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AI in Precision Medicine Market Opportunities 2024
AI in Precision Medicine Market
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According to The Business Research Company's, The artificial intelligence (ai) in precision medicine market size has grown exponentially in recent years. It will grow from $1.82 billion in 2023 to $2.37 billion in 2024 at a compound annual growth rate (CAGR) of 30.2%. The growth in the historic period can be attributed to increasing healthcare data availability, rising chronic disease burden, genomic research advancements, growing emphasis on personalized medicine, improved computational power.
The artificial intelligence (ai) in precision medicine market size is expected to see exponential growth in the next few years. It will grow to $6.86 billion in 2028 at a compound annual growth rate (CAGR) of 30.4%. The growth in the forecast period can be attributed to expansion of precision medicine initiatives, rising demand for predictive analytics in healthcare, growth in genomics-based therapies, increased funding for ai in precision medicine research. Major trends in the forecast period include ai-driven biomarker discovery, increased use of natural language processing in healthcare, enhanced patient stratification through ai, ai-enabled clinical trial optimization, personalized treatment plans using ai-based decision support systems.
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Market Drivers and Trends:
The high prevalence of chronic illnesses and respiratory disorders is expected to propel the growth of artificial intelligence in the precision medicine market going forward. Chronic illnesses refer to a medical condition that lasts longer than a year and requires ongoing medical attention, while respiratory disorders are diseases that affect the airways and the lungs. Artificial intelligence in precision medicine helps in diagnosing and predicting the outcomes for people suffering from respiratory diseases based on clinical data and chest imaging. It is used in precision medicine to treat chronic illnesses because it reduces costs and optimizes resource utilization. For instance, in May 2023, the United Nations, a US-based intergovernmental organization, estimated that chronic diseases such as cardiovascular diseases, cancer, diabetes, and respiratory illnesses would account for 86% of the 90 million deaths by 2050. Additionally, in January 2023, the National Library of Medicine, a US-based medical library operated by the federal government, issued a report predicting a 99.5% increase in Americans with at least one chronic condition from 71.522 million in 2020 to 142.66 million in 2050. Therefore, the high prevalence of chronic illnesses and respiratory diseases will drive artificial intelligence in the precision medicine market.
The development of novel artificial intelligence (AI)-based life sciences solutions is a key trend gaining popularity in artificial intelligence in the precision medicine market. Major companies in the artificial intelligence in precision medicine market have made various advancements in big data analytics to sustain their position in the market. For instance, in May 2023, Google LLC, a US-based technology corporation, introduced a novel artificial intelligence (AI)-based life sciences solution to speed up drug discovery and precision medicine. The target and lead identification suite, an initiative that boosts the effectiveness of in silico drug development, was developed to help research teams predict protein structure and, more precisely, determine the function of amino acids.
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Major Key Players of the Market:
Alphabet Inc., Microsoft Corporation, Intel Corporation, International Business Machines Corporation, AstraZeneca PLC, Sanofi S.A., NVIDIA Corporation, GE HealthCare Technologies Inc., Illumina Inc., QIAGEN N.V., Helix Inc., Sema4 Holdings Corp., SOPHiA GENETICS SA, Insilico Medicine, BenevolentAI Limited, Fabric Genomics Inc., Tempus Technologies Inc., Enlitic Inc., PathAI Inc., Genuity Science Inc., BERG LLC, Perthera Inc., Vuno Inc., CureMetrix Inc., AITIA International Inc., Zephyr AI, Freenome Inc., PetaGene Ltd., Suki AI Inc., BioXcel Therapeutics Inc.
Artificial Intelligence (AI) in Precision Medicine Market 2024 Key Insights:
• The artificial intelligence (ai) in precision medicine market size is expected to see exponential growth in the next few years. It will grow to $6.86 billion in 2028 at a compound annual growth rate (CAGR) of 30.4%.
• Rising Prevalence Of Chronic Illnesses And Respiratory Disorders Drives The Artificial Intelligence In The Precision Medicine Market
• Novel Ai-Based Life Sciences Solutions In Precision Medicine Market
• North America was the largest region in the artificial intelligence (AI) in precision medicine market in 2023
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