Artificial Intelligence In Precision Medicine Market to Reach USD 37.60 Bn to 2034

According to the latest research by Nova
one advisor, the global artificial
intelligence In precision medicine market is valued at USD 1.75 Billion
in 2024, and it is expected to reach USD 37.60 Billion by 2034, with a CAGR of
35.9% during the forecast period of 2024-2034. The conjunction of artificial
intelligence (AI) and precision medicine is transforming the healthcare
landscape.

Artificial Intelligence In Precision
Medicine Market Key Takeaways:

·        
The deep learning segment dominated the market
with a share of 33.7% in 2024.

·        
The software segment held the largest share of
41.6% in 2024.

·        
Furthermore, the software segment is projected
to grow at the fastest CAGR of 36.2% during the estimated period.

·        
Oncology emerged as the dominant segment and
accounted for a revenue share of 31.0% in 2024.

·        
The neurology segment is anticipated to register
the fastest CAGR of 36.8% over the forecast period.

·        
North America dominated the market with a
revenue share of 29.6% in 2024.

·        
This is expected to drive the market growth in
the country. Europe is anticipated to witness substantial growth at a CAGR of
36.3% over the forecast period.

The Complete Study is Now Available for
Immediate Access | Download the Sample Pages of this Report@

Precision
medicine utilizes AI tools for personalizing medical treatments and
practices for healthcare providers and patients whereas integration on AI aids
in the identification, diagnosis and prediction of treatment outcomes with
safety, accuracy and efficacy. These advancements are encouraging technology
driven solutions in healthcare industries thereby boosting the market growth.

With the ongoing daily advancements and
novel innovations as well as the provision of deep-analysis platforms and
effective healthcare monitoring systems integrated with AI and machine
learning tools is enhancing the outcomes of clinical
trials, research and personalized care therapies for patients thus
promoting the global market growth of precision medicine in the foreseeable
future.

Additionally, the broad spectrum of
applications such as real-time monitoring, early disease detection, in drug
development, personalized treatment plans and much more with accuracy, safety
and efficiency is increasing the adoption of precision
medicine among people and healthcare professionals. Moreover, the
rising investments, increasing government support and funding’s from various
organizations to the industries is promoting market growth.

Artificial Intelligence in Precision
Medicine Market Trends

·        
Robust Cybersecurity Solutions for AI-Driven
Precision Medicine: With the digitalization of
healthcare industry and the integration of AI in precision medicine develops
the need for mitigating security risks associated with cyberattacks on
sensitive patient information which can be achieved by adhering to strict
healthcare regulations such as Health Insurance Portability and Accountability
Act (HIPAA) for safeguarding patient data.

·        
Rising Focus on Personalized Care: The increasing awareness of using precision medicine among the
population for personalized care and the advancements in AI and machine
learning tools improving patient life outcomes in chronic diseases with safety
and accuracy is accelerating market growth.

Artificial Intelligence In Precision
Medicine Market Report Scope

Segment Insights

By Technology

Based on technology, the market is
segmented into Natural
Language Processing (NLP), deep learning, computer vision, and
context-aware processing. The deep learning segment dominated the market with a
share of 33.7% in 2024. Deep
learning (DL) platforms are applied in precision medicine for analysing
large, complex datasets like medical images, genomic data and electronic
health records (EHRs) for diagnosing diseases, risk stratification,
predicting treatment responses, patient outcomes and targeted therapies thereby
providing personalized treatment plans based on the individual characteristics
of the patient. Some examples of deep learning techniques utilized in precision
medicine include Convolutional Neural Networks (CNNs), Recurrent Neural
Networks (RNNs) and Generative Adversarial Networks (GANs) which are
potentially revolutionizing the precision medicine market by providing
personalized treatment decisions with improved outcomes to patients.

·        
For instance, in March 2023, an article
published in the Frontiers journal presented the use of a Java-based deep
neural network technique named JavaDL for predicting the cancer cells responses
based on the chemical characteristics of the drugs.

The NLP segment is expected to grow at the
fastest CAGR of 36.5% during the anticipated period. In precision medicine, NLP
is utilized for analysing unstructured medical data such as free-text clinical
notes, computational phenotypes, information extraction using named entity
recognition (NER) technique and supporting clinical decisions. NLP can be
applied for drug discovery, genomic data interpretation, patient
stratification, risk prediction and diagnostic imaging techniques in precision
medicine thereby promoting the market growth of this segment during the
forecast period. For instance, in DEC 2024, RADIN Health, a leading MedTech
company launched its AI-powered All-In-One SaaS solution which is designed to
transform the imaging centres, radiology departments and radiology practices.
Radin is a cloud-based platform that increases productivity using advanced AI,
ML and NLP tools.

