Artificial Intelligence in Precision Medicine Market Size Worth $26.24 Billion By 2032 | CAGR: 35.5%

The global artificial intelligence in precision medicine market size is expected to reach USD 26.24 billion by 2032, according to a new study by Polaris Market Research. The report “Artificial Intelligence in Precision Medicine Market Share, Size, Trends, Industry Analysis Report, By Technology (Deep Learning, Querying Method, Natural Language Processing, and Context Aware Processing); By Component; By Therapeutic Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The continuously growing need and demand for tailored medications, surge in the number of people living with various types of diseases including respiratory diseases and cardiovascular diseases, and rapidly increasing R&D spending worldwide coupled with the high number of companies, who are increasingly adopting collaborations and partnerships as their key market strategies are key factors boosting the growth of the global market. Moreover, growing availability of electronic health-related data and methodological approaches for the purpose to analyze data, would create huge potential and growth opportunities for the market shortly.

For instance, in October 2022, Cerba, a leading specialty pathology company, announced about its new partnership with Taliaz, to provide physicians with AI based psychiatry services. The newly developed test solution will help physicians to make faster and more accurate decisions for their patients and improve their chances of fast recovery.

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In recent years, artificial intelligence, deep learning, and machine learning has been gaining high traction and momentum in the biomedicine sector for various types of applications such as catalyzing the drug development process innovatively and effectively and drawing a large amount of patient data with the help of genomic sequences.

Moreover, growing patient management streamlines administrative tasks and store records of patients efficiently to deliver timely care, enhanced patient experience, and outcomes, and practice efficiency and importance of AI in assessing patient condition and progress through several stages of illness have significantly attracted the attention of global healthcare institutions and large professionals.

Artificial Intelligence in Precision Medicine Market Report Highlights

• Deep learning segment accounted for the largest market share in 2022 which is mainly driven by growing advancements and increased task-performing capacity.
• Software segment held a significant market revenue share due to the increasing adoption and prevalence of developed an innovative AI software solution by several healthcare industry players.
• Neurology segment is expected to register the highest rate of growth during the anticipated period on account of an increasing number of patients suffering from various neurological illnesses.
• Europe segment is anticipated to exhibit a highest CAGR throughout the forecast period, which is mainly accelerated by a rapid surge in demand and need for early disease detection techniques in the region.
• The global key market players include GE Healthcare, Microsoft Corporation, NVIDIA Corporation, BioXcel Therapeutics, and Alphabet Inc

Polaris Market Research has segmented the artificial intelligence in precision medicine market report based on technology, component, therapeutic application, and region:

Artificial Intelligence in Precision Medicine, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

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

Artificial Intelligence in Precision Medicine, Component Outlook (Revenue - USD Billion, 2019 - 2032)

• Hardware
• Software
• Service

Artificial Intelligence in Precision Medicine, Therapeutic Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Oncology
• Cardiology
• Neurology
• Respiratory
• Others

Artificial Intelligence in Precision Medicine, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa