The global market for artificial intelligence in precision medicine was valued at approximately USD 2.29 billion in 2024 and is projected to grow to USD 14.53 billion by 2030, reflecting a compound annual growth rate (CAGR) of 36.23% from 2025 to 2030. This growth is largely fueled by increased investments in research and development, alongside a rising demand for personalized medication.
Collaborations among major companies significantly contribute to the expansion of the industry. For example, in August 2022, Enlitic partnered with GE Healthcare to help PACS users improve workflow efficiencies through data standardization with Enlitic Curie. The global rise in cancer cases has positively influenced the artificial intelligence in precision medicine sector. According to Globocan 2022, approximately 10 million deaths from cancer occurred worldwide in 2022.
Factors such as sedentary lifestyles and heightened consumption of alcohol and tobacco are major contributors to the increasing incidence of cancer. Additionally, the surge in R&D investments propels market growth. The African Access Initiative, a collaboration among corporate and public entities, aims to tackle the cancer crisis in South Africa by enhancing access to cancer therapies and diagnostics, as well as developing a more advanced healthcare infrastructure. Moreover, wearables play a vital role in precision medicine by capturing and analyzing data for personalized diagnostics, disease management, and preventive care.
Key Market Trends & Insights
North America led the global market with a revenue share of 29.43% in 2024, primarily driven by the rising demand for personalized treatment in the U.S.
The software segment dominated the market, accounting for a revenue share of 41.86% in 2024, and is expected to exhibit the fastest CAGR during the forecast period. The significant adoption of AI-powered software solutions among institutions, providers, and patients is anticipated to fuel growth in this segment.
In terms of technology, the deep learning segment held the largest market share at 33.60% in 2024. Its growth is supported by advancements in data center capabilities, enhanced processing power, and the ability to perform tasks autonomously.
Oncology represented a notable revenue share of 30.25% in 2024 among therapeutic applications. Increased collaborations and partnerships aimed at fostering innovation and research in cancer therapy are driving this market segment.
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Market Size & Forecast
2024 Market Size: USD 2.29 Billion
2030 Projected Market Size: USD 14.53 Billion
CAGR (2025-2030): 36.23%
North America: Largest market in 2024
Europe: Fastest growng market
Key Companies & Market Share Insights
The market is characterized by intense competition and is predominantly led by a few large players. Key companies are employing various strategies, including mergers, partnerships, collaborations, and acquisitions, to strengthen their market presence. For example, in May 2021, AdventHealth, a nonprofit healthcare organization, announced a partnership with Sema4, a health intelligence firm. By leveraging Sema4's software platform and tools, AdventHealth aims to integrate genomic and clinical data, thereby enhancing its genomics and personalized health initiative, which encompasses investments in precision medicine research, genetic testing, counseling, and sequencing services.
Key Players
BioXcel Therapeutics Inc.
Sanofi
NVIDIA Corporation
Alphabet Inc. (Google Inc.)
IBM
Microsoft
Intel Corp.
AstraZeneca plc
GE HealthCare
Enlitic, Inc.
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Conclusion
The artificial intelligence in precision medicine market is poised for substantial growth, driven by technological advancements, increasing collaborations, and a growing emphasis on personalized healthcare solutions. As the industry evolves, continuous investment in research and development will be crucial for addressing the challenges posed by rising cancer incidence and improving patient outcomes through targeted therapies.