Published Date: 20-Jan-2023
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According to a new report, published by KBV research, 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.
The Neurology segment is showcasing a CAGR of 33.1% during (2022 - 2028). The rise in neurological conditions such as migraines, epilepsy, migraines, dementia, brain tumors, and Alzheimer's disease is anticipated to propel the segment's expansion. The need for early neurological disease detection and technological advancements are two additional factors driving the segment's expansion.
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. Healthcare payers, providers, institutions, and patients are likely to quickly adopt AI-based software solutions for precision medicine, which will propel the market's rise for the software sector. To create the Edison AI platform and facilitate GE Healthcare's smooth digital transformation, GE Healthcare partnered with five local Chinese software companies in September 2019.
The Natural Language Processing segment has shown the growth rate of 32.9% during (2022 - 2028). To extract meaning from words, natural language processing (NLP) examines both text and speech. NLP is the technique of employing computer algorithms to extract meaning from unorganized spoken or written material and to discover key components of a common language. This technology will be essential in hastening the decision-making procedures in the healthcare industry. The quality of the data acquired determines the genuine advantage of developing efficient algorithms. Faster decision-making will free up doctors to concentrate on patient therapies that offer value.
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. The Europe market is exhibiting a CAGR of 32.4% during (2022 - 2028). Additionally, The Asia Pacific market would display a CAGR of 33.6% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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