By Component

In 2023, The software segment held the
largest share of 41.6% in 2024. The need for developing sophisticated software
platforms for precision medicine with the integration of machine learning and
AI tools is boosting market growth. With the employment of advanced innovations
through AI-powered algorithms and tools for various applications such as image
analysis, predictive analytics, natural
language processing (NLP), in precision medicine is uplifting the
development of cutting-edge software platforms thereby boosting the market
growth of this segment. For instance, NVIDIA, a leading global corporation in
AI technology, has enhanced diagnostic accuracy in medical imaging by
identifying patterns overlooked by the human eye with its AI-powered systems.

The software segment is projected to grow
at the fastest CAGR of 36.2% during the estimated period. The development of
innovative technological solutions for diagnosing, monitoring, and treatment of
patients with improved accuracy and better outcomes is fuelling the growth of
services segment. Furthermore, the increased use of digital
biomarkers enhanced with AI tools, rising investments and fundings
through government support and private sectors for developing precision
medicine tools is expected to grow the services market over the forecast
period.

·        
For instance, In Nov 2024, DANNCE.AI raised $2.6
million in a pre-seed funding led by LDV Capital for providing clinicians and
drug developers an AI-Powered biomarkers platform which is a digital
phenotyping platform for characterizing treatment response and optimizing
neurological care by behavioural quantification.

By Therapeutic Applications

Based on Oncology,
it emerged as the dominant segment and accounted for a revenue share of 31.0%
in 2024. AI is revolutionizing cancer research and precision oncology by
deciphering patterns in large amounts of data from various sources thereby
improving patient life outcomes by delivering timely treatments. Furthermore,
the rising prevalence of cancer across the globe and the advancements in AI
tools are aiding in detecting cancer, tailoring treatment plans, predicting
treatment outcomes and also in drug discovery with accuracy and efficiency thus
boosting the growth of precision medicine market.

·        
For instance, in July 2024, COTA Inc., announced
an innovative collaboration with Texas Oncology’s Precision Health Informatics,
LLC. The collaboration aims at transforming precision medicine over Texas
Oncology’s community cancer centres by utilizing COTA’s AI-powered curation
engine, CAILIN, which will help in converting fragmented healthcare data into
actionable insights.

The neurology segment is expected to
register the fastest growth during the forecast period. The multitude of
neurological illnesses worldwide is demanding the development of precision
medicine for supporting and improving patient life quality.  The use of
AI-powered diagnostic techniques and predictive analysis softwares for
navigating the complexities of diagnosing, detecting disease progression and
treating neurological disorders with unparalleled precision and efficiency is
transforming the terrain of neurological treatments. Additionally, the
technological advancements, ongoing clinical trials and rising investments in
healthcare industry are supporting the growth of this segment over the forecast
period. For instance, Quibim a company using best-in-class imaging softwares
through AI techniques is enhancing brain MRI analysis by using QP-Brain which
is an AI-powered tool that provides a better understanding of brain atrophy and
lesions by calculable evaluations for enhanced detection.

By Region

North America dominated the market with a
revenue share of 29.6% in 2024. owing to various factors such as the
significant amount of fundings for R&D focused on using AI, large presence
of key market players, widespread adoption of EHRs, rising investments from
government and private sectors along with encouragement of FDA policies for
incorporating AI technology in healthcare which is altogether strengthening the
artificial intelligence in precision medicine market in this region. Moreover,
the increasing industrial collaborations and conduction of conferences,
workshops in the region is promoting the market growth.

·        
For instance, in Oct 2024, a workshop entitled
‘AI in Precision Medicine for Diabetes and Other Chronic Diseases’ was hosted
by the National Institute of Diabetes and Kidney Diseases (NIDDK) which brought
together biomedical researchers and AI/ML experts to discuss the pressing
issues, shortfalls and opportunities for future advancements in precision
medicine.

Europe is anticipated to grow rapidly over
the forecast period. With the integration of AI, the precision medicine market
is advancing swiftly in Europe with focus on cancer care, using AI tools for
imaging analysis, initiatives encouraging the collaboration among researchers,
clinicians and industry players for developing AI-driven precision medicine
solutions allowing targeted therapies and improved life outcomes in patients.
In May 2024, the European Society of Radiology (ESR) collaborated with the
European Federation of Cancer Images (EUCAIM) proposing a new thematic network
called as “Advancing Precision Medicine for Europe’s Cancer Patients with
AI-powered Imaging” which was submitted for consideration within the public
health area. Furthermore, the active interests of the European Union (EU) for
establishing regulatory frameworks for AI in healthcare for ethical and safe
implementation of AI-powered precision medicine are expected to drive the
market growth of this region over the forecast period.

