The global artificial intelligence in the precision medicine market is expected to witness growth from 2022 to 2030 owing to rising advancements in the healthcare sector. The development of high-throughput, data-intensive technologies and biomedical research assays like imaging protocols, DNA sequencing, and wireless health monitoring devices, has shaped a need for scientists to curate approaches for investigating, incorporating, and interpreting the large volume of data. Various artificial intelligence (AI) technologies have been created to accommodate big data. Furthermore, the data-intensive biomedical technologies used in research studies has discovered that humans vary widely at the biochemical, genetic, physiological, behavioral, and exposure levels, especially with respect to treatment responsiveness and disease processes. Thus, the trend of personalizing medicines on the basis of unique features of individual patients gained momentum.
Growing investment in R&D and increasing demand for personalized medicines boost the segment’s growth. Collaborations between key players are further positively impacting the market growth. For instance, on August 2022, Sanofi signed a deal of USD 20 million with Atomwise which will leverage its AtomNet platform for research and computational discovery research of up to 5 drug targets. The platform includes deep learning-based modules for the structure-based designing of drugs, enabled by rapid, AI-powered search of the company’s exclusive library of more than three trillion synthesizable complexes.
The growing prevalence of cancer throughout the globe has positively impacted the market growth. As per the data of WHO, worldwide cancer accounted for about 10 million deaths in 2020. Rising adoption of a sedentary lifestyle and an increased consumption of alcohol and tobacco are some of the factors that are positively impacting the prevalence rate of cancer. Growing investment in R&D is also driving the market’s growth. The African Access Initiative (AAI), a partnership between private and government associations that emphasizes dealing with the cancer crisis in South Africa by growing access to cancer therapies and diagnosis, and establishing technologically advanced healthcare infrastructure.
The growth within the economically stronger regions can be attributed to the presence of the scientifically advanced healthcare sector, presence of large volume of key players, and the establishment of favorable regulations of government. However, economically slower regions are also projected to show lucrative growth in the forecast period due to expansions in the healthcare sector and increase in disposable income. Growing government initiatives to support biotech startups is further expected to positively impacted the market growth.
Some of the major players in the market are AceTech, Sanofi, BioXcel LLC., NVIDIA Corporation, Intel Corporation, Microsoft, IBM, and others. Strategic initiatives from the players are beneficial in supporting market growth. For instance, in October 2021, NVIDIA came into partnership with GSK’s AI-Powered Lab for drug discovery and development of vaccines. This partnership will help in strengthening the foothold of both companies in the growing market.
By Therapeutic Application:
Middle East and Africa
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