Artificial Intelligence In Precision Medicine Market Key Takeaways:
· The deep learning segment dominated the market with a share of 33.7% in 2024.
· The software segment held the largest share of 41.6% in 2024.
· Furthermore, the software segment is projected to grow at the fastest CAGR of 36.2% during the estimated period.
· Oncology emerged as the dominant segment and accounted for a revenue share of 31.0% in 2024.
· The neurology segment is anticipated to register the fastest CAGR of 36.8% over the forecast period.
· North America dominated the market with a revenue share of 29.6% in 2024.
· This is expected to drive the market growth in the country. Europe is anticipated to witness substantial growth at a CAGR of 36.3% over the forecast period.
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Precision medicine utilizes AI tools for personalizing medical treatments and practices for healthcare providers and patients whereas integration on AI aids in the identification, diagnosis and prediction of treatment outcomes with safety, accuracy and efficacy. These advancements are encouraging technology driven solutions in healthcare industries thereby boosting the market growth.
With the ongoing daily advancements and novel innovations as well as the provision of deep-analysis platforms and effective healthcare monitoring systems integrated with AI and machine learning tools is enhancing the outcomes of clinical trials, research and personalized care therapies for patients thus promoting the global market growth of precision medicine in the foreseeable future.
Additionally, the broad spectrum of applications such as real-time monitoring, early disease detection, in drug development, personalized treatment plans and much more with accuracy, safety and efficiency is increasing the adoption of precision medicine among people and healthcare professionals. Moreover, the rising investments, increasing government support and funding’s from various organizations to the industries is promoting market growth.
Artificial Intelligence in Precision Medicine Market Trends
· Robust Cybersecurity Solutions for AI-Driven Precision Medicine: With the digitalization of healthcare industry and the integration of AI in precision medicine develops the need for mitigating security risks associated with cyberattacks on sensitive patient information which can be achieved by adhering to strict healthcare regulations such as Health Insurance Portability and Accountability Act (HIPAA) for safeguarding patient data.
· Rising Focus on Personalized Care: The increasing awareness of using precision medicine among the population for personalized care and the advancements in AI and machine learning tools improving patient life outcomes in chronic diseases with safety and accuracy is accelerating market growth.
Artificial Intelligence In Precision Medicine Market Report Scope
|
Report Attribute |
Details |
|
The market size value in 2025 |
USD 2.38 billion |
|
The revenue forecast in 2034 |
USD 37.60 billion |
|
Growth rate |
CAGR of 35.9% from 2024 to 2034 |
|
The base year for estimation |
2024 |
|
Historical data |
2019 - 2023 |
|
Forecast period |
2024 - 2034 |
|
Report updated |
December 2024 |
|
Quantitative units |
Revenue in USD million/billion and CAGR from 2024 to 2034 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Technology, Component, Therapeutic Application, and Region |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; UK; Germany; France; Italy; Denmark; Sweden; Norway; Spain; Russia; China; Japan; India; Australia; South Korea; Thailand; Singapore; Brazil; Mexico; Argentina; Columbia; South Africa; Saudi Arabia; UAE; Israel; Kuwait |
|
Key companies profiled |
BioXcel Therapeutics, Inc.; Sanofi S.A.; NVIDIA Corp.; Alphabet Inc. (Google Inc.); IBM; Microsoft; Intel Corporation; AstraZeneca plc; GE HealthCare; Enlitic, Inc. |
|
Customization scope |
Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope |
Segment Insights
By Technology
Based on technology, the market is segmented into Natural Language Processing (NLP), deep learning, computer vision, and context-aware processing. The deep learning segment dominated the market with a share of 33.7% in 2024. Deep learning (DL) platforms are applied in precision medicine for analysing large, complex datasets like medical images, genomic data and electronic health records (EHRs) for diagnosing diseases, risk stratification, predicting treatment responses, patient outcomes and targeted therapies thereby providing personalized treatment plans based on the individual characteristics of the patient. Some examples of deep learning techniques utilized in precision medicine include Convolutional Neural Networks (CNNs), Recurrent Neural Networks (RNNs) and Generative Adversarial Networks (GANs) which are potentially revolutionizing the precision medicine market by providing personalized treatment decisions with improved outcomes to patients.
· For instance, in March 2023, an article published in the Frontiers journal presented the use of a Java-based deep neural network technique named JavaDL for predicting the cancer cells responses based on the chemical characteristics of the drugs.
