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artificial intelligence in precision medicine market

Artificial Intelligence in Precision Medicine Market Share, Size, Trends, Industry Analysis Report, By Technology (Deep Learning, Querying Method, Natural Language Processing, and Context Aware Processing); By Component; By Therapeutic Application; By Region; Segment Forecast, 2023 - 2032

  • Published Date: Jan 2023
  • Pages: 118
  • Format: PDF
  • Report ID: PM2986
  • Base Year: 2022
  • Historical Data: 2019-2021

Report Summary

The global artificial intelligence in precision medicine market was valued at USD 1.26 billion in 2022 and is expected to grow at a CAGR of 35.5% during the forecast period.

The rapidly growing incidences of various types of diseases including respiratory and chronic diseases, rising geriatric population, and rapid growth in the healthcare infrastructure spending across both developed and developing regions around the world are key factors propelling the growth and demand of the global market. The increasing prevalence of respiratory ailments like chronic obstructive pulmonary diseases and sleep apnea is further anticipated to boost the growth of the market.

Artificial Intelligence in Precision Medicine Market Size
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For instance, according to the World Health Organization, chronic obstructive pulmonary disease is the third major cause of death globally, that cause for over 3.23 million deaths in 2019. Around 90% of chronic obstructive pulmonary diseases occur in people under age of 70 years in low and medium-income countries.

Moreover, a rapid surge in the need to effectively manage data and optimize healthcare costs, a growing number of public-private partnership, and development in imaging and diagnostics-related technology to generate data for research development across the globe is also likely to contribute positively to the market growth. In recent years, AI and associated technologies are gaining high traction and becoming common across various businesses and society and are integrating into healthcare.

The COVID-19 pandemic has positively impacted the growth of artificial intelligence in precision medicine market. This led to using of artificial intelligence in the healthcare industry to improve a wide range of healthcare services including chronic illness management, population health, medical imaging, and precision medicine. In addition, artificial intelligence with multimodal data helped several segments with the help of cutting-edge applications to cater to the rapidly spreading outbreak of COVID-19 pandemic.

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Industry Dynamics

Growth Drivers
The rapidly growing technological advancements across cancer biologics, wide presence of AI-based computational tools, and easy availability of large sets of human genome databases, which results in improved and strong enhancements in the precision medicine sector, are key major factors driving the growth of the market. Moreover, various large market companies are emphasizing strategic collaborations and partnerships to fuel the development of artificial intelligence in precision medicines and cancer biology.

For instance, in June 2022, GE Healthcare collaborated with Minerva Imaging for improvements in radionuclide therapy and precision medicine. The partnership has been designed to facilitate the success of Minerva’s Imaging growth plans with the help of establishing in-house products of isotopes and CDMO services for radiopharmaceuticals.

Furthermore, there has been tremendous growth in the geriatric population, which results in a high number of people affected by various types of diseases including respiratory diseases, cancer, and cardiovascular diseases. Thus, the need and demand for artificial intelligence in precision medicines for accurate diagnosis of diseases and improved patient outcomes, in turn, the market is expected to have a positive impact on the growth during the anticipated period.

Report Segmentation

The market is primarily segmented based on technology, component, therapeutic application, and region.

By Technology

By Component

By Therapeutic Application

By Region

  • Deep Learning
  • Querying Method
  • Natural Language Processing
  • Context Aware Processing
  • Hardware
  • Software
  • Service
  • Oncology
  • Cardiology
  • Neurology
  • Respiratory
  • Others
  • 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)

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Deep learning segment accounted for the largest market share in 2022

The deep learning segment accounted major global market share in 2022 and is expected to retain its position during the projected period. The growth of the segment market can be attributed to a rapid surge in developments of data center capabilities, increased capacity for performing tasks without human intervention, and comparatively high processing power compared to others. The newly developed deep learning algorithms can easily integrate and model diverse data from a single patient across several modalities and time, enable better predictions, and recommend specific treatments for each patient.

Furthermore, the natural language processing segment is expected to witness highest CAGR which is mainly driven by a growing need for analyzing text and voice to derive the meaning from words using computer algorithms. Natural language processing technology has a very crucial role in the decision-making processes and allows physicians to increase their focus on value-added treatment for patients.

