AI in Precision Medicine Market

The report "AI in Precision Medicine Market by Application (Drug Discovery, Screening, Diagnosis, Stratification, Staging, Prognosis, Therapy Selection, Monitoring, Risk Management), Indication (Cancer, CNS, CVS), Tools (ML, NLP), & End User -Global Forecast to 2030", is projected to reach USD 3.92 billion by 2030 from USD 0.78 billion in 2024, at a CAGR of 30.7% from 2024 to 2030.

Browse 250 market data Tables and 60 Figures spread through 300 Pages and in-depth TOC on "AI in Precision Medicine Market by Application (Drug Discovery, Screening, Diagnosis, Stratification, Staging, Prognosis, Therapy Selection, Monitoring, Risk Management), Indication (Cancer, CNS, CVS), Tools (ML, NLP), & End User -Global Forecast to 2030"
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Several factors propelling the expansion of AI technologies in precision medicine are in tune with the availability of advanced technologies and the rising need for personalized patient care. To begin with, there is a massive collection of data types in terms of genomics, proteomics, and metabolomics, which AI performs and extracts disease biomarkers and variants. For instance, Google’s DeepVariant can optimize genomic sequencing accuracy with the power of AI, facilitating targeted treatment models. Additionally, there is also a tremendous emphasis on the increased demand for quicker drug discovery and development. It helps drug development processes to adopt or even shorten the duration of certain stages such as primary selection of drug candidates and optimization of the clinical trial architecture. To this end, Atomwise has also incorporated deep learning into their operations to efficiently screen millions of compounds for interesting candidates for drug development.

Software segment accounted for the largest share of the AI in precision medicine market in 2023, by component.

Software segment accounted for the largest market share in the AI in precision medicine market in 2023, by offering, because of the heavy reliance in data analysis, predictive modelling, and decision-making factors. Custom-built AI software is necessary to integrate all the data sets including genomics, proteomics and clinical records to give a picture that can be used to customize treatment. Companies including Tempus have integrated artificial intelligence tools to enhance diagnosis, drug development, and management of patients. The characteristics of these software solutions, including ease of scale, flexibility and the fact that they are cloud-based make them extremely important in precision medicine, hence their market dominance.

The oncology segment to account for largest share of AI in precision medicine market for the year 2023, by therapeutic area

The majority of the market in AI-powered precision medicine is occupied by oncology because treatment for most cancers is designed specifically to the patient in order to yield better results. AI is adept at the interpretation of genomic, proteomic and imaging data to classify different types of cancers, forecast reactions to therapies, and find new biomarkers. This makes it possible to develop targeted treatments like immunotherapy and speeds up the pharmaceutical processes in the field of oncology. Firms like Tempus use artificial intelligence technology to improve the analysis of cancer and planning the management of its treatment due to the strong need for such precision medicine approaches. The incidence of cancer in the population and the need for better provision of care are the factors that encourage the use of AI in this treatment area.

North America accounted for the largest share of the AI in precision medicine market in 2023.

North America held the most significant market share in the AI in precision medicine market in 2023. The AI in precision medicine market in North America has seen rapid growth due to the availability of highly sophisticated healthcare systems, great funding in AI and genomics research and development, and most importantly the presence of giant technology and pharmaceutical companies such as IBM, Microsoft, and Pfizer. There is also a lot of enabling environment for new technologies such as the FDA policies on incorporating AI technology in healthcare. Furthermore, the region is conducive for AI medicine technologies as there is a huge adoption of electronic health records EHRs and availability of rich data. In addition to these elements, the huge investment from both the government and private sectors explains why the US is leading in this particular market.

Prominent players in the AI in precision medicine market include are NVIDIA Corporation (US), Google, Inc. (US), Microsoft (US), IBM (US), Illumina, Inc. (US), Exscientia (UK), Insilico Medicine (US), GE Healthcare (US), Tempus AI, Inc. (US), Siemens Healthineers AG (Germany), BioXcel Therapeutics, Inc. (US), BenevolentAI (UK), PathAI, Inc. (US), Guardant Health (US), GRAIL, Inc. (US), FOUNDATION MEDICINE, INC. (US), FLATIRON HEALTH (US), Proscia Inc. (US), DEEP GENOMICS. (Canada), Verge Genomics (US), Predictive Oncology (US), Paige AI, Inc. (US), Densitas Inc. (Canada), Zephyr AI (US), and Iktos (France).

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