The NLP segment is expected to grow at the fastest CAGR of 36.5% during the anticipated period. In precision medicine, NLP is utilized for analysing unstructured medical data such as free-text clinical notes, computational phenotypes, information extraction using named entity recognition (NER) technique and supporting clinical decisions. NLP can be applied for drug discovery, genomic data interpretation, patient stratification, risk prediction and diagnostic imaging techniques in precision medicine thereby promoting the market growth of this segment during the forecast period. For instance, in DEC 2024, RADIN Health, a leading MedTech company launched its AI-powered All-In-One SaaS solution which is designed to transform the imaging centres, radiology departments and radiology practices. Radin is a cloud-based platform that increases productivity using advanced AI, ML and NLP tools.
By Component
In 2023, The software segment held the largest share of 41.6% in 2024. The need for developing sophisticated software platforms for precision medicine with the integration of machine learning and AI tools is boosting market growth. With the employment of advanced innovations through AI-powered algorithms and tools for various applications such as image analysis, predictive analytics, natural language processing (NLP), in precision medicine is uplifting the development of cutting-edge software platforms thereby boosting the market growth of this segment. For instance, NVIDIA, a leading global corporation in AI technology, has enhanced diagnostic accuracy in medical imaging by identifying patterns overlooked by the human eye with its AI-powered systems.
The software segment is projected to grow at the fastest CAGR of 36.2% during the estimated period. The development of innovative technological solutions for diagnosing, monitoring, and treatment of patients with improved accuracy and better outcomes is fuelling the growth of services segment. Furthermore, the increased use of digital biomarkers enhanced with AI tools, rising investments and fundings through government support and private sectors for developing precision medicine tools is expected to grow the services market over the forecast period.
· For instance, In Nov 2024, DANNCE.AI raised $2.6 million in a pre-seed funding led by LDV Capital for providing clinicians and drug developers an AI-Powered biomarkers platform which is a digital phenotyping platform for characterizing treatment response and optimizing neurological care by behavioural quantification.
By Therapeutic Applications
Based on Oncology, it emerged as the dominant segment and accounted for a revenue share of 31.0% in 2024. AI is revolutionizing cancer research and precision oncology by deciphering patterns in large amounts of data from various sources thereby improving patient life outcomes by delivering timely treatments. Furthermore, the rising prevalence of cancer across the globe and the advancements in AI tools are aiding in detecting cancer, tailoring treatment plans, predicting treatment outcomes and also in drug discovery with accuracy and efficiency thus boosting the growth of precision medicine market.
· For instance, in July 2024, COTA Inc., announced an innovative collaboration with Texas Oncology’s Precision Health Informatics, LLC. The collaboration aims at transforming precision medicine over Texas Oncology’s community cancer centres by utilizing COTA’s AI-powered curation engine, CAILIN, which will help in converting fragmented healthcare data into actionable insights.
The neurology segment is expected to register the fastest growth during the forecast period. The multitude of neurological illnesses worldwide is demanding the development of precision medicine for supporting and improving patient life quality. The use of AI-powered diagnostic techniques and predictive analysis softwares for navigating the complexities of diagnosing, detecting disease progression and treating neurological disorders with unparalleled precision and efficiency is transforming the terrain of neurological treatments. Additionally, the technological advancements, ongoing clinical trials and rising investments in healthcare industry are supporting the growth of this segment over the forecast period. For instance, Quibim a company using best-in-class imaging softwares through AI techniques is enhancing brain MRI analysis by using QP-Brain which is an AI-powered tool that provides a better understanding of brain atrophy and lesions by calculable evaluations for enhanced detection.
By Region
North America dominated the market with a revenue share of 29.6% in 2024. owing to various factors such as the significant amount of fundings for R&D focused on using AI, large presence of key market players, widespread adoption of EHRs, rising investments from government and private sectors along with encouragement of FDA policies for incorporating AI technology in healthcare which is altogether strengthening the artificial intelligence in precision medicine market in this region. Moreover, the increasing industrial collaborations and conduction of conferences, workshops in the region is promoting the market growth.
· For instance, in Oct 2024, a workshop entitled ‘AI in Precision Medicine for Diabetes and Other Chronic Diseases’ was hosted by the National Institute of Diabetes and Kidney Diseases (NIDDK) which brought together biomedical researchers and AI/ML experts to discuss the pressing issues, shortfalls and opportunities for future advancements in precision medicine.
