AI in Precision Medicine Market to Hit US$ 3.92 Billion by 2030 with 30.7% CAGR | MarketsandMarkets™
DELRAY BEACH, Fla., Dec. 2, 2024 /PRNewswire/ — The global AI in precision medicine market is projected to reach USD 3.92 billion by 2030 from USD 0.78 billion in 2024, at a CAGR of 30.7% from 2024 to 2030. The major factors driving the growth of the AI in precision medicine market include rapidly increasing need for more customized treatments, improvement in genomics and multi-omics technologies, and a drive to accelerate drug development is driving advances in AI in precision medicine. The ability of AI to analyse such complex biological and clinical data thus allows quicker identification of mechanisms for the disease as well as tailored therapies. Additionally, factors such as increasing costs of healthcare and failures of traditional approaches pave the way for embracing AI in an aim to optimize diagnostic procedures, advance the methodologies of treatment, and elevate patient outcomes.
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The rising shift towards integrating Al for drug discovery and development, diagnostic and screening and therapeutics augments the growth of the market. Al tools play a major role in precision medicine market by enabling highly personalized healthcare solutions via advanced data analytics. When it comes to complex structures such as genomic sequences or patient imaging, deep learning models such as Convolutional Neural Networks (CNNs) and Recurrent Neural Networks (RNNs) are frequently employed. On the other hand, Generative Adversarial Networks (GANs) paired with Graph Neural Networks (GNNs) focuses more on drug discovery where patients’ characteristics and model driven data are tangled together.
Support vector machines and other common classification and regression algorithms are examples of supervised techniques that help in the diagnosis of a disease and prediction of the possible risk of occurrence of the disease. Conversely, unsupervised methods such as data exploration techniques (e.g. clustering approximation) and feature extraction techniques (e.g. PCA) focus on trends, patterns, or bonding in the data that do not incorporate groups to assist in devising ways to treat the patient’s illness effectively. These aids in advancing the concept of tailoring treatment to specific patients while cutting down on treatment costs and enhancing treatment results.
Based on therapeutic area, the Al in precision medicine market is segmented into oncology, rare diseases, infectious diseases, neurology, cardiology, hematology, and others. The neurology segment is expected to register highest growth rate due to the increasing number of neurological disorders and the difficulties associated with drug discovery in this field. Employing Al technologies in drug development shortens the process since many neurological diseases, such as Parkinson’s disease, Alzheimer’s, or multiple Sclerosis are hard to diagnose and treat.
As per World Health Organization, neurological disorders affected more than 3 billion people worldwide as of the year 2021. This shows the need for modern health care systems. Al based platforms for the development of drugs is applicable in neurology which enhances the ability to study large amounts of complex neurological data in search of possible drug targets quickly and accurately. This, combined with rising expenditure in the field of neurology, explains the increased growth of the market because of the availability and growing usage of large-scale data sets from clinical trials and genomics, neuroimaging, and electronic health records (EHR) stations. In America, exciting neurology companies had USD 1.14 billion worth of venture investments in 2023. Resources such as the Alzheimer’s Disease Neuroimaging Initiative (ADNI) make it possible to perform machine learning due to the available data.
Among the applications, drug discovery & development is expected to dominate the AI in precision medicine market. This is attributed to AI that can analyse complex biological data, determine biomarkers and ultimately speed the discovery of targeted therapies. AI reduces the time and cost associated with early-stage research by streamlining drug candidate identification and optimizing compound design. The application of AI becomes most evident in the practice of medicine focusing on oncology, rare disease and genetic disorders where only tailored therapies are effective in the case of human beings. The two companies, Atomwise and Benevolent AI, demonstrate how AI is changing the paradigm of drug development, which is the largest application segment in precision medicine.
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The major players in the AI in precision medicine market with a significant global presence are NVIDIA Corporation (US), Google, Inc. (US), Microsoft (US), IBM (US), Illumina, Inc. (US), Exscientia (UK), Insilico Medicine (US), GE Healthcare (US), Tempus (US), Siemens Healthineers AG (Germany), BioXcel Therapeutics, Inc. (US), BenevolentAI (UK), PathAI, Inc. (US), Guardant Health (US), GRAIL, Inc. (US), FOUNDATION MEDICINE, INC. (US), FLATIRON HEALTH (US), Proscia Inc. (US), DEEP GENOMICS. (Canada), Verge Genomics (US), Predictive Oncology (US), Paige AI, Inc. (US), Densitas Inc. (Canada), Zephyr AI (US), and Iktos (France). The market players have adopted strategies such as acquisitions, collaborations, partnerships, mergers, product/service launches & enhancements, and approvals to strengthen their position in the AI in precision medicine market. The product and technology innovations have helped the market players expand globally by providing advanced AI technologies and platforms to enhance treatment predictions and personalized care.
