Artificial Intelligence (AI) In Precision Medicine Market Size, Share, Opportunities, And Trends 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), And By Geography - 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.

What are the artificial intelligence (AI) in precision medicine market growth drivers?

• 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.

• Increasing demand for personalized and targeted approaches to treatment in AI precision medicine:

The increasing demand for personalized and tailored care has helped AI advance in the precision medicine sector. The traditional healthcare models denote standard treatment methods devoid of considerations for individual variations and unique requirements. However, with developments in artificial intelligence, healthcare practitioners can now apply knowledge specific to patients to create tailored therapies. This will likely be done by processing different types of information, such as genetic makeup, medical background, lifestyle, and environmental data, using AI systems that set up treatment options. This will probably translate to better therapeutic effectiveness with fewer adverse effects and overall good patient results. Better knowledge of precision medicine has been about delivering more accurate and effective health interventions, driving the demand for AI applications.

• Artificial Intelligence in the Precision Medicine Market: Towards Better Patient Outcomes and Treatment:

AI has also been applied to precision medicine to improve patient outcomes and treatment efficacies. A recent study by the Journal of Medical Internet Research found that AI-based treatments in precision medicine reduced adverse events by 14% and hospital readmissions by 25%. These studies show that AI is effective in optimizing treatment regimens to find successful medications and lowering healthcare expenditures. The power of analytics that AI holds may lead healthcare professionals to better decisions and data-driven insights for better patient outcomes, greater efficacy of treatment, and, finally, quality of care.

What are the key geographical trends shaping the artificial intelligence (AI) in precision medicine market?

• 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.

• Integrating AI with Genomic Sequencing and Precision Medicine Enhances the AI in Precision Medicine Market Size.

In the healthcare business, integrating AI with genome sequencing and precision medicine has become a crucial growth element. Genomic sequencing creates massive volumes of genetic data, which can then be analyzed with AI algorithms to uncover disease-associated genetic variants and inform personalized treatment options. 

Recent developments in the artificial intelligence (AI) in precision medicine market

• In July 2023, Tempus, a pioneer in artificial intelligence and precision medicine, announced the launch of a new collaboration to develop a companion diagnostic (CDx) test with TScan Therapeutics. TScan Therapeutics is a clinical-stage biopharmaceutical company focused on the development of TCR-engineered T-cell therapies (TCR-T) for cancer patients. The partnership supports TScan's screening procedure for its Phase 1 solid tumor clinical trial, which is meant to allow patients to receive customized TCR-T mixes based on tumor antigen positivity and intact HLA expression.
• In June 2023, Apptio Inc., a pioneer in financial and operational IT management and optimization software, was purchased by IBM for $4.6 billion today in a formal deal with Vista Equity Partners. Apptio's purchase will accelerate IBM's IT automation capabilities and empower company executives to achieve greater business value from technology investments.

Artificial intelligence (AI) in precision medicine market: A Deep Dive into Company Products

• Genomic Sequencing: Tempus conducts whole-genome sequencing to generate high-quality genetic data. These could then be combined with clinical data to decipher insights into disease development and therapy response.
• Collaboration in Research: 23andMe collaborated with academic institutions and pharmaceutical companies to create large genetic and phenotypic information databases. Using AI, researchers analyze that huge dataset to find genetic insights, which will eventually help in finding new targets for treatment.

Artificial Intelligence (AI) In Precision Medicine Market Scope:

 

Report Metric	Details
AI in Precision Medicine Market Size in 2024	US$2.711 billion
AI in Precision Medicine Market Size in 2029	US$9.157 billion
Growth Rate	CAGR of 27.56%
Study Period	2019 to 2029
Historical Data	2019 to 2022
Base Year	2024
Forecast Period	2024 – 2029
Forecast Unit (Value)	USD Billion
Segmentation	Technology Application End-User Geography
Geographical Segmentation	North America, South America, Europe, Middle East and Africa, Asia Pacific
List of Major Companies in AI in Precision Medicine Market	Ibm Corporation Google Llc (Alphabet Inc.) Microsoft Corporation Amazon Web Services (Aws) Intel Corporation
Customization Scope	Free report customization with purchase

 

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

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Sources

2.3. Research Design

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. AI IN PRECISION MEDICINE MARKET, BY TECHNOLOGY

5.1. Introduction

5.2. Machine Learning

5.3. Natural Language Processing (NLP)

5.4. Deep Learning

5.5. Big Data Analytics

5.6. Others                  

6. AI IN PRECISION MEDICINE MARKET, BY APPLICATION

6.1. Introduction

6.2. Drug Discovery and Development

6.3. Oncology

6.4. Genetic Testing

6.5. Rare Diseases

6.6. Infectious Diseases

6.7. Others      

7. AI IN PRECISION MEDICINE MARKET, BY END-USER

7.1. Introduction

7.2. Pharmaceutical and Biotechnology Companies

7.3. Research Institutes and Academic Centers

7.4. Healthcare Providers

7.5. Others      

8. AI IN PRECISION MEDICINE MARKET, BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. United States

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1. Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. United Kingdom

8.4.2. Germany

8.4.3. France

8.4.4. Italy

8.4.5. Spain

8.4.6. Others

8.5. Middle East and Africa

8.5.1. Saudi Arabia

8.5.2. UAE

8.5.3. Others

8.6. Asia Pacific

8.6.1. Japan

8.6.2. China

8.6.3. India

8.6.4. South Korea

8.6.5. Indonesia 

8.6.6. Taiwan

8.6.7. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix

10. COMPANY PROFILES

10.1. IBM Corporation

10.2. Google LLC (Alphabet Inc.)

10.3. Microsoft Corporation

10.4. Amazon Web Services (AWS)

10.5. Intel Corporation

10.6. NVIDIA Corporation

10.7. Flatiron Health (Roche Holding AG)

10.8. Tempus Labs, Inc.

10.9. Foundation Medicine, Inc. (Roche Holding AG)

10.10. 2bPrecise LLC (Allscripts Healthcare Solutions, Inc.)   

Ibm Corporation

Google Llc (Alphabet Inc.)

Microsoft Corporation

Amazon Web Services (Aws)

Intel Corporation

Nvidia Corporation

Flatiron Health (Roche Holding Ag)

Tempus Labs, Inc.

Foundation Medicine, Inc. (Roche Holding Ag)

2bprecise Llc (Allscripts Healthcare Solutions, Inc.)