware, and software. In the global market, the software segment accounted for the largest revenue share in 2022 owing to fact that healthcare payers, institutions, providers, and patients’ quick adoption of AI-based software solutions for precision medicine. GE Healthcare developed the Edison AI platform in September 2019 in collaboration with five Chinese, regional software firms, namely Shukun Technology, 12 Sigma Technologies, YITU Technology, Biomind, and Yizhun Medical AI, to support GE Healthcare’s easy digital transformation. It is also anticipated to experience the fastest CAGR during the forecast period. A range of healthcare applications, including cybersecurity, virtual assistants, clinical trials, robot-assisted surgeries, telemedicine, and fraud detection, are increasingly using AI-based technology, which is driving the segment’s quick growth. Additionally, measures by both public and private players are promoting the segment’s expansion.

By Therapeutic Application

The market is segmented into cardiology, oncology, respiratory, neurology, and others. In 2022, the oncology segment accounted for the largest revenue share owing to use of AI in oncology facilitates faster and more accurate cancer diagnosis, improving patient outcomes. Two key factors that will contribute significantly to the expansion of the oncology segment are the developing healthcare infrastructure and the rising incidence of cancer. The segment for neurology is predicted to increase at the fastest rate. The rise in neurological conditions such epilepsy, migraines, dementia, brain tumors, and Alzheimer’s disease is anticipated to propel the segment’s expansion. Growth in this market is also being fuelled by technological advancements and the demand for early neurological problem detection.

Regional Markets

In 2022, North America region accounted for the highest revenue in the artificial intelligence in precision medicine market and is expected to maintain its dominance during the forecast period. This is attributed to the increased R&D expenditures and rising demand for precision pharmaceuticals. Collaborations between significant companies are further supporting the growth. For instance, Sanofi and Atomwise reached an agreement in August 2022 to spend $20 million on a contract that would allow Sanofi to use Atomwise’s AtomNet platform for research and computational discovery research on up to five therapeutic targets. The platform integrates deep learning-based modules for the structure-based development of pharmaceuticals through rapid, AI-powered searches of the company’s exclusive library of more than three trillion synthesizable complexes. The region of Europe is anticipated to experience the fastest CAGR over the forecast period. The increase in demand for early disease diagnosis and better understanding is partly due to the rising prevalence of chronic diseases and the aging population. To keep a competitive advantage over competitors businesses in the market, several businesses are using techniques. For instance, in June 2021, Merck KGaA, Darmstadt, Germany and Nucleai, a precision medicine company offering AI-powered image analysis technology, announced that they had partnered for the long term to use Nucleai’s biomarker discovery platform and image analysis for a number of Merck KGaA, Darmstadt, Germany clinical-stage oncology assets.

Competitor Insights

Some of the key players operating in the artificial intelligence in precision medicine market are Sanofi, Microsoft, IBM, NVIDIA Corporation, Alphabet Inc. (Google Inc.), Intel Corporation, BioXcel Therapeutics Inc, GE Healthcare, Microsoft Corporation, Enlitic Inc., and AstraZeneca

• For instance, in May 2021, the Adventist non-profit healthcare group AdventHealth announced that it would collaborate with Sema4. AdventHealth’s genetic and clinical data will be combined by the organisations using the software platform and tools from Sema4. AdventHealth’s genomics and customised health programme, which also involves investments in precision medicine research and genetic testing, counselling, and sequencing, is being expanded by the agreement.

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including technology, component, and therapeutic application from 2023 to 2033.

Report Scope:

Segmentation: Artificial Intelligence in Precision Medicine Market Report 2022 – 2033

Technology (Revenue, USD Million), 2022 – 2033

• Querying Method
• Deep Learning
• Context Aware Processing
• Natural Language Processing

Component (Revenue, USD Million), 2022 – 2033

• Service
• Hardware
• Software

Therapeutic Application (Revenue, USD Million), 2022 – 2033

• Cardiology
• Oncology
• Respiratory
• Neurology
• Others

By Region (Revenue, USD Million), 2022 – 2033

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of MEA