AI in precision medicine market is anticipated to grow at a CAGR of 19.2% during the forecast period (2023-2030). Precision medicine uses an individual’s unique clinical, molecular and lifestyle information to guide disease diagnosis, treatment and prevention for cancer, inherited diseases and other complex disorders. The market growth is primarily driven by the increasing investments in R&D along with the rising adoption of personalized medications. For instance, the National Institute of Biotechnology Information (NCBI) estimated that the cost of discovering and developing a new drug is around $3 billion, with an approval rate close to 13% when considering all the compounds that reached clinical trials.
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Moreover, strategic initiatives such as collaborations among the key market organization also play an important role in driving the industry’s growth around the globe. For instance, in February 2023, a multi-year, strategic partnership between Tempus, a company that specializes in AI and precision medicine, and Pfizer has been revealed. The collaboration aims to advance the use of AI and machine learning (ML) in the forthcoming pharmaceutical research.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Artificial Intelligence (AI) in Precision Medicine Market by Component
- Hardware
- Software and Services
Global Artificial Intelligence (AI) in Precision Medicine Market by Treatment
- Oncology
- Neurology
- Cardiology
- Respiratory
Global Artificial Intelligence (AI) in Precision Medicine Market by Application
- Drug Discovery & Repurposing
- Clinical Research Trial
- Personalized Medicine
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Alphabet Inc.
- AstraZeneca
- Atomwise Inc.
- Berg LLC
- BioXcel Therapeutics Inc.
- Enlitic Inc.
- GE Healthcare
- IBM Corp.
- Insilico Medicine
- Modernizing Medicine Inc.
- Novo Nordisk A/S
- NVIDIA Corp.
- Sensely Inc.
- Tempus
- Zephyr AI
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global AI in the precision medicine market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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