Artificial Intelligence In Precision Medicine Market Size, 2028

Global Artificial Intelligence In Precision Medicine Market Size, Share & Industry Trends Analysis Report By Application (Oncology, Cardiology, Neurology, Respiratory), By Component (Software, Hardware and Service), By Technology, By Regional Outlook and Forecast, 2022 - 2028

Published Date: January-2023 | Number of Pages: 255 | Format: PDF | Report ID: KBV-21645

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COVID-19

Get in-depth analysis of the COVID-19 impact on the Artificial Intelligence In Precision Medicine Market

Market Report Description

The Global Artificial Intelligence In Precision Medicine Market size is expected to reach $6.3 billion by 2028, rising at a market growth of 32.6% CAGR during the forecast period.

Precision medicine, also referred to as "personalized medicine," is a cutting-edge strategy for customizing illness prevention and treatment that considers variations in people's genes, lifestyles, and environments. Targeting the appropriate medications to the appropriate patients at the appropriate times is the aim of precision medicine.

Artificial Intelligence In Precision Medicine Market Size - Global Opportunities and Trends Analysis Report 2018-2028

Precision medicine has already produced significant new findings and FDA-approved therapies that are tailored to a person's unique traits, such as their genetic makeup or the genetic profile of their tumor. Molecular testing is frequently administered to patients with different types of cancer as part of patient care, allowing medical professionals to choose therapies that raise survival rates and lower the risk of side effects.

The market for precision medicine is developing due to the increasing R&D expenditures and increased demand for customized drugs. Collaboration amongst important businesses is further propelling the industry's growth.

As an illustration, in August 2022, Sanofi and Atomwise reached an agreement for USD 20 million, and Sanofi planned to utilize Atomwise's AtomNet system for research and computational discovery study on up to five therapeutic targets. The platform incorporates deep learning-based components for the structure-based designing of pharmaceuticals through quick, AI-powered searches of the company's exclusive library of more than three trillion synthesizable complexes.

COVID-19 Impact Analysis

A number of healthcare services, notably precision population health, medicine, chronic illness management, and medical imaging, have been improved because of the applications of AI. The COVID-19 management's usage of artificial intelligence has sped up market growth. For instance, a team from the Johns Hopkins School of Public Health used artificial intelligence to produce a COVID-19 mortality risk calculator. This calculator used artificial intelligence to direct public health campaigns that included preventative tools like N-95 masks. Additionally, AI was used to distribute limited resources and establish treatment priorities for COVID-19 patients. A group of researchers from the General Hospital of the People's Liberation Army in Beijing, China, developed an online triage tool model to manage suspected COVID-19 pneumonia in adult patients.

Artificial Intelligence In Precision Medicine Market Share 2021

The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in t he market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.

Market Growth Factors

Innovations In Cancer Biology Technology

Over the forecast period, the expansion of AI in the market for precision medicine is anticipated to be driven by technical advancements in cancer biologics. Precision medicine has significantly improved as a result of the availability of enormous collections of human genetic databases and AI-based computational tools. Participants in the industry place a strong emphasis on strategic collaboration and partnership efforts to advance research into cancer biology and create a market for precision therapies.

A Global Increase In The Number Of Older People

One of the main causes of the rising occurrence of various diseases and ailments, including high cholesterol, CVDs, high cholesterol, strokes, hypertension, cancer, and aneurysms, is the rapidly expanding senior population worldwide. The aging population is a key predictor of market growth because it is thought that aging is a major factor in the decline of cardiac health. By 2030, one in every six people worldwide will be 60 years of age or older, predicts the WHO. Over the forecast timeframe, this will lead to an increase in the usage of AI-based precision medicines.

Market Restraining Factor

High Costs Associated With Precision Medicines Pose A Major Challenge

For healthcare organizations, the largest obstacle is overcoming budgetary restraints, which is especially difficult in developing as well as under-developed economies, where there is a constant effort to secure resources for information technology rather than medical equipment. The high cost of imaging equipment, as well as the price of implementation and licensing for AI software, are the primary reasons that are constraining market growth, particularly in nations where the reimbursement scenario is not favorable. Hence, this factor is hampering the growth of the market.

Technology Outlook

Based on technology, Artificial Intelligence in Precision Medicine Market is categorized into Context Aware Processing, Deep Learning, Querying Methods, and Natural Language Processing. In 2021, the deep learning market sector held the largest market share. Due to advancements in data center capabilities, powerful processing, and the ability to complete tasks without human interaction, the category is becoming more and more popular. Current deep-learning algorithms are able to combine and model various data from a single patient throughout modalities and time, improving predictions and suggesting the best course of treatment for each patient.

