Artificial Intelligence in Precision Medicine Market Analysis

By technology, the artificial intelligence in precision medicine market is classified into deep learning, natural language processing, context-aware processing, and querying method. The deep learning segment accounted for 36.5% of the market share in 2022 and is projected to witness robust growth over the analysis timeframe. Deep learning has emerged as a powerful technology in analysing complex and large-scale datasets in the healthcare industry. Its ability to automatically learn and extract high-level representations from data has significant implications for precision medicine, thereby accelerating the market growth. Furthermore, the increasing availability of healthcare data, advancements in computational power, and the development of advanced deep learning models are fuelling the adoption of deep learning in precision medicine thus, boosting the market size.

By component, the AI in precision medicine market is classified into software, hardware, and service. The software segment accounted for 53.4% of the business share in 2022 and is projected to witness robust growth over the analysis timeframe. The increasing adoption of AI-based software solutions for precision medicine by healthcare institutions, payers, patients, and providers is anticipated to boost the software segment growth in the market. The advancements in machine learning algorithms, natural language processing, and data integration techniques have enhanced the performance and capabilities of AI software, further driving its growth in precision medicine applications. Furthermore, the increasing collaboration between technology firms, healthcare providers, and research institutions will also contribute to the expansion of the software segment.

Based on application, the artificial intelligence in precision medicine market is segmented into oncology, cardiology, neurology, respiratory, and other applications. The oncology segment is expected to register around USD 5.7 billion by 2032. The growing prevalence of cancer cases and the increasing complexity of genomic data are two significant factors expected to drive market progress. For instance, according to the National Institutes of Health (NIH) report, in 2023, 1.9 million new cancer cases and 609,820 cancer deaths are projected to occur in the U.S. only. Therefore, integration of AI in oncology is expected to contribute to more accurate and faster diagnosis of cancer, leading to enhanced patient outcomes.

North America artificial intelligence in precision medicine market accounted for 51.9% revenue share in 2022 and is anticipated to grow at considerable growth rate during the forecast timeframe. Increasing prevalence of chronic diseases, such as cancer, cardiovascular conditions, and respiratory disorders will drive the market growth. For instance, according to the American Lung Association report, in 2020, 12.5 million people, or 5.0% of adults, reported a diagnosis of COPD (chronic obstructive pulmonary disease). Thus, increasing usage of artificial intelligence in the treatment and diagnosis of chronic diseases will escalate the market growth.