AI in precision medicine market expected to reach $3.92 billion by 2030, driven by AI advances.
From GlobeNewswire: 2024-12-17 07:30:00
The global AI in precision medicine market is expected to reach USD 3.92 billion by 2030, growing at a CAGR of 30.7% from 2024 to 2030. Factors such as the need for customized treatments, advancements in genomics and multi-omics technologies, and the drive to accelerate drug development are fueling this growth. AI enables quicker identification of disease mechanisms and tailored therapies, optimizing diagnostic procedures and treatment methodologies while improving patient outcomes.
The integration of AI in drug discovery, diagnostic and screening, and therapeutics is boosting market growth. AI tools facilitate personalized healthcare solutions through advanced data analytics, with deep learning models like CNNs and RNNs analyzing complex biological and patient data. Supervised and unsupervised AI techniques aid in disease diagnosis, risk prediction, and personalized treatment, cutting costs and improving outcomes.
The AI in precision medicine market is segmented by therapeutic area, with neurology expected to witness the highest growth due to rising neurological disorders and challenges in drug discovery. AI technologies in drug development streamline processes for diseases like Parkinson’s and Alzheimer’s, enhancing the study of large neurological data sets. The availability of data from clinical trials, genomics, neuroimaging, and EHR stations, along with increased investments in neurology, drives market growth.
Neurological disorders affect over 3 billion people globally, highlighting the need for advanced healthcare systems. AI platforms aid in drug development for neurology, enabling rapid and accurate analysis of complex neurological data. In the US, neurology companies received USD 1.14 billion in venture investments in 2023, showcasing the market’s growth potential. AI-driven platforms like ADNI enable machine learning for drug development due to vast clinical trial and genomics data availability.
Drug discovery & development is expected to lead the AI in precision medicine market, leveraging AI to analyze biological data, identify biomarkers, and expedite targeted therapy discovery. AI’s role is vital in oncology, rare diseases, and genetic disorders, where tailored therapies are essential. Companies like Atomwise and Benevolent AI exemplify how AI is revolutionizing drug development, the largest application segment in precision medicine.
Key players in the AI in precision medicine market include NVIDIA, Google, Microsoft, IBM, Illumina, and GE Healthcare. These companies have adopted strategies like acquisitions, collaborations, and product launches to enhance their market position. NVIDIA offers AI technologies for drug discovery and healthcare optimization, while Google provides AI-powered solutions for drug invention. Microsoft’s Azure platform supports pharmaceutical innovation and precision medicine by offering secure global data processing services.
NVIDIA Corporation, known for its GPUs and AI technologies, collaborates with pharmaceutical and biotech companies to develop innovative drug discovery systems. Google, under Alphabet Inc., focuses on AI technologies for search, advertising, and health sectors. Microsoft provides cloud-based solutions via Azure platform, supporting pharmaceutical companies in precision medicine. These tech giants are driving AI innovation in healthcare and drug development, catering to various industries worldwide.
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