AI in Precision Medicine Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing, Context-aware Computing, Computer Vision), Therapeutic Application (Oncology, Cardiology, Neurology, Respiratory, Others), and Region (North America, Europe, Asia Pacific, RoW) – Global Forecast to 2030
Artificial Intelligence (AI) in precision medicine involves the use of genomic data of an individual to develop personalized medicine. Genomic data is being accumulated in significant quantities, providing scientists the ability to study how genetic factors, such as mutations lead to diseases. AI, especially deep learning, can capture patient data from electronic health records, diagnostic imaging systems, prescriptions, genomic profiles, insurance records, and wearable devices. With this data, it is possible to create treatment plans for patients.
The global AI in precision medicine market size is expected to grow from USD XX million in 2024 to USD XX million by 2030, at a CAGR of XX%. Technological advancements in cancer biology across developed economies, and the growth of the geriatric population across the globe are the major factors propelling the AI in precision medicine market growth.
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Drivers:Technological advancements in cancer biology will drive the AI in precision medicine market growth
The technological developments across cancer biologics is expected to drive the growth of AI in precision medicine market over the forecast period. The presence of AI based computational tools along with availability of large sets of human genome databases have resulted into strong enhancements in the precision medicines. Industry participants are emphasizing on strategic partnership and collaboration activities to accelerate developments across cancer biology and develop precision medicines in the market. For instance, in June 2022, GE Healthcare (US) announced strategic collaboration with Minerva Imaging (Denmark) for the advancements in the precision medicine for oncology treatments. The partnership emphasizes on leveraging the Radionuclide therapy, which is a type of precision medicine in which a radioactive substance is supervised across bloodstream in order to target the cancer cells and irradiate them without potential side effects compared to traditional cancer therapies. Such developments and partnership activities will fuel the AI in precision medicine market growth over the forecast timeframe.
Growth of the geriatric population across the globe
There has been a significant growth observed in the geriatric population and it is expected to continue in coming years. For instance, according to the October 2022 statistics by World Health Organization (WHO), one out of every 6 people in the world will be aged over 60 years or over by 2030. Also, by 2050, the population of people aged 60 years and older will be doubled, which is around 2.1 billion. The risks of infections across geriatric population is more compared to the younger people or population. This will increase the adoption of AI-based precision medicines over the forecast timeline.
Challenges: High cost associated with the precision medicines pose a major challenge
The research & development costs incurred for the AI-based precision medicine is on the higher side in comparison to the traditional medicines. These medicines are expensive to produce as they are specifically designed for an individual patient and not for the mass market. Adding to this, significant threat to personal health data also pose a challenge to the growth of AI in precision medicine market.
Key players in the market
BioXcel Therapeutics Inc. (US), GE Healthcare (US), Insilico Medicine (US), Intel Corporation (US), Microsoft (US), Tempus (US), NVIDIA Corporation (US), Sanofi (France), Sensely, Inc. (US), Zephyr AI (US) are few key players in the AI in precision medicine market globally.
Recent Developments
- In September 2022, USF Health (US) and Weill Cornell Medicine (US) announced to reveive funding from National Institute of Health (NIH) under its Bridge2AI Initiative. The funding will focus on leveraging AI platform for using voice to diagonose disease. The diagnosis of the diseases through the voice using AI is expected to prove a transformative step across precision medicine.
- In November 2021, Zephyr AI (US) launched a big data and machine learning approaches which will support the development of precision medicines. The company aims to target the development of new precision therapies in the market.
- In March 2021, SOPHiA GENETICS (Switzerland) announced strategic collaboration with Hitachi, Ltd. (Japan). The collaboration focuses on bringing real-world, genomic, and clinical insights to biopharmaceutical companies, pharmaceutical players and healthcare providers in order to advance data-driven precision medicines for the benefits of patients across the globe.
