GVR Report cover Artificial Intelligence In Precision Medicine Market Size, Share & Trends Report

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

  • Report ID: GVR-4-68040-012-2
  • Number of Pages: 90
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2020
  • Industry: Healthcare

Report Overview

The global artificial intelligence in precision medicine market size was valued at USD 946.0 million in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 35.7% over the forecast period from 2022 to 2030. The rising R&D spending and growing demand for tailored medications are driving artificial intelligence (AI) in the precision medicine market growth. Collaboration among key companies is further driving the industry’s expansion. For instance, Sanofi and Atomwise agreed to a USD 20 million deal in August 2022 under which Sanofi agreed to use Atomwise's AtomNet platform for research and computational discovery research on up to five therapeutic targets. Through quick, AI-powered searches of the company's proprietary library of more than three trillion synthesizable complexes, the platform incorporates deep learning-based modules for the structure-based designing of pharmaceuticals.

U.S. artificial intelligence in precision medicine market size, by technology, 2020 - 2030 (USD Million)

The growing incidences of respiratory diseases, rapid technological advancements in healthcare, and the rising geriatric population is driving the growth of the market. In addition, increased usage of therapeutic respiratory devices, such as nebulizers, oxygen concentrators, and humidifiers, will help drive the industry growth. The growing prevalence of respiratory ailments, such as sleep apnea and chronic obstructive pulmonary disease, is expected to fuel the growth of the respiratory segment. According to WHO projections, 3.2 million people died worldwide in 2019 with mild to severe Chronic Obstructive Pulmonary Disorders (COPD). Furthermore, according to WHO projections, COPD will be the third greatest cause of mortality globally.

The COVID-19 pandemic has accelerated the use of artificial intelligence (AI) in the healthcare industry. Applications of AI have improved a variety of healthcare services, including precision medicine, population health, chronic illness management, and medical imaging. The use of artificial intelligence in COVID-19 management accelerated the market expansion. A COVID-19 mortality risk calculator, for instance, was introduced by a team from the Johns Hopkins School of Public Health using artificial intelligence. With the use of artificial intelligence, this calculator guided public health initiatives including resources for prevention, such as N-95 masks. Moreover, AI was applied to allocate scarce resources and define therapy priorities for patients with COVID-19. An online triage tool model was introduced by a team of researchers at the General Hospital of the People's Liberation Army, Beijing, China, to handle suspected COVID-19 pneumonia in adult patients.

Major companies are increasingly adopting collaborations and partnerships as strategies to maintain their market position. For example, Intel collaborated with the University of Pennsylvania's Perelman School of Medicine to create an AI model that aids in the detection of brain cancer. Penn Medicine collaborated with 29 international organizations to build this tool using a privacy-preserving method known as federated learning. This technology will allow various companies to collaborate and train the AI model without sharing sensitive patient data.

Technology Insights

In terms of technology, the market is divided into deep learning, computer vision, natural language processing, and context-aware processing, the deep learning segment accounted for the largest market share of 33.7% in 2021. The segment is gaining popularity because of the developments in data center capabilities, high processing power, and the capacity to conduct jobs without human intervention. Current deep-learning algorithms can integrate and model diverse data from a single patient across modalities and time, allowing for better predictions and therapy recommendations specific to each patient.

The natural language processing segment is expected to show the fastest CAGR of 36.3% over the forecast period. Natural Language Processing (NLP) analyzes text and voice to derive meaning from words. NLP refers to the practice of identifying essential features in a common language and extracting meaning from unstructured spoken or written data using computer algorithms. This technology will play a crucial role in expediting the healthcare decision-making processes. The true benefit of establishing effective algorithms is dependent on the quality of the data that is obtained. A quicker decision-making process will allow physicians to focus on value-added treatments for patients.

Component Insights

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. In September 2019, GE Healthcare collaborated with five Chinese, local software companies, including Shukun Technology, 12 Sigma Technologies, YITU Technology, Biomind, and Yizhun Medical AI, to build the Edison AI platform and enable GE Healthcare's seamless digital transition.

It is also expected to witness the fastest CAGR of 35.8% during the forecast period. The rapid expansion of the segment is due to the increasing use of AI-based technologies in a variety of healthcare applications, including dose error reduction, cybersecurity, virtual assistants, clinical trials, robot-assisted surgeries, telemedicine, and fraud detection. Moreover, initiatives by government and private players are fueling the growth of the segment.

Therapeutic Application Insights

By therapeutic application, the oncology segment dominated the market with a revenue share of 30.5% in 2021. The 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. Growing developments in healthcare infrastructure and rising cancer prevalence are two significant factors expected to drive oncology segment growth.