NVIDIA Corporation:
NVIDIA Corporation designs and develops graphics processing units (GPUs), personal computers (PCs), mobile and cloud architectures, among other technologies. The company creates deep learning, machine learning, and other artificial intelligence technologies. The company’s products are used in a variety of industries, including architecture, engineering, construction, and operations; automotive; consumer internet; cybersecurity, energy, and financial services; healthcare and life sciences; higher education; game development; manufacturing; media and entertainment; public sector; restaurants; retail and CPG; robotics; smart cities and spaces; supercomputing; telecommunications; and transportation. NVIDIA Corporation has two primary business segments, which are Graphics, and Compute & Networking.
Nvidia’s GPUs are utilized in Artificial Intelligence workloads for drug discovery applications like molecular modelling and simulations, including ML. Nvidia’s offer for drug discovery serves a wide range of applications beginning with development tools, libraries and frameworks for authoring and running AI solutions. NVIDIA Clara Discovery is a body of software developed to enable the understanding of drug discovery using AI. NVIDIA Clara Guardian is an integrated solution that comprises multimodal artificial intelligence and smart sensors aimed at optimizing the healthcare services delivered within medical facilities. NVIDIA BioNeMo, as an AI generative platform, is suited towards the process of drug development, containing flexible and adaptable AI technologies for prediction of protein structure, molecular generation and molecular property predictions.
Headquartered in Santa Clara, CA, NVIDIA Corporation has over 50 offices geographically spread in North America, Asia, Europe, the Middle East, and Africa, Latin America. The latter has production units within the United States and Taiwan. In addition, the company collaborates with other pharmaceutical and biotech companies in the quest to create innovative drug discovery systems that rely on Artificial intelligence.
Google, Inc.:
In terms of global technology advancements, Google is one of the leaders, and the main areas of its activities are advertising, search, operating systems and platforms, as well as enterprise and hardware goods. Alphabet, Inc. is the parent company of Google. Its search segment provides a wide range of search engine services, including an index of numerous websites and other online materials.
Google differentiates its revenue streams into two operating segments: Google Services, Google Cloud, and the Other Bets. The organization operates as a conglomerate and the major share of the revenue earned is from Google Services. The main products of Google include – Advertisements, Search, Maps, Chrome, the Android operating system, YouTube, Google Play and Commerce, Hardware and Gmail. The organization has several subsidiaries that allow it to do business in the health sector including TensorFlow, Google X, DeepMind Technologies Limited, Calico and GV. Google Brain is an internal branch of the corporation that focuses on creating various kinds of artificial intelligence such as machine learning algorithms and other artificial intelligence applications, speech and music synthesis art, and even robotic systems. In addition, Google provides solutions powered by Al technologies aimed to speed up drug invention, such as the Target and Lead Identification Suite, Multiomics Suite, and Google DeepVariant. These tools are designed to make the drug target and drug lead identification process precise and effective, and they indicate that Google is helping in the development of pharmaceuticals using Al technology. The organization has more than 85 regional offices across the world in about 50 countries.
Microsoft:
Microsoft provides software and various license suites. The corporation has three reportable segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The company’s Azure platform is available through the Intelligent Cloud segment. The company’s Al and cloud-based Microsoft Azure platform offers computing, networking, storage, database, and administration services. The platform helps pharmaceutical and life science organisations speed precision medicine by providing secure and dependable worldwide data storage and processing services. The platform also helps pharmaceutical businesses accelerate innovation and improve operational performance.
The company delivers a variety of cloud, mobile, and productivity solutions. Microsoft’s cloud products include SaaS, LaaS, and PaaS. Microsoft has made significant investments in managed services for the hybrid cloud, lot, and edge computing platforms. Microsoft’s innovations, such as Azure Sphere, Digital Twins, and Azure IoT Central, have propelled them ahead of the competition in the IoT and edge computing industries. The company introduced Azure Edge Zones, which combine cloud-managed services, hardware, and high-speed 5G networks. The company is present in approximately 190 countries spanning the Americas, Europe, the Middle East and Africa, Asia Pacific, and Latin America.
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