Immediate Delivery is Available | Get
Full Report Access@

Related Report

U.S.
Precision Medicine Market– The U.S.
precision medicine market size was valued at USD 24.95 billion in 2023
and is projected to reach around USD 76.12 billion by 2033, registering a CAGR
of 11.80% from 2024 to 2033.

Artificial Intelligence In Precision
Medicine Market- The artificial
intelligence in precision medicine market size was exhibited at USD
1.75 billion in 2024 and is projected to hit around USD 37.60 billion by 2034,
growing at a CAGR of 35.9% during the forecast period 2024 to 2034.

Artificial Intelligence (AI) in Clinical
Trials Market– The global AI
in clinical trials market size was valued at USD 1.58 billion in 2023
and is anticipated to reach around USD 20.16 billion by 2033, growing at a CAGR
of 29% from 2024 to 2033.

Artificial
Intelligence (AI) in Life Sciences Market- The
global artificial
intelligence (AI) in life sciences market size was exhibited at USD
2.50 billion in 2023 and is projected to hit around USD 15.45 billion by 2033,
growing at a CAGR of 19.98% during the forecast period 2024 to 2033.

Some of the prominent players in
artificial intelligence in precision medicine market include:

·        
BioXcel
Therapeutics, Inc.

·        
Sanofi
S.A.

·        
NVIDIA Corp.

·        
Alphabet Inc. (Google Inc.)

·        
IBM

·        
Microsoft

·        
Intel Corp.

·        
AstraZeneca plc

·        
GE
HealthCare

·        
Enlitic, Inc.

Artificial Intelligence in Precision
Medicine Recent Developments

·        
In Dec 2024, Avant Technologies Inc., an
emerging technology company focused on developing AI- based solution in
healthcare announced the beginning of a strategic alliance with the global
biotech giant Roche Holding AG and Salud 360, a leading pre-paid health plan
provider for initiating a pilot program for combating diabetic retinopathy by
leveraging advanced technology from Avant’s partner Ainnova Tech which is a
leading healthcare technology company focused on implementing AI for early
disease detection. The collaboration aims at reducing risks associated with
diabetic retinopathy with a patient-centered approach.

·        
In Oct 2024,
Arbele, a leading innovator in biopharmaceutical & biotechnology focused on
targeting cadherin-17 (CDH17), announced a strategic alliance with BioAI Health
for developing a prototype of an immunohistochemistry (IHC)-based
quantification algorithm in precision oncology which will use AI for advancing
targeted immunotherapeutics of bispecific T-cell engagers (TCEs) and
antibody-drug conjugates (ADCs) in colorectal cancers (CRCs).

·        
In Oct 2024, Well Health Technologies Corp., a digital
health company focusing on tech-enabling healthcare providers and
HEALWELL AI Inc., a healthcare technology company focused on AI and data
science for preventive care declared the extension of their multi-annual
strategic alliance contract which allows both companies to launch and manage
clinical trial sites at WELL clinic locations across Canada. This collaboration
aims to change the therapeutic research landscape by expanding clinical trial
access for more patients and help in developing personalized treatments for
patients.

·        
In March 2024,
Microsoft announced its collaboration with NVIDIA to bring together the
universal, secure and advanced computing abilities of Microsoft Azure with
NVIDIA DGX Cloud and the NVIDIA Clara chain of computing platforms, software to
accelerate the innovation and improvise patient care by helping healthcare and
life sciences organizations. With use of their cutting-edge AI and advanced
computing platforms combined with capacity of the cloud, they aim to enhance
medical image-based diagnostic technology.

Segments Covered in the Report

This report forecasts revenue growth at
country levels and provides an analysis of the latest industry trends in each
of the sub-segments from 2021 to 2034. For this study, Nova one advisor, Inc.
has segmented the artificial intelligence in precision medicine market

By Technology

·        
Deep Learning

·        
Querying Method

·        
Natural Language Processing

·        
Context-Aware Processing

By Component

·        
Hardware

·        
Software

·        
Service

By Therapeutic Application

·        
Oncology

·        
Cardiology

·        
Neurology

·        
Respiratory

·        
Others

By Regional

·        
North America

·        
Europe

·        
Asia Pacific

·        
Latin America

·        
Middle East and Africa (MEA)

Immediate Delivery Available | Buy This
Premium Research

USA: +1 804 441 9344

APAC: +61 485 981 310 or +91 87933 22019

Europe: +44 7383 092 044

Email: [email protected]

Web:

You can place an order or ask any
questions, please feel free to contact at [email protected] |
+1 804 441 9344