Global Artificial Intelligence (AI) in Precision Medicine Market Report and Forecast 2024-2032

Global Artificial Intelligence (AI) in Precision Medicine Market Outlook

The global artificial intelligence (AI) in precision medicine market size was valued at USD 1.63 billion in 2023, driven by high demand of precision medicines and rising expenditure on artificial intelligence research and development. The market is expected to grow at a CAGR of 35.6% during the forecast period of 2024-2032, with the values likely to rise from USD 2.21 billion in 2024 to USD 25.22 billion by 2032.

Artificial Intelligence (AI) in Precision Medicine: Introduction

Precision medicine is offering a customized drug or treatment to a patient based on the genetic or molecular understanding of their disease. The approach behind precision medicine is that each patient has a unique set of symptoms which may not necessarily be like others, even though they are suffering from the same disease.

Artificial intelligence and precision medicine convergence is set to revolutionize the future of healthcare industry. Artificial intelligence is expected to help with personalised diagnostics, treatment, and prevention. It will leverage inference and computation to generate valuable insights, empowering it to learn and reason to make clinically sound decisions.

Global Artificial Intelligence (AI) in Precision Medicine Market Analysis

The world has witnessed vast applications of artificial intelligence in almost every major field in the past few years. A similar trend has been followed in the medicine and healthcare industry as well. With the sudden outbreak of COVID-19, there has been a prominent use of artificial intelligence in the hospitals in the form of pharmacy automation devices, vitals monitoring devices and reducing the load of labour-intensive and repetitive tasks, improving the productivity of the healthcare staff significantly.

Artificial intelligence is an integral part of early-stage drug development case studies. There has been valuable development in 3D bioprinters, which now work on the mechanism of machine learning. This has allowed machines to optimise the printing process and improve accuracy as well. As a result, there has been significant artificial intelligence (AI) in precision medicine market growth. The trend is set to grow as the global health ecosystem leans towards usage of precision medicine for treatments.

There is an increasing emphasis on leveraging artificial intelligence to make drug discovery faster and economical. With the emergence of algorithms and machine learning, healthcare data analysis can become accurate and rapid. Empowered by predictive models, artificial intelligence can be used to cut-down long hours of lab work by predicting how potential drugs may behave in the body leading to precise diagnosis and development of personalised treatment plans. With further ideations and developments, the artificial intelligence (AI) in precision medicine market value is predicted to grow further in the upcoming years.

Global Artificial Intelligence (AI) in Precision Medicine Market Segmentation

Medicine Market Breakup by Type 

• Machine Learning

• Querying Method

• Deep Learning

• Context-Aware Processing

• Natural Language Processing

Market Breakup by Components

• Hardware

• Software

Market Breakup by Therapeutic Area

• Oncology

• Neurology

• Cardiology

• Respiratory

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Artificial Intelligence (AI) in Precision Medicine Market Overview

With a robust research and development infrastructure and hefty investments coming in from major corporations and the government, the United States owns the largest artificial intelligence (AI) in precision medicine market share.

In March 2024, Google Cloud launched two new AI powered tools with a vision to help biotech companies speed up the drug discovery process and dive deeper into artificial intelligence driven precision medicine. “Target and Lead Identification Suite” is the first tool that helps in identification of the biological target, helping the researchers design a treatment around it while the second tool is called “Multiomics Suite” helps with genomic data analysis.

Dartmouth has also launched a special centre for precision health and artificial intelligence with the aim to help scientists research into the field deeply. Such steps in the field of precision medicine indicate a profound market expansion in the future.

We can also expect to see the dramatic rise of Asia Pacific led research in the precision medicine domain. This can be attributed to extensive development in biotech industry, with the added boost of several government grants and foreign investments.

Global Artificial Intelligence in Precision Medicine Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Novo Nordisk A/S

• GE Healthcare

• Intel Corporation

• NVIDIA Corporation

• Microsoft Corporation

• Alphabet Inc.

• IBM Corporation

• Enlitic Inc.

• AstraZeneca

• Sanofi

Key Highlights of the Report