AI in Precision Medicine Market Growth, Analysis, Latest Trends and Forecast till 2027

Artificial Intelligence (AI) in precision medicine involves the use of genomic data of an individual to develop personalized medicine. Genomic data is being accumulated in significant quantities, providing scientists the ability to study how genetic factors, such as mutations lead to diseases. AI, especially deep learning, can capture patient data from electronic health records, diagnostic imaging systems, prescriptions, genomic profiles, insurance records, and wearable devices. With this data, it is possible to create treatment plans for patients.

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Technological advancements in cancer biology across developed economies, and the growth of the geriatric population across the globe are the major factors propelling the AI in precision medicine market growth.

Growth of the geriatric population across the globe

There has been a significant growth observed in the geriatric population and it is expected to continue in coming years. For instance, according to the October 2022 statistics by World Health Organization (WHO), one out of every 6 people in the world will be aged over 60 years or over by 2030. Also, by 2050, the population of people aged 60 years and older will be doubled, which is around 2.1 billion. The risks of infections across geriatric population is more compared to the younger people or population. This will increase the adoption of AI-based precision medicines over the forecast timeline.

Challenges: High cost associated with the precision medicines pose a major challenge

The research & development costs incurred for the AI-based precision medicine is on the higher side in comparison to the traditional medicines. These medicines are expensive to produce as they are specifically designed for an individual patient and not for the mass market. Adding to this, significant threat to personal health data also pose a challenge to the growth of AI in precision medicine market.

AI in Precision Medicine Market, by Offering
Hardware
Software
Services

AI in Precision Medicine Market, by Technology
Machine Learning
Natural Language Processing
Context-aware Computing
Computer Vision

AI in Precision Medicine Market, By Region
North America
Europe
APAC
RoW

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Key players in the market

BioXcel Therapeutics Inc. (US), GE Healthcare (US), Insilico Medicine (US), Intel Corporation (US), Microsoft (US), Tempus (US), NVIDIA Corporation (US), Sanofi (France), Sensely, Inc. (US), Zephyr AI (US) are few key players in the AI in precision medicine market globally.

Recent Developments

In September 2022, USF Health (US) and Weill Cornell Medicine (US) announced to reveive funding from National Institute of Health (NIH) under its Bridge2AI Initiative. The funding will focus on leveraging AI platform for using voice to diagonose disease. The diagnosis of the diseases through the voice using AI is expected to prove a transformative step across precision medicine.
In November 2021, Zephyr AI (US) launched a big data and machine learning approaches which will support the development of precision medicines. The company aims to target the development of new precision therapies in the market.

In March 2021, SOPHiA GENETICS (Switzerland) announced strategic collaboration with Hitachi, Ltd. (Japan). The collaboration focuses on bringing real-world, genomic, and clinical insights to biopharmaceutical companies, pharmaceutical players and healthcare providers in order to advance data-driven precision medicines for the benefits of patients across the globe.

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This release was published on openPR.