Artificial Intelligence In Precision Medicine Market Share and Industry Analysis Report 2021

Component Outlook

Based on components, the market is divided into hardware, software, and services. In 2021, the services segment held the substantial revenue share of the market. The high growth of the segment is accountable to the fact that the burden on healthcare practitioners is increasing at a very rapid pace, owing to which they are increasingly outsourcing various services. Despite the challenges of labor shortages and rising imaging scan volumes, AI in medical diagnosis provides health professionals with a competitive advantage over their competitors. This factor is fueling the growth of this segment of AI in the Precision Medicine market.

Application Outlook

Based on application, the Artificial Intelligence in Precision Medicine Market is classified into Oncology, Cardiology, Neurology, Respiratory, and Others. With the largest revenue share in 2021, the oncology sector led the market. The use of AI in oncology facilitates quicker and more precise cancer diagnosis, improving patient outcomes, and is anticipated to drive segment growth throughout the anticipated period. Two key elements that will contribute significantly to the expansion of the oncology segment are the expanding healthcare infrastructure and the rising incidence of cancer.

Artificial Intelligence In Precision Medicine Market Report Coverage
Report Attribute Details
Market size value in 2021 USD 899.6 Million
Market size forecast in 2028 USD 6.3 Billion
Base Year 2021
Historical Period 2018 to 2020
Forecast Period 2022 to 2028
Revenue Growth Rate CAGR of 32.6% from 2022 to 2028
Number of Pages 255
Number of Tables 381
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Competitive Landscape, Companies Strategic Developments, Company Profiling
Segments covered Component, Technology, Application, Region
Country scope US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria
Growth Drivers
  • Innovations In Cancer Biology Technology
  • A Global Increase In The Number Of Older People
Restraints
  • High Costs Associated With Precision Medicines Pose A Major Challenge

Regional Outlook

Based on regions, the Artificial Intelligence in Precision Medicine Market is categorized into North America, Europe, Asia Pacific, and LAMEA. In terms of revenue share, North America dominated the worldwide AI in the precision medicine market in 2021. Increased R&D expenditures and rising demand for precision pharmaceuticals are driving the market's expansion in the area. Collaborations between significant companies are further encouraging growth.

Free Valuable Insights: Global Artificial Intelligence In Precision Medicine Market size to reach USD 6.3 Billion by 2028

KBV Cardinal Matrix - Artificial Intelligence In Precision Medicine Market Competition Analysis

Artificial Intelligence In Precision Medicine Market - Competitive Landscape and Trends by Forecast 2028

The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Google LLC (Alphabet Inc.) and Microsoft Corporation are the forerunners in the Artificial Intelligence In Precision Medicine Market. Companies such as Intel Corporation, NVIDIA Corporation, Sanofi S.A. are some of the key innovators in Artificial Intelligence In Precision Medicine Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include General Electric (GE) Co. (GE Healthcare), Sanofi S.A., NVIDIA Corporation, Intel Corporation, Microsoft Corporation, IBM Corporation, Google LLC (Alphabet Inc.), AstraZeneca PLC, and Tempus, Inc.

Recent Strategies Deployed in Artificial Intelligence In Precision Medicine Market

» Partnerships, Collaborations and Agreements:

  • Nov-2022: Google partnered with iCAD, Inc., a mammography artificial intelligence (AI) vendor. The partnership is aimed at improving breast cancer detection and assessment of short-term personal cancer risk. Additionally, the partnership would focus on expanding access to mammography technology through cloud-based solutions.
  • Oct-2022: AstraZeneca joined hands with Illumina, a biotechnology company, engaged in developing, manufactures, and distributes integrated systems for the analysis of genetic variation and biological function. The collaboration is aimed at aligning artificial intelligence development efforts to combines genomic analysis and drug discovery research.
  • Oct-2022: Sanofi joined hands with BioMed X, engaged in performing biomedical research in the fields of oncology, immunology, neuroscience, and platform technologies. The collaboration enables the company to partner with scientists with unique computational skills and diverse capabilities which helps to bring vital treatments to patients with chronic inflammatory diseases.
  • Sep-2022: NVIDIA entered into a partnership with Harvard and MIT's Broad Institute, a biomedical and genomic research center. The partnership is aimed at helping academic researchers and pharma companies to gain AI-enabled computing power to mine large amounts of healthcare data by bringing NVIDIA's computing and artificial intelligence tools to the institute's Terra cloud platform.
  • Aug-2022: Sanofi collaborated with Atomwise, a technology-enabled pharmaceutical company that leverages the power of AI to revolutionize small molecule drug discovery. Through this collaboration, both companies aimed at making the process of drug discovery more efficient and effective when the information available to support drug design is very limited.
  • Apr-2022: GE Healthcare joined hands with Imeka, a neuroimaging company that combines diffusion imaging and AI. The collaboration aimed at allowing researchers to analyze diffusion MRI signals in the brain in greater detail by integrating Imeka’s non-invasive neuroimaging technology into the BrainWave advanced diffusion processing package.
  • Jan-2022: Sanofi teamed up with Exscientia, a global pharma tech company using patient-first artificial intelligence (AI) to discover better drugs, faster. The collaboration is aimed at transforming the process of discovering and developing new small molecule medicines for cancer and immune-mediated diseases.
  • Nov-2021: AstraZeneca teamed up with Tempus, an artificial intelligence, and precision medicine company. With this collaboration, the company aimed at enhancing its understanding of complex tumor biology and increasing the probability of clinical success across its diverse pipeline. Additionally, both companies would work together to gather insights, discover novel drug targets, and develop therapeutics for cancer patients.
  • Oct-2020: NVIDIA formed a partnership with GSK, a global healthcare company, and its AI group, which is applying computation to the drug and vaccine discovery process. By this partnership, both companies aimed at advancing new medicines and vaccine discovery to bring more precision to research and medicine by pushing the boundaries of what AI can do in the medical research field.
  • Aug-2020: AstraZeneca collaborated with Renalytix AI, Artificial intelligence (AI)-enabled in vitro diagnostics company. Through this collaboration, the company aimed at developing meaningful solutions for chronic disease patients and addressing significant challenges in healthcare.

» Product Launches and Product Expansions:

  • Oct-2022: GE Healthcare unveiled Omni Legendi, a PET/CT platform's first system. The system includes features a new category of digital BGO (dBGO) detector material that enables small lesion detectability and faster scan time. Through this launch, the company aimed at enhancing diagnostic power and operational efficiency which helps in improving patient outcomes.
  • Sep-2022: GE Healthcare launched Optima IGS 320, an ‘AI-powered’ Cath lab. The product enables clinicians to focus their attention and expertise on patients through Artificial Intelligence that automatically optimizes image and dose parameters in real-time. The launch is aimed at providing intelligent imaging to support cardiologists and patients with customized treatment protocols and therapies.
  • May-2021: GE Healthcare released Xeleris V, a virtual processing and review solution. Xeleris V enables clinicians to have secure access to data from various locations across all their devices by eliminating the need for a standalone nuclear medicine workstation.

Scope of the Study

Market Segments Covered in the Report:

By Application

  • Oncology
  • Cardiology
  • Neurology
  • Respiratory
  • Others

By Component

  • Software
  • Hardware
  • Service

By Technology

  • Deep Learning
  • Natural Language Processing
  • Querying Method
  • Context Aware Processing

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • General Electric (GE) Co. (GE Healthcare)
  • Sanofi S.A.
  • NVIDIA Corporation
  • Intel Corporation
  • Microsoft Corporation
  • IBM Corporation
  • Google LLC (Alphabet Inc.)
  • AstraZeneca PLC
  • Tempus, Inc.

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Related Reports:

North America Artificial Intelligence In Precision Medicine Market Report 2022-2028

Europe Artificial Intelligence In Precision Medicine Market Report 2022-2028

Asia Pacific Artificial Intelligence In Precision Medicine Market Report 2022-2028

LAMEA Artificial Intelligence In Precision Medicine Market Report 2022-2028

FREQUENTLY ASKED QUESTIONS (FAQ):

The global Artificial Intelligence In Precision Medicine Market size is expected to reach $6.3 billion by 2028.

Innovations In Cancer Biology Technology are driving the market in coming years, however, High Costs Associated With Precision Medicines Pose A Major Challenge restraints the growth of the market.

General Electric (GE) Co. (GE Healthcare), Sanofi S.A., NVIDIA Corporation, Intel Corporation, Microsoft Corporation, IBM Corporation, Google LLC (Alphabet Inc.), AstraZeneca PLC, and Tempus, Inc.

The expected CAGR of the Artificial Intelligence In Precision Medicine Market is 32.6% from 2022 to 2028.

The Software segment acquired maximum revenue share in the Global Artificial Intelligence in Precision Medicine Market by Component in 2021 thereby, achieving a market value of $3.6 billion by 2028.

The North America market dominated the Global Artificial Intelligence in Precision Medicine Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.1 billion by 2028.

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