Utilizing an individual's genomic information to create individualised treatment is known as artificial intelligence (AI) in precision medicine. The ability to research how genetic variables, such as mutations, cause diseases is now possible thanks to the massive accumulation of genomic data. AI, in particular deep learning, may collect patient data via wearable tech, medications, genomic profiles, diagnostic imaging systems, and electronic health records. Treatment plans for patients can be made using this data.
The two main drivers driving the growth of the AI in Precision Medicine Market are technological developments in cancer biology across developed nations and the increase in the world's geriatric population.
Drivers: The growth of the AI in Precision Medicine market will be driven by technological advances in cancer biology.
Over the course of the forecast period, the expansion of AI in the precision medicine market is anticipated to be driven by technical advancements in cancer biologics. Precision medicine has significantly improved as a result of the availability of enormous collections of human genetic databases and AI-based computational tools. Participants in the industry place a strong emphasis on strategic partnership and collaboration efforts to advance research into cancer biology and create the market for precision therapies. For instance, GE Healthcare (US) and Minerva Imaging (Denmark) formed a strategic partnership in June 2022 to enhance precision medicine for oncology therapies. The cooperation has a strong emphasis on utilising radionuclide therapy, a sort of precision medicine that uses radioactive substances to target cancer cells and irradiate them without the potential adverse effects of conventional cancer medicines. Over the projected period, such innovations and cooperation activities will drive the AI in Precision Medicine Market Growth.
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global increase in the number of older people
The elderly population has seen a tremendous increase, and it is anticipated that this trend will continue in the years to come. For instance, one in six individuals worldwide will be 60 or older by 2030, according to estimates released by the World Health Organization (WHO) in October 2022. Additionally, the number of persons 60 and older, or roughly 2.1 billion, will have doubled by 2050. When compared to younger individuals or populations, the risks of infections are higher in the geriatric population. Over the forecast timeframe, this will lead to a rise in the usage of AI-based precision medicines.
Challenges: One of the biggest is the high expense of the precision medications.
In comparison to conventional pharmaceuticals, the expenditures associated with research and development are higher for AI-based precision medicine. Due to the fact that these medications are made particularly for each patient and not for the general public, their production costs are high. Additionally, serious threats to individual health data present a barrier to the development of AI in the market for precision medicine.
Key Players in the market
A few of the major participants in the AI in Precision Medicine Market globally are BioXcel Therapeutics Inc. (US), GE Healthcare (US), Insilico Medicine (US), Intel Corporation (US), Microsoft (US), Tempus (US), NVIDIA Corporation (US), Sanofi (France), Sensely, Inc. (US), and Zephyr AI (US).
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