Global Artificial Intelligence In precision medicine market share, by therapeutic application, 2021 (%)

The neurology segment is anticipated to witness the fastest growth of 36.6% during the period from 2022-2030. The rise in the prevalence of neurological illnesses, such as epilepsy, migraines, dementia, brain tumors, and Alzheimer's disease, is expected to fuel the neurology segment growth. Technological improvements and the need for early detection of neurological problems are also driving the segment growth.

Regional Insights

North America dominated the global AI in precision medicine market in terms of a market share of 29.6% in 2021. The market's growth in the region is boosted by rising R&D spending and rising demand for precision medications. Collaborations between important businesses are further fostering the expansion. For instance, Sanofi and Atomwise agreed to a 20-million-dollar contract in August 2022 under which Sanofi would use Atomwise's AtomNet platform for research and computational discovery research on up to five therapeutic targets. Through quick, AI-powered searches of the company's proprietary library of more than three trillion synthesizable complexes, the platform incorporates deep learning-based modules for the structure-based development of pharmaceuticals.

Artificial Intelligence In Precision Medicine Market Trends by Region

The Europe region is expected to witness the fastest CAGR of 36.1% over the forecast period. The rising prevalence of chronic diseases and the growing geriatric population has contributed to the surge in demand for diagnosing and improving understanding of diseases in their initial stages. Several companies are adopting strategies to maintain a competitive edge over others in the market. For instance, in June 2021, Nucleai, a precision medicine company offering AI-powered image analysis technology, and a science and technology company, Merck KGaA, Darmstadt, Germany, announced that they have formed a long-term partnership to use Nucleai's biomarker discovery platform and image analysis for several Merck KGaA, Darmstadt, Germany clinical-stage oncology assets. The partnership is likely to make more use of Nucleai's technology to enhance the analysis capabilities of Merck KGaA, Darmstadt, Germany, enabling future studies to be completed more quickly and on a larger scale.

Key Players & Market Share Insights

The key players in the market are undertaking some strategies such as mergers, collaboration, partnerships, and acquisitions to increase their market position. Several market players are attempting to put demand-friendly strategic plans into action.

For instance, the Adventist non-profit healthcare organization AdventHealth announced in May 2021 that it will be working with the health intelligence company Sema4. Using the software platform and tools from Sema4, the organizations will combine genomic and clinical data from AdventHealth. The collaboration represents an expansion of AdventHealth's genomics and customized health initiative, which also includes investments in precision medicine research and genetic testing, counseling, and sequencing.

Similarly, In April 2020, Indivumed GmbH, a global oncology company announced the launch of the IndivuType, an Oncology Alliance for Individualized Medicine, a collaborative alliance to advance personalized medicine in cancer using Indivumed's true multi-omics database. The IndivuType platform used Indivumed's standard operating procedures for collecting clinical data and tissue, collecting highly accurate proteomics, genomics, phosphoproteomics, transcriptomics, morphology, and clinical information. This information is then integrated through cutting-edge AI / ML-based analytical tools to create the most comprehensive oncology multi-omics asset currently available. Some of the prominent players in the global artificial intelligence in precision medicine market include:

  • GE Healthcare

  • Sanofi

  • NVIDIA Corporation

  • Intel Corporation

  • Microsoft

  • IBM

  • Alphabet Inc. (Google Inc.)

  • BioXcel Therapeutics Inc

  • Enlitic Inc.

  • Microsoft Corporation

  • AstraZeneca

Artificial Intelligence In Precision Medicine Market Report Scope 

Report Attribute


Market size value in 2022

USD 1.27 billion

Revenue forecast in 2030

USD 14.53 billion

Growth rate

CAGR of 35.7% from 2022 to 2030

Base year for estimation


Actual estimates/Historic data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million & CAGR from 2022 to 2030

Report coverage

Revenue forecast, company share, competitive landscape, growth factors & trends

Segments covered

Application, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Russia; China; Japan; India; Australia; South Korea;

Singapore; Brazil; Mexico; Argentina; Columbia; South Africa; Saudi Arabia; UAE; Israel

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Global Artificial Intelligence In Precision Medicine Market Segmentation

This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global artificial intelligence in precision medicine market based on technology, component, therapeutic application, and region:

Global Artificial Intelligence In Precision Medicine Market Segmentation

  • Technology Outlook (USD Million, 2017 - 2030)

    • Deep Learning

    • Querying Method

    • Natural Language Processing

    • Context Aware Processing

  • Component Outlook (USD Million, 2017 - 2030)

    • Hardware

    • Software

    • Service

  • Therapeutic Application Outlook (USD Million, 2017 - 2030)

    • Oncology

    • Cardiology

    • Neurology

    • Respiratory

    • Others

  • Regional Outlook (USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

      • Russia

    • Asia Pacific

      • China

      • Japan

      • India

      • Australia

      • South Korea

      • Singapore

    • Latin America

      • Brazil

      • Mexico

      • Argentina

      • Columbia

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

      • Israel

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