Artificial Intelligence in Precision Medicine Market: The Future of Personalized Healthcare

Artificial Intelligence in Precision Medicine Market: The Future of Personalized Healthcare

As AI creates its influence across multiple industries, one of its most powerful influences will be democratizing precision medicine. Precision medicine is a traditional term with a definition similar to personalized medication.

Utilizing a patient's genetic background, geographic location, environmental circumstances, lifestyle, and dietary preferences, precision medicine develops a treatment strategy. Precision medical issues, such as precise disease diagnosis, disease detection and prognosis, and treatment optimization, have been effectively tackled using artificial intelligence. Therefore, the growth of artificial intelligence in precision medicine market size is boosting.

Major Growth Driving Factors

  • Increasing cancer prevalence: The rise in cancer has boosted artificial intelligence in the precision medicine market size. Advanced passive lifestyle adoption and increased intake of alcohol and tobacco are two major elements affecting cancer prevalence rates. Rising R&D spending is also advancing the market.
  • Technological improvements: Artificial intelligence in precision medicine market demand is growing as a result of the rapidly expanding technological developments in cancer biologics, the widespread use of AI-based computational tools, and the accessibility of large collections of human genome databases, which all lead to improved and significant improvements in the field.
  • A growing majority of older people: The fast-rising elderly population is one of the main contributors to the rise in diseases and conditions like strokes, high cholesterol, diabetes, CVDs, hypertension, cancer, and aneurysms. And, since aging is considered the primary cause of cardiac health decline, it is the main indicator of market expansion.

Top Report Findings:

  • The major factors driving artificial intelligence in precision medicine market growth are the rapidly increasing incidences of different types of diseases, such as respiratory and chronic diseases, the increasing aging population, and the rapidly growing spending on healthcare infrastructure in both developed and developing regions throughout the world.
  • Artificial intelligence in precision medicine market segmentation is based on technology, component, therapeutic application, and region.

Artificial Intelligence in Precision Medicine Market Trends

  • Generating data: Rapidly rising public-private partnerships, the development of imaging and diagnostics-related technology to generate data for research development, and the demand to effectively manage data and optimize healthcare expenses are all expected to impact market growth positively.

Segment Review

The Deep Learning Segment Holds the Greatest Market Share

The deep learning market is anticipated to grow during the forecasted period. The market segment's expansion can be ascribed to the quick development of data center capabilities, improved capacity for automating processes, and relatively high processing power compared to other markets. Moreover, the recent deep learning algorithms make it simple to combine and model various data from a particular patient across several modalities and time, entitling better predictions and suggesting particular treatments for each patient.

Neurology Segment is Anticipated to Increase at the Fastest Rate

Due to the rapid increase in neurological disorders like epilepsy, migraines, dementia, brain tumors, and Alzheimer's, as well as the increasing demand and penetration for the early detection of these occurring diseases around the world, the neurology segment is predicted to experience the highest growth rate over the coming years. For instance, our research shows more than 65 million people globally suffer from epilepsy, or roughly 1.2 percent of the US population, or close to 3.4 million people.

Geographical Analysis

Europe: Due to the consistently rising need and prevalence for advanced diagnostics, improved understanding, and early disease detection, artificial intelligence in precision medicine market in Europe is expected to experience the quickest growth during the projection period. Healthcare professionals are encouraged and drawn to use these types of cutting-edge technologies due to the growing significance of AI's function in assessing patients' conditions and their progression through various phases of sickness, driving market expansion in the region.

North America: Due to the region's high consumer spending power on their health and well-being, rapid growth in investment associated with research and development-related activities, presence of a strong healthcare infrastructure in nations like the United States and Canada, and dominance in the market for artificial intelligence in precision medicine in 2022, North America is predicted to continue to lead throughout the study period. Additionally, the existence of numerous well-known AI software and system suppliers and increased government initiatives to encourage the use of AI by start-ups will speed up industry expansion.

Recent Developments

  • MedStar Health partnered with Zephyr AI Inc. to produce artificial intelligence-based precision medicine tools in November 2022. This will leverage MedStar Health’s patient health management expertise to enhance Zephyr AL’s predictive analytics further.
  • Tempus allowed pathologists to access developing AI models in March 2022. They are highly focused on the growth of AI models to recognize patients who may qualify for further testing and targeted treatments, including cancer care and clinical trials.

Frequently Asked Questions

  • What will artificial intelligence's worth in precision medicine be during the forecast period?
  • Who are the leading vendors of artificial intelligence in precision medicine market?
  • Which region holds the highest market share of AI in precision medicine?
  • What are the market segments of artificial intelligence in precision medicine?
  • What are the major growth drivers of 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 Region

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

Deep-dive Insights on Artificial Intelligence in Precision Medicine Market by Polaris Market Research:

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