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TABLE OF CONTENTS
1 Introduction
1.1. Study Objective
1.2. Definition
1.3. Study Scope
1.4. Stakeholder
1.5. Summary of changes
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.1. Introduction
5.2. Market Dynamics
5.2.1. Driver
5.2.2. Restraints
5.2.3. Opportunities
5.2.4. Challenges
5.3. Technology Analysis
5.4. Value Chain Analysis
5.5. Ecosystem
5.6. Trends/Disruptions Impacting Customer’s Business
5.7. Porter’s Five Forces Analysis
5.8. Case Study Analysis
5.9. Patent Analysis
5.10. Key Conferences & Events In 2022-23
5.11. Standards & Regulatory Landscape
5.11.1. Regulatory Bodies, Government Agencies, and Other Organizations
5.11.2. Regulatory Standards
5.11.3. Government Regulations
5.12. Key Stakeholders & Buying Criteria
6 AI in Precision Medicine Market, by Offering
6.1. Introduction
6.2. Hardware
6.3. Software
6.4. Services
7 AI in Precision Medicine Market, by Technology
7.1. Introduction
7.2. Machine Learning
7.3. Natural Language Processing
7.4. Context-aware Computing
7.5. Computer Vision
8 AI in Precision Medicine Market, by Therapeutic Application
8.1. Introduction
8.2. Oncology
8.3. Cardiology
8.4. Neurology
8.5. Respiratory
8.6. Others (Nephrology, Ophthalmology, Otorhinolaryngology, etc.)
9 AI in Precision Medicine Market, By Region
9.1. Introduction
9.2. North America
9.2.1. US
9.2.2. Canada
9.2.3. Mexico
9.3. Europe
9.3.1. Germany
9.3.2. UK
9.3.3. France
9.3.4. Rest of Europe
9.4. APAC
9.4.1. China
9.4.2. Japan
9.4.3. South Korea
9.4.4. Rest of the APAC
9.5. RoW
9.5.1. South America
9.5.2. Middle East & Africa
10 Competitive Landscape
10.1. Key Player Strategies/Right to Win
10.2. Overview
10.3. Top 5 Company Revenue Analysis
10.4. Market Share Analysis (2021)
10.5. Company Evaluation Quadrant (2021)
10.5.1. Star
10.5.2. Pervasive
10.5.3. Emerging Leader
10.5.4. Participant
10.5.5. Competitive Benchmarking
10.6. Start-up/Small and Medium Enterprises (SME) Evaluation Quadrant (2021)
10.6.1. Progressive Company
10.6.2. Responsive Company
10.6.3. Dynamic Company
10.6.4. Starting Block
10.7. AI in Precision Medicine Market- Company Footprint
10.8. AI in Precision Medicine Market- Company Region Footprint
10.9. Competitive Scenario
10.9.1. AI in Precision Medicine Market- Product Launches
10.9.2. AI in Precision Medicine Market- Deals
11 Company Profiles
13.1. Key Players
11.1.1. BioXcel Therapeutics Inc.
11.1.2. GE Healthcare
11.1.3. Insilico Medicine
11.1.4. Intel Corporation
11.1.5. Microsoft
11.1.6. Tempus
11.1.7. NVIDIA Corporation
11.1.8. Sanofi
11.1.9. Sensely, Inc.
11.1.10. Zephyr AI
11.2. Other Players
11.2.1. AceTech
11.2.2. AiCure
11.2.3. Alphabet Inc. (Google)
11.2.4. Atomwise Inc.
11.2.5. Berg Health
11.2.6. Caption Health
11.2.7. Enlitic Inc.
11.2.8. General Vision
11.2.9. IBM
11.2.10. Medasense Biometrics Limited
12 Appendix
12.1. Insights of Industry Experts
12.2. Discussion Guide
12.3. Knowledge Store: MarketsandMarkets’ Subscription Portal
12.4. Available Customizations
12.5. Related Reports
12.6. Author Details
Growth opportunities and latent adjacency in AI in Precision Medicine Market