22 June 2023
Visiongain has published a new report: Artificial Intelligence (AI) in Precision Medicine Market Report 2023-2033: Forecasts by Component (Software, Services, Hardware), by Technology (Machine Learning and Deep Learning, Querying Method, Natural Language Processing, Context Aware Processing), by Therapeutic Application (Oncology, Cardiology, Neurology, Respiratory, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global artificial intelligence in precision medicine market was valued at US$1,286.3 million in 2022 and is projected to grow at a CAGR of 28.4% during the forecast period 2023-2033.
Collaboration and partnerships among various stakeholders are crucial for fully utilizing the potential of AI in precision medicine. These stakeholders encompass researchers, healthcare providers, technology companies, pharmaceutical firms, regulatory bodies, and patient advocacy groups. Through collaboration, these entities can leverage their expertise, resources, and data to accelerate the development and implementation of AI technologies in precision medicine.
The increasing trend of collaboration and partnerships in this domain offers several benefits. Firstly, it promotes the exchange of knowledge and best practices, allowing stakeholders to learn from one another's experiences and avoid redundant efforts. Moreover, such collaborations foster data sharing, which plays a vital role in training AI algorithms and creating comprehensive and diverse datasets. For instance, on 20th October 2022, Cerba, a prominent provider of specialized clinical pathology references, and Taliaz, an Israeli digital health company committed to enhancing mental health conditions, joined forces in a collaborative venture. The objective of this partnership is to offer physicians an advanced precision psychiatry solution, powered by artificial intelligence (AI), that accurately predicts the effectiveness of treatments for depression. Collectively, the market stands to gain a substantial opportunity through the key strategic alliances among providers of artificial intelligence in precision medicine.
How has COVID-19 had a Significant Positive Impact on the Artificial Intelligence in Precision Medicine Market?
The market for vendors of artificial intelligence in precision medicine has been significantly impacted by the COVID-19 pandemic. This impact has been influenced by a number of things. AI technologies, including machine learning, deep learning, and natural language processing, have found applications in various domains of precision medicine, encompassing genomics, diagnostics, drug discovery, and personalized treatment.
AI demonstrates immense potential in transforming precision medicine through its ability to analyse extensive datasets, identify patterns and correlations, and generate actionable insights for healthcare providers and researchers. It aids in predicting disease susceptibility, optimizing treatment regimens, and enhancing patient outcomes. By scrutinizing genomic data, AI-powered algorithms can identify genetic variations linked to specific diseases, enabling more precise diagnoses and targeted therapies. Moreover, AI algorithms can analyse medical imaging data to aid in the early detection of diseases like cancer, resulting in timely interventions and improved survival rates.
The COVID-19 pandemic has further emphasized the importance of AI in precision medicine. The unprecedented global health crisis has presented numerous challenges in effectively managing the virus, comprehending its impact on diverse populations, and devising efficient treatment approaches. AI has played a vital role in tackling these challenges by facilitating rapid analysis of extensive COVID-19-related data, including genomic sequences, clinical data, and epidemiological information.
The COVID-19 pandemic has emphasized the significance of AI in addressing public health emergencies and enhancing our comprehension of intricate diseases. Through ongoing research, collaboration, and responsible utilization, AI in precision medicine holds the potential to enhance patient outcomes and bolster the resilience of healthcare systems.
How will this Report Benefit you?
Visiongain’s 248-page report provides 91 tables, 127 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global artificial intelligence in precision medicine market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for artificial intelligence in precision medicine market. Get financial analysis of the overall market and different segments including technology, component, and therapeutic application, company size and capture higher market share. We believe that there are strong opportunities in this fast-growing artificial intelligence in precision medicine market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increasing Demand for Personalized Treatments
The global application of artificial intelligence in precision medicine is growing due to the increasing need for personalized treatment. The quest for personalized treatments is driving an increase in the use of artificial intelligence in precision medicine on a global scale. With precision medicine, individual traits such as genetics, lifestyle, and environmental factors will be considered when designing medical interventions. By analyzing massive volumes of data and producing useful insights to direct treatment choices, AI plays a crucial role in this area. There is a growing desire for treatments that are tailored to the patient. First, improvements in genomics and molecular profiling have enabled tailored medicines by improving our understanding of illnesses at the molecular level. This complicated data may be processed and interpreted by AI systems, making it easier to identify particular biomarkers and predict treatment outcomes.
For instance, companies such as Tempus combines AI and genomic sequencing to provide personalized cancer care solutions. Their platform analyses clinical and molecular data to generate insights for treatment decision-making and clinical trial enrolment. Also, NVIDIA offers AI solutions for precision medicine, including their Clara Genomics platform. It utilizes AI algorithms and GPU-accelerated computing to analyze genomic data and assist in clinical decision-making.
High Prevalence of Chronic Illnesses and Respiratory Disorders
Due to the rising incidence of chronic illnesses and respiratory disorders, the use of artificial intelligence in precision medicine is expanding significantly on a global scale. Health problems like diabetes, cancer, cardiovascular disease, and respiratory conditions like asthma and chronic obstructive pulmonary disease (COPD) are spreading across the globe. One of the main factors influencing the use of AI in precision medicine is the increased burden of chronic diseases. Massive amounts of patient data, including genomic data, medical records, and lifestyle factors, may be analyzed using AI technologies. By leveraging this data, AI algorithms can provide personalized treatment plans, early detection of diseases, and more accurate diagnostics, leading to improved patient outcomes.
Additionally, AI-powered tools can help healthcare providers optimize treatment strategies, enhance medication adherence, and manage chronic conditions more effectively. The use of AI in precision medicine holds the promise of reducing healthcare costs, improving patient care, and ultimately mitigating the impact of chronic and respiratory diseases on individuals and healthcare systems globally.
Where are the Market Opportunities?
The field of artificial intelligence in precision medicine is currently witnessing a notable opportunity as a result of the growing investments and research and development (R&D) efforts. With the rising demand for advanced healthcare solutions, governments, organizations, and investors are allocating more resources to initiatives focused on utilizing AI in precision medicine. This increased funding facilitates the creation of state-of-the-art technologies, algorithms, and tools that improve the accuracy of diagnoses, effectiveness of treatments, and overall patient outcomes. Additionally, it encourages the exploration of innovative AI applications in areas such as genomics, medical imaging, predictive analytics, and personalized treatment planning. The combination of augmented funding and R&D activities offers a promising environment for advancements in AI-powered precision medicine, paving the way for potential transformative impacts on global healthcare.
The major players operating in the artificial intelligence in precision medicine market are Merative, Intel Corporation, NVIDIA Corporation, Insilico Medicine, Tempus, Exscientia, Indivumed GmbH, Medrio, Inc., BPGbio, Inc., among others. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• On 16th February 2023, M2GEN, a bioinformatics company known for its advanced data analysis in oncology research, and Zephyr AI, Inc., a company focused on developing transparent AI solutions for various aspects of precision medicine, entered into a long-term strategic partnership. This collaboration aims to expedite the process of discovering new drugs and conducting comprehensive investigations for cancer treatments, ultimately enhancing the quality of life for patients.
• On 28th February 2023, Tempus announced a multi-year, strategic collaboration with Pfizer in which the two companies are working together to further AI and machine learning-driven efforts in therapeutic development. The goal of this collaboration is to more precisely gather insights that will inform novel drug discovery and development in oncology.
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