Artificial Intelligence (AI) in Precision Medicine Market - Forecasts from 2024 to 2029

Artificial Intelligence (AI) in Precision Medicine Market - Forecasts from 2024 to 2029

The AI in precision medicine market is expected to grow at a CAGR of 27.56%, reaching a market size of US$9.157 billion in 2029 from US$2.711 billion in 2024.

Artificial intelligence (AI) has found its application in various fields, including precision medicine. AI is merging technology with healthcare, propelling the market in the projected period. AI algorithms and machine learning techniques have allowed for the study of massive volumes of patient data, such as genetic profiles, medical records, and lifestyle information, to provide personalized and targeted treatment solutions. AI in the precision medicine market is expanding rapidly as healthcare providers and pharmaceutical firms see its potential to improve patient outcomes, increase diagnosis accuracy, and expedite drug discovery processes. AI-enabled systems can then unveil patterns and connections from such large amounts of data to predict the risk of disease and formulate risk-based therapies. As AI continues to evolve, it holds great promise of reshaping precision medicine in the future since it offers novel ways to implement personalized healthcare approaches and change the paradigm for patient care.

Improvement in data analytics and machine learning algorithms empowers AI to drive growth in the precision medicine market:

The development of data analytics and machine learning algorithms has played an important role in AI in the precision medicine business growth. These developments have enabled healthcare practitioners to process huge and complex datasets, gain valuable insights from them, and construct personalized treatment approaches with much ease. Machine learning algorithms screen for patterns and relationships in patient data that, in turn, support diagnosis, prognosis, and assessment of treatment response of certain diseases. These algorithms are increasingly accurate and more proficient, hastening the use of AI in precision medicine by providing healthcare professionals with strong tools with which to apply targeted and effective therapies to improve patient outcomes.

North America is the market leader in AI in precision medicine.

North America has emerged as the leading market in AI in precision medicine. Several factors contribute to the region's leading position in the market. First, the health infrastructure is well-developed in North America, and so is the pace of technology innovation, thereby favoring the usage of AI in precision medicine. The headquarters of leading pharmaceutical and biotechnology companies are situated in North America, along with research institutes and academic centers. This further strengthens the company's leading position in the market.

Considerable AI research and development investments have been observed in the region, further encouraging innovation in precision medicine. Additionally, North America has a friendly regulatory framework with supportive policies for adopting artificial intelligence in healthcare.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
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Revenue Growth and Forecast Assessment of segments and regions including countries
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AI in Precision Medicine market is segmented and analyzed as follows:

By Technology

Machine Learning
Natural Language Processing (NLP)
Deep Learning
Big Data Analytics
Others

By Application

Drug Discovery and Development
Oncology
Genetic Testing
Rare Diseases
Infectious Diseases
Others

By End-User

Pharmaceutical And Biotechnology Companies
Research Institutes And Academic Centers
Healthcare Providers
Others

By Geography

North America
United States
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Italy
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
Japan
China
India
South Korea
Indonesia
Taiwan
Others