Artificial Intelligence (AI) in Precision Medicine Global Market Report 2024

The artificial intelligence (AI) in precision medicine market size has grown exponentially in recent years. It will grow from $1.82 billion in 2023 to $2.37 billion in 2024 at a compound annual growth rate (CAGR) of 30.2%. The growth observed in the historical period can be attributed to the increasing availability of healthcare data, the rising burden of chronic diseases, advancements in genomic research, a growing emphasis on personalized medicine, and improved computational power.

The artificial intelligence (AI) in precision medicine market size is expected to see exponential growth in the next few years. It will grow to $6.86 billion in 2028 at a compound annual growth rate (CAGR) of 30.4%. The anticipated growth in the forecast period can be attributed to the expansion of precision medicine initiatives, a rising demand for predictive analytics in healthcare, the growth of genomics-based therapies, and increased funding for AI in precision medicine research. Noteworthy trends expected in the forecast period include AI-driven biomarker discovery, an increased utilization of natural language processing in healthcare, enhanced patient stratification through AI, AI-enabled clinical trial optimization, and the development of personalized treatment plans using AI-based decision support systems.

The artificial intelligence in precision medicine market is anticipated to experience growth, propelled by the high prevalence of chronic illnesses and respiratory disorders. Chronic illnesses, lasting more than a year and requiring ongoing medical attention, and respiratory disorders impacting the airways and lungs are on the rise. Artificial intelligence in precision medicine plays a crucial role in diagnosing and predicting outcomes for individuals with respiratory diseases, utilizing clinical data and chest imaging. Its application in treating chronic illnesses proves cost-effective and optimizes resource utilization. Notably, the United Nations estimated that chronic diseases, including cardiovascular diseases, cancer, diabetes, and respiratory illnesses, would constitute 86% of the 90 million deaths projected by 2050. Additionally, the National Library of Medicine forecasted a 99.5% increase in Americans with at least one chronic condition, reaching 142.66 million by 2050. This prevalence underscores the driving force of chronic illnesses and respiratory diseases on the artificial intelligence in precision medicine market.

The artificial intelligence (AI) in precision medicine market is set to grow further due to the escalating demand for personalized medicine. Personalized medicine, leveraging knowledge about an individual's genes or proteins, is gaining traction. AI in precision medicine analyzes molecular data, identifying potential drug targets, predicting drug efficacy, and anticipating side effects, leading to the development of more personalized and effective medications. In 2022, the US Food and Drug Administration (FDA) approved 12 personalized medicines, constituting around 34% of all newly approved therapeutic molecular entities, showcasing the rising demand for personalized medicine and its impact on the artificial intelligence in precision medicine market.

A key trend in the artificial intelligence in precision medicine market is the development of innovative AI-based life sciences solutions. Major companies in the market are advancing big data analytics to maintain their competitive edge. For instance, Google LLC introduced a novel AI-based life sciences solution in May 2023, aiming to accelerate drug discovery and precision medicine. The target and lead identification suite enhance in silico drug development by predicting protein structure and precisely determining amino acid function, showcasing the significance of technological advancements in driving market trends.

Strategic collaboration is a focal point for major companies in the artificial intelligence in precision medicine market to sustain their positions. This involves cooperative agreements between entities, such as pharmaceutical and technology companies, with mutual goals. For example, GSK plc and Tempus announced a three-year collaboration agreement in October 2022. GSK gains access to Tempus' AI-enabled platform, utilizing artificial intelligence and machine learning capabilities to enhance clinical trial design, expedite patient enrollment, and identify drug targets. The collaboration aims to improve the efficiency and effectiveness of GSK's research and development processes, particularly in the context of precision medicine, emphasizing the vital role of AI in driving advancements.

In June 2021, Exscientia acquired Allcyte for approximately $50 million. This move aims to strengthen Exscientia's translational capabilities by providing high-content assessments of patients' biology in primary tumor tissues, a personalized approach for cancer patients. Allcyte's expertise in combining advanced microscopy with AI contributes to drug discovery and personalized medicine, reflecting the strategic importance of AI in precision medicine.

Major companies operating in the artificial intelligence (AI) in precision medicine market report are Alphabet Inc., Microsoft Corporation, Intel Corporation, International Business Machines Corporation, AstraZeneca PLC, Sanofi S.A., NVIDIA Corporation, GE HealthCare Technologies Inc., Illumina Inc., QIAGEN N.V., Helix Inc., Sema4 Holdings Corp., SOPHiA GENETICS SA, Insilico Medicine, BenevolentAI Limited, Fabric Genomics Inc., Tempus Technologies Inc., Enlitic Inc., PathAI Inc., Genuity Science Inc., BERG LLC, Perthera Inc., Vuno Inc., CureMetrix Inc., AITIA International Inc., Zephyr AI, Freenome Inc., PetaGene Ltd., Suki AI Inc., BioXcel Therapeutics Inc.

North America was the largest region in the artificial intelligence (AI) in precision medicine market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (AI) in precision medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the artificial intelligence (AI) in precision medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary components of artificial intelligence (AI) in precision medicine encompass hardware, software, and services. Hardware pertains to the physical components of a system or the mechanisms involved in storing and executing the instructions embedded in the application's software. Various technologies, such as deep learning, querying methods, natural language processing, and context-aware processing, are employed in diverse therapeutic applications, including oncology, cardiology, neurology, respiratory, and others.

The artificial intelligence (AI) in precision medicine market research report is one of a series of new reports that provides artificial intelligence (AI) in precision medicine market statistics, including the artificial intelligence (AI) in precision medicine industry's global market size, regional shares, competitors with artificial intelligence (AI) in precision medicine market share, detailed artificial intelligence (AI) in precision medicine market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence (AI) in precision medicine industry. This artificial intelligence (AI) in precision medicine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The artificial intelligence in the precision medicine market consists of revenues earned by entities providing artificial intelligence in precision medicine services that include personalized treatment, disease prevention, and personalized diagnosis. The market value includes the value of related goods sold by the service provider or included within the service offering. The artificial intelligence in the precision medicine market also includes sales of wearable devices, implantable devices, and artificial intelligence devices in precision medicine. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.