Europe is anticipated to grow rapidly over the forecast period. With the integration of AI, the precision medicine market is advancing swiftly in Europe with focus on cancer care, using AI tools for imaging analysis, initiatives encouraging the collaboration among researchers, clinicians and industry players for developing AI-driven precision medicine solutions allowing targeted therapies and improved life outcomes in patients. In May 2024, the European Society of Radiology (ESR) collaborated with the European Federation of Cancer Images (EUCAIM) proposing a new thematic network called as “Advancing Precision Medicine for Europe’s Cancer Patients with AI-powered Imaging” which was submitted for consideration within the public health area. Furthermore, the active interests of the European Union (EU) for establishing regulatory frameworks for AI in healthcare for ethical and safe implementation of AI-powered precision medicine are expected to drive the market growth of this region over the forecast period.
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Related Report
U.S. Precision Medicine Market- The U.S. precision medicine market size was valued at USD 24.95 billion in 2023 and is projected to reach around USD 76.12 billion by 2033, registering a CAGR of 11.80% from 2024 to 2033.
Artificial Intelligence In Precision Medicine Market- The artificial intelligence in precision medicine market size was exhibited at USD 1.75 billion in 2024 and is projected to hit around USD 37.60 billion by 2034, growing at a CAGR of 35.9% during the forecast period 2024 to 2034.
Artificial Intelligence (AI) in Clinical Trials Market- The global AI in clinical trials market size was valued at USD 1.58 billion in 2023 and is anticipated to reach around USD 20.16 billion by 2033, growing at a CAGR of 29% from 2024 to 2033.
Artificial Intelligence (AI) in Life Sciences Market- The global artificial intelligence (AI) in life sciences market size was exhibited at USD 2.50 billion in 2023 and is projected to hit around USD 15.45 billion by 2033, growing at a CAGR of 19.98% during the forecast period 2024 to 2033.
Some of the prominent players in artificial intelligence in precision medicine market include:
· NVIDIA Corp.
· Alphabet Inc. (Google Inc.)
· IBM
· Microsoft
· Intel Corp.
· AstraZeneca plc
· Enlitic, Inc.
Artificial Intelligence in Precision Medicine Recent Developments
· In Dec 2024, Avant Technologies Inc., an emerging technology company focused on developing AI- based solution in healthcare announced the beginning of a strategic alliance with the global biotech giant Roche Holding AG and Salud 360, a leading pre-paid health plan provider for initiating a pilot program for combating diabetic retinopathy by leveraging advanced technology from Avant’s partner Ainnova Tech which is a leading healthcare technology company focused on implementing AI for early disease detection. The collaboration aims at reducing risks associated with diabetic retinopathy with a patient-centered approach.
· In Oct 2024, Arbele, a leading innovator in biopharmaceutical & biotechnology focused on targeting cadherin-17 (CDH17), announced a strategic alliance with BioAI Health for developing a prototype of an immunohistochemistry (IHC)-based quantification algorithm in precision oncology which will use AI for advancing targeted immunotherapeutics of bispecific T-cell engagers (TCEs) and antibody-drug conjugates (ADCs) in colorectal cancers (CRCs).
· In Oct 2024, Well Health Technologies Corp., a digital health company focusing on tech-enabling healthcare providers and HEALWELL AI Inc., a healthcare technology company focused on AI and data science for preventive care declared the extension of their multi-annual strategic alliance contract which allows both companies to launch and manage clinical trial sites at WELL clinic locations across Canada. This collaboration aims to change the therapeutic research landscape by expanding clinical trial access for more patients and help in developing personalized treatments for patients.
· In March 2024, Microsoft announced its collaboration with NVIDIA to bring together the universal, secure and advanced computing abilities of Microsoft Azure with NVIDIA DGX Cloud and the NVIDIA Clara chain of computing platforms, software to accelerate the innovation and improvise patient care by helping healthcare and life sciences organizations. With use of their cutting-edge AI and advanced computing platforms combined with capacity of the cloud, they aim to enhance medical image-based diagnostic technology.
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2034. For this study, Nova one advisor, Inc. has segmented the artificial intelligence in precision medicine market
By Technology
· Deep Learning
· Querying Method
· Natural Language Processing
· Context-Aware Processing
By Component
· Hardware
· Software
· Service
By Therapeutic Application
· Oncology
· Cardiology
· Neurology
· Respiratory
· Others
By Regional
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East and Africa (MEA)
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