Technological advancements coupled with increasing start-ups with focus on improving the accuracy of diagnosis with medical imaging and diagnostic procedures.
Artificial Intelligence (AI) is gaining momentum in biomedicine. Artificial Intelligence has been integrated in different fields such as business, advertising, photography, etc., and is also significantly being used in the healthcare sector. Artificial Intelligence enables the companies to catalyze the drug development process.
The growth of Global AI in precision medicine market is attributed to the advent of start-ups that are leveraging the Machine Learning algorithms to assist in resolving the key glitches such as plunging time and error costs in drug discovery process, providing virtual assistance to patients and improving the accuracy of diagnosis with medical imaging and diagnostic procedures.
North America dominated the Global AI in precision medicine market in 2019 on account of the availability of capital investments and intensification in the adoption of AI technology. Furthermore, the detection of neurological disorders through AI is speeding at a robust rate. Multiple sequencing consortiums focusing in NDDs were also initiated few years back aiming at identifying disease-implicated variants. Hence, the neuroscience segment grabbed a significant market share in the Global AI in precision medicine market in 2019.
The key players operating in the Global AI in precision medicine market include BioXcel Corporation, Alphabet Inc., Berg Health, General Vision, IBM Corporation, etc. The companies are providing AI technology through collaborations with health institues. For instance, In 2019, UCLA Health collaborated with Microsoft to install its cloud computing powered by AI to advance precision medicine research.
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