Artificial Intelligence In Precision Medicine Market Size, Share & Trends Analysis Report By Technology (Deep Learning, Querying Method), By Component, By Therapeutic Application, By Region, And Segment Forecasts, 2022 - 2030

Artificial Intelligence In Precision Medicine Market Size, Share & Trends Analysis Report By Technology (Deep Learning, Querying Method), By Component, By Therapeutic Application, By Region, And Segment Forecasts, 2022 - 2030

Artificial Intelligence In Precision Medicine Market Growth & Trends

The global artificial intelligence in precision medicine market size is expected to reach USD 14.5 billion by 2030, expanding at a CAGR of 35.7% during the forecast period, based on a new report by Grand View Research, Inc. The primary factor driving the market expansion is the growing demand for personalized treatment. The increasing demand for reducing healthcare expenditures and growing datasets of patient health-related digital information are other factors helping the market growth.

The rising global geriatric population, changing people’s lifestyles, and growing prevalence of chronic illnesses have all led to an increase in the need for early disease diagnosis and treatment. Machine learning (ML) and artificial intelligence (AI) algorithms are widely adopted and incorporated into healthcare systems to reliably anticipate illnesses in their preliminary stages based on past health records. For instance, a research study conducted at the University of California, Irvine in September 2022 offered a unique method for treating inherited retinal disorders (IRDs) by applying precise genome editing that is highly tailored to the needs of an individual.

COVID-19 had a positive impact on the market. In COVID-19, AI was acknowledged to accomplish precision medicine research. Governments, healthcare organizations, and researchers have teamed up in response to precision medicine to create therapies more quickly. For instance, San Antonio Partnership for Precision Therapeutics funded three initiatives in July 2020 that attempted to hasten COVID-19 intervention. These initiatives concentrated on biological elements, such as the immune system and respiratory tract proteins, which influence a person's reactions to the virus and how scientists can use the information to create treatments.

In July 2022, Certara, Inc., a pioneer in biostimulation, announced a two-year partnership with Memorial Sloan Kettering Cancer Center to create new biosimulation software. To develop a biosimulation platform for CAR T-cell treatment, Certara will collaborate with the MSK Innovation Hub. Immunotherapy known as CAR T-cell treatment employs immune system T-cells that have undergone unique alteration to combat certain types of blood cancer.

Artificial Intelligence In Precision Medicine Market Report Highlights

• Based on technology, the deep learning segment accounted for the largest market share of 33.7% in 2021, owing to the rising use of cloud-based technologies across several sectors is supporting market growth
• Based on component the market is segmented into hardware, software, and services, the software segment held the largest market share of 55.7% in 2021. The rapid adoption of AI-based software solutions for precision medicine by healthcare payers, institutions, providers, and patients is expected to drive the software segment's growth in the market
• By therapeutic application, the oncology segment dominated the market with a revenue share of 30.5% in 2021. Use of AI in oncology aids in faster and more accurate diagnosis of cancer, resulting in improved patient outcomes, and is expected to fuel segment growth over the projected period
• North America dominated the global market in terms of a market share of 29.6% in 2021. The market's growth in Canada is boosted by rising R&D spending and rising demand for precision medications. Collaborations between important businesses are further fostering the expansion