Press release
Artificial Intelligence in Precision Medicine Market to Reach USD 38.88 Billion by 2034 | CAGR: 35.5%
The artificial intelligence in precision medicine market, valued at USD 1.87 billion in 2024, is expected to reach USD 38.88 billion by 2034. It reflects a compound annual growth rate of 35.5%.
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What is Artificial Intelligence in Precision Medicine?
Artificial intelligence in precision medicine uses AI technologies, such as machine learning and data analytics, to analyze large sets of medical data (e.g., genetic, clinical, and environmental information) in order to develop personalized treatment plans for patients. AI helps identify patterns and insights that can predict how individuals will respond to specific therapies, enabling more accurate, targeted, and effective interventions. This approach tailors healthcare to the unique genetic makeup and health profile of each patient, improving outcomes and minimizing adverse effects.
Which Factors are Fueling Market Growth?
One of the major drivers of the market is the rapid advancement of algorithms and technologies. Over the past decade, machine learning and deep learning models have significantly improved in terms of accuracy and efficiency, enabling AI to process and analyze large datasets in healthcare, more effectively, thereby driving the artificial intelligence in precision medicine market demand.
The growing availability of healthcare data is another prominent driver for the market. The healthcare industry has witnessed a surge in the volume of patient data being produced, including genomics, electronic health records (EHRs), and wearables. The vast amount of data offers an opportunity for AI to play a more significant role in personalized medicine by extracting valuable insights from large datasets.
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Artificial Intelligence in Precision Medicine Market Developments
October 2023: Microsoft introduced an AI-powered tool designed to enhance the accuracy and efficiency of cancer diagnosis. This initiative, developed in collaboration with research institutions, aims to expedite the detection of malignancies.
September 2023: IBM formed a strategic partnership with the Mayo Clinic to advance AI-driven precision medicine. The collaboration focuses on leveraging advanced AI analytics to improve patient outcomes.
Key Market Leaders
The market has the presence of both global and regional players vying for market share through technological advancements and strategic alliances. Key companies operating in the market are mentioned below:
IBM Corporation
Microsoft Corporation
Google Health
NVIDIA Corporation
Tempus Labs
Zebra Medical Vision
Butterfly Network
PathAI
BenevolentAI
Recursion Pharmaceuticals
Illumina
Siemens Healthineers
GE Healthcare
Philips Healthcare
Foundation Medicine
Which Region Dominates Market?
The regions covered in the market report are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America holds the largest share of the global artificial intelligence in precision medicine market, driven by the region's advanced healthcare infrastructure and substantial investments in AI technologies.
Asia Pacific is the fastest-growing market, with countries such as China, Japan, and India leading the way. The region's rapid healthcare digitalization is accelerating the market growth.
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Segmental Outlook:
Artificial Intelligence in Precision Medicine Market Segmentation
By Technology Outlook
Deep Learning
Querying Method
Natural Language Processing (NLP)
Context-Aware Processing
By Component Outlook
Hardware
Software
Services
By Therapeutic Application Outlook
Oncology
Cardiology
Neurology
Respiratory
Others
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