The Healthcare Artificial Intelligence Market to reach $176.4 billion by 2031 at a CAGR of 31.3% during the forecast period 2024–2031.
In recent years, personalized medicine has emerged as a transformative approach to disease treatment and prevention, tailored to individual differences in genetics, environment, and lifestyle. This method enables healthcare professionals and researchers to more accurately predict which treatments or preventive measures will be effective for specific diseases in particular groups of people. Personalized medicine is increasingly gaining recognition and support from clinicians, healthcare systems, pharmaceutical companies, patients, and government bodies.
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Advancements in personalized medicine have already led to groundbreaking discoveries and the development of several FDA-approved treatments tailored to the unique characteristics of individuals. For instance, in July 2019, GE Healthcare established the GE Cell and Gene Therapy Asia Technology Center to train scientists in biopharma techniques driven by precision medicine. Similarly, in July 2018, Centrillion Biosciences (U.S.) partnered with WeDoctor (China) to provide genomic analyses to patients. The growing interest in precision medicine, alongside increased funding for research, has prompted numerous startups worldwide to integrate AI and machine learning (ML) techniques into the genomics space. These tools are helping medical professionals deliver personalized treatments through more effective diagnostics and care management solutions.
AI in healthcare refers to the application of intelligent machines and computer programs designed to perform tasks such as patient data analysis, medical imaging, diagnosis, drug discovery, precision medicine, hospital workflow optimization, and patient management. AI and ML are playing an increasingly vital role in advancing the healthcare industry.
The COVID-19 pandemic has further accelerated the adoption of AI in healthcare. With the rapid spread of the virus, limited treatment options, rising case numbers, and the strain on healthcare resources, the sector faced unprecedented challenges. AI emerged as a key tool in addressing these issues. For example, during the pandemic, CT scans became a critical marker for diagnosing COVID-19 in its early stages. AI-based systems were able to analyze CT images within 20 seconds, achieving accuracy rates above 90%. Governments worldwide also began to recognize the potential of AI in healthcare. In April 2020, THIRONA and DELFT IMAGING, both based in the Netherlands, launched CAD4COVID, a cloud-based system designed to assist in the triage of COVID-19 patients using deep learning to analyze chest X-rays and support healthcare professionals in managing the pandemic.
The use of AI has proven instrumental in the fight against COVID-19, and its applications in healthcare continue to expand. According to Meticulous Research, the AI in healthcare market is expected to grow at a staggering compound annual growth rate (CAGR) of 41.4%, reaching $51.3 billion by 2027.
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The integration of AI and personalized medicine offers a powerful combination that is revolutionizing healthcare, improving patient outcomes, and transforming how we approach the diagnosis and treatment of diseases. As research and development continue, AI is poised to play an even greater role in delivering precision medicine and overcoming future healthcare challenges.
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