Market Trends of AI In Precision Medicine Industry
The Oncology Segment is Expected to Hold a Significant Market Share Over the Forecast Period.
In oncology, precision medicine uses specific information about a person’s tumor to help make a diagnosis, plan treatment, determine how well treatment is working, or make a prognosis. Precision medicine may also help determine a person’s risk of developing certain types of cancer. Machine learning and deep learning of subsets of AI can be used to mine the deep-level information in genomics, transcriptomics, proteomics, radionics, and digital pathological images, which can help clinicians understand tumors and prescribe medication accordingly.
The rising prevalence of cancer cases, increasing research and development funding, and growing strategic activities by key players are expected to drive the market over the forecast period.
The rising prevalence of cancer cases globally is increasing the demand for precision medicine, where artificial intelligence can be used to study the genetic composition of tumors in different patients efficiently and provide a treatment plan that reduces the adverse effects of oncology therapeutics. For instance, according to the American Cancer Society 2024 update, about 2 million new cancer cases are expected to be diagnosed in the United States in 2024. Also, every day, around 5,480 cases of new cancer are likely to be identified in the United States. Hence, the rising number of cancer cases is expected to drive the segment over the forecast period.
The increasing adoption of AI solutions in the development of precision medicine used in the treatment of cancer is also expected to drive the market over the forecast period. For instance, in April 2023, Certis Oncology Solutions, a precision oncology and translational science company focused on combining functional assays and artificial intelligence (AI) to advance personalized medicine, reported the launch of CertisAI, a predictive medicine platform that utilizes big data, statistical algorithms, and machine learning (ML) to predict drug efficacy based on gene expression biomarkers. Hence, the adoption of artificial intelligence in the development of cancer therapeutics is also expected to drive the market over the forecast period.
Hence, the rising prevalence of cancer cases and the growing adoption of artificial intelligence in oncology research to develop precision medicines are expected to drive the segment over the forecast period.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
North America holds a significant market share. This is due to the rising prevalence of chronic diseases in the region, increasing research activities for the development of precision medicine using AI, and growing strategic activities such as acquisitions by key players.
The increasing investments in research activities for the development of precision medicine that uses AI are expected to increase the adoption of AI technologies, driving the market over the forecast period. For instance, in January 2024, Penn Medicine, a clinical and research entity of the University of Pennsylvania, developed an AI tool for precision oncology known as iStar. This application gives clinicians more insights into gene activities in medical images and, potentially, helps them diagnose cancers that might have otherwise been undetected. Hence, the development of such artificial applications is expected to increase the accessibility of AI technologies in precision medicine.
The increasing number of chronic diseases, such as cancer, raises the demand for AI to analyze various genetic data and develop a patient-specific treatment plan that can have minimum adverse effects. For instance, as per the November 2023 update by the Canadian Cancer Society, about 239.1 thousand Canadians were diagnosed with cancer in 2023, in which 2 in 5 Canadians are expected to develop cancer in their lifetime. Thus, the high prevalence of cancer among the population necessitates the demand for AI technologies, which is expected to fuel the market’s growth over the forecast period.
The rise in strategic activities, such as the launch of new AI solutions in precision medicine, is also expected to drive the market over the forecast period. For instance, in May 2024, OM1, a US technology company, launched three new products, OM1 Orion, OM1 Lyra, and OM1 Polaris, powered by PhenOM, an artificial intelligence-powered digital phenotyping platform for personalized medicine and clinical research. Hence, the launch of such products by key players is expected to drive the market over the forecast period.
Therefore, the increasing research and development activities in precision medicine, the rising prevalence of cancer, and growing strategic activities, such as the launch of new AI solutions, are expected to drive the market over the forecast period.