Software segment held the largest market revenue share in 2022

The software segment held the highest market share in terms of revenue and is likely to witness considerable growth over the anticipated period. Increasingly growing adoption of various AI-based software solutions in precision medicine by several research institutes, healthcare payers, and patients along with the rising focus on the development of existing software and developing new ones are major factors behind the significant growth of the segment market.

In addition, the hardware segment is expected to register a healthy growth rate over the anticipated period. The growth of the segment market is mainly driven by increasing prevalence of use of AI-based technologies in healthcare applications such as cybersecurity virtual assistants, clinical trials, robot-assigned assists, telemedicine, fraud detection, and dose error reduction.

Neurology segment is projected to exhibit fastest growth

The neurology segment is expected to witness highest growth rate over the coming years owing to a rapid surge in the number of neurological illnesses including epilepsy, migraines, dementia, Alzheimer’s, and brain tumors, and growing need and penetration for the early detection of these emerging diseases across the globe. For instance, according to our findings, around 1.2 percent of US population, which amounts to nearly 3.4 million people are currently suffering from epilepsy and there are more than 65 million people worldwide.

However, the oncology segment dominated the global market by holding a healthy market share. With the use of artificial intelligence in oncology, physicians get a faster and more accurate diagnosis of cancer and further resulting in overall improved patient outcomes, which is a key factor behind the growth of the segment market. In recent years, the number of cancer patients has grown drastically, thus the demand for technologies like artificial intelligence has gained high traction and is being highly adopted across various healthcare institutions.

The demand in Europe is expected to witness significant growth

The Europe region is projected to grow fastest during the forecast period on account of continuously growing demand and prevalence for advanced diagnosing and improved understanding and detection of various diseases in their very starting phases. The rising importance of role of AI in assessing patient condition and their progress in multiple stages of illness, encouraging and attracting healthcare professionals to opt for these types of advanced technologies and propelling the market growth in the region.

However, North America dominated the market for artificial intelligence in precision medicine in 2022 and is expected to maintain its dominance throughout the study period due to rapid growth in the investment associated with research & development related activities and presence of robust healthcare infrastructure in countries like United States and Canada and high consumer spending capacity on their health and well-being in the region. Moreover, presence of various prominent AI software and system providers and increasing government efforts to promote the usage of AI among startups would further accelerate the market growth.

Competitive Insight

Some of the major players operating in the global market include GE Healthcare, NVIDIA Corporation, Intel Corporation, Microsoft Corporation, IBM Corporation, Alphabet Inc., BioXcel Therapeutics Inc., AstraZeneca, Enlitic Inc., Sanofi, Sensely Inc., Zephyr AI, Tempus, Insilico Medicine, Berg LLC, Modernizing Medicine Inc., Novo Nordisk A/S, and Atomwise Inc.

Recent Developments

In November 2022, MedStar Health partnered with Zephyr AI Inc., to develop artificial intelligence-based precision medicine tools. The new partnership is expected to leverage MedStar Health’s patient health management expertise to further improve and enhance Zephyr AL’s predictive analytics.

In March 2021, Tempus enables pathologists to access developing AI models. Tempus is highly focused on the development of AI models for the purpose to identify patients, who may qualify for additional testing and targeted therapies including cancer care and clinical trials.

Artificial Intelligence in Precision Medicine Market Report Scope

Report Attributes

Details

Market size value in 2023

USD 1.71 billion

Revenue forecast in 2032

USD 26.24 billion

CAGR

35.5% from 2023 – 2032

Base year

2022

Historical data

2019 – 2021

Forecast period

2023 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Segments Covered

By Technology, By Component, By Therapeutic Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key Companies

GE Healthcare, NVIDIA Corporation, Intel Corporation, Microsoft Corporation, IBM Corporation, Alphabet Inc., BioXcel Therapeutics Inc., AstraZeneca, Enlitic Inc., Sanofi, Sensely Inc., Zephyr AI, Tempus, Insilico Medicine, Berg LLC, Modernizing Medicine Inc., Novo Nordisk A/S, and Atomwise Inc.

Key Take-Away
Polaris Market Research
Global Artificial Intelligence in Precision Medicine Market Size, Share Analysis Report, 2023-2032