Market growth will be driven by ML, deep learning, and EHR.
The global artificial intelligence (AI) market in precision medicine is expected to reach $388.8 billion by 2034 at a compound annual growth rate of 35.5%, driven by machine learning, deep learning, electronic medical records, genome sequencing, and data from wearable devices.
Other factors include demand for personalized care plans and predictive modeling to optimize clinical trials, according to Polaris Market Research.
Asia Pacific is the fastest growing region, driven by digital healthcare initiatives and technology investments in China and India. North America is the largest regional market due to healthcare infrastructure and research investment.
The report notes that the software sector accounts for the largest share of revenue, as clinicians use AI platforms to stratify patients, predict risk, and optimize treatment.
He added that the services sector is also showing growth, as institutions seek support in implementing and training AI systems.
Deep learning is a major technology area that identifies patterns in genomic and clinical data to support diagnostic and treatment decisions.
Other technologies include natural language processing, context-aware processing, and query methods, according to the report.
Oncology is a major therapeutic application, with AI assisting in cancer detection, drug discovery, and predicting treatment response. Neurology is the fastest growing application area as AI supports the diagnosis and management of Alzheimer’s and Parkinson’s diseases.
Other therapeutic areas, including cardiac and respiratory care, are also expanding, reflecting the potential for AI to improve personalized care across healthcare, according to Polaris Market Research.
