Market Size of AI In Precision Medicine Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 2.86 Billion |
| Market Size (2029) | USD 10.17 Billion |
| CAGR (2024 - 2029) | 28.89 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
AI in Precision Medicine Market Analysis
The AI In Precision Medicine Market size is estimated at USD 2.86 billion in 2024, and is expected to reach USD 10.17 billion by 2029, growing at a CAGR of 28.89% during the forecast period (2024-2029).
The major factors driving the market are the rising demand for precision medication, increasing investment in research and development, the growing prevalence of chronic diseases, the rising geriatric population, and the increasing adoption of electronic health records.
The rising demand for precision medicine is increasing the adoption of artificial intelligence (AI) to generate insights and enable the system to reason, learn, and empower clinician decision-making through augmented intelligence, which is expected to drive the market over the forecast period. For instance, in June 2024, the National Institute of Health provided funding of USD 5.6 million to researchers at UC Davis Health for the project Nutrition for Precision Health. The research investigates personalized diet recommendations to enhance health and prevent disease. In this research program, participants, genetic data is collected and analyzed using AI to generate insights. Hence, increasing demand for precision medicine is boosting investments in the research activities of precision medicine, which is expected to drive the market over the forecast period.
In precision medicine, electronic health records (EHRs) are used to obtain rich longitudinal data for large-scale precision medicine studies. Hence, the increasing adoption of EHR is increasing the utilization of AI, which can be used to analyze patient data from diverse sources, including patients' medical files, laboratory results, imaging reports, and even genetic data that can be used in precision medicine. Hence, the growing adoption of electronic health records is expected to drive the market over the forecast period. For instance, in June 2022, the United Kingdom’s National Health Service (NHS) committed to implementing electronic health records for all hospitals and community practices by 2025, backed by EUR 2 billion (USD 2.15 billion) in funding. Thus, government initiatives to increase the adoption of electronic health records are expected to drive the market over the forecast period.
Furthermore, increasing strategic activities, such as new solution launches, are also expected to drive the market over the forecast period. For instance, in May 2023, Google Cloud reported the launch of two new AI-powered solutions based on life sciences, Multiomics Suite and Target and Lead Identification Suite, to accelerate drug discovery and precision medicine for biotech companies, pharmaceutical firms, and public sector organizations. Hence, the launch of such solutions increases the accessibility of AI for developing precision medicine, which is expected to drive the market over the forecast period.
Thus, the rising demand for precision medicine, increasing adoption of electronic health records, and growing strategic activities such as the launch of new solutions are expected to drive the market over the forecast period. However, the high costs associated with precision medicines are expected to restrain market growth.
