How big is the AI in genomics market?
According to the report, the global AI in genomics industry generated $346.3 million in 2021, and is anticipated to generate $9.8 billion by 2031, witnessing a CAGR of 40.6% from 2022 to 2031.
Major Factors Driving the Growth of AI in Genomics Market:
- The growing investments in AI in genomics: Public and private investments in AI in genomics are on the rise. This is helping to accelerate the development and adoption of AI-powered genomic analysis tools.
- The increasing partnerships and collaborations among players: There is a growing trend of partnerships and collaborations among players in the AI in genomics market. This is helping to bring together the expertise and resources needed to develop and commercialize new AI-powered genomic analysis solutions.
Here are some examples of how AI is being used in genomics today:
- AI is being used to develop new diagnostic tests for diseases such as cancer and Alzheimer’s disease.
- AI is being used to develop personalized treatment plans for cancer patients.
- AI is being used to identify new drug targets and to develop new drugs.
- AI is being used to predict patient outcomes and to identify patients who are at risk of developing certain diseases.
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- The outbreak of the Covid-19 pandemic had a negative impact on the global AI in genomics market, as it disrupted workflows in the healthcare sector around the world during the lockdown.
- The disease had forced several industries to shut down temporarily, including several sub-domains of the healthcare sector. The pandemic reduced accessibility to the research centers and offices which delayed the development in AI programs.
- However, AI-driven diagnostics emerged as great solution for quick diagnosis of the disease
Application: The AI in genomics market can be segmented based on its application in different areas of genomics research and healthcare. Some of the major application areas include:
- Diagnostic tests: AI is being used to develop new and more accurate diagnostic tests for diseases such as cancer and Alzheimer’s disease.
- Personalized treatment planning: AI is being used to develop personalized treatment plans for patients based on their individual genetic makeup.
- Drug discovery and development: AI is being used to identify new drug targets and to develop new drugs.
- Risk prediction: AI is being used to predict patient outcomes and to identify patients who are at risk of developing certain diseases.
- Other applications: AI is also being used for a variety of other applications in genomics, such as data analysis, quality control, and research.
Technology: The AI in genomics market can also be segmented based on the type of AI technology used. Some of the major AI technologies used in genomics include:
- Machine learning: Machine learning is a type of AI that allows computers to learn without being explicitly programmed. Machine learning is being used to develop a variety of AI-powered genomic analysis tools.
- Deep learning: Deep learning is a type of machine learning that uses artificial neural networks to learn from data. Deep learning is being used to develop more powerful AI-powered genomic analysis tools that can handle complex genomic datasets.
- Natural language processing (NLP): NLP is a type of AI that allows computers to understand and process human language. NLP is being used to develop AI-powered tools that can extract information from biomedical literature and other sources of text data.
End-user: The AI in genomics market can also be segmented based on the type of end-user. Some of the major end-user segments include:
- Pharmaceutical companies: Pharmaceutical companies are using AI to develop new drugs and to improve their drug discovery and development process.
- Clinical laboratories: Clinical laboratories are using AI to develop new diagnostic tests and to improve their diagnostic workflow.
- Research institutions: Research institutions are using AI to advance genomic research and to develop new applications of AI in genomics.
- Other end-users: Other end-users of AI in genomics include hospitals, healthcare providers, and government agencies.
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Top Impacting Factors
- Increase in public and private investments in AI in genomics, rise in adoption rate of AI solutions in precision medicine, and necessity to control drug development and time and discovery costs drive the growth of artificial intelligence in the genomics market.
- In addition, increase in healthcare expenditure; availability of skilled professionals; rise in R&D activities, and technological advancements, are some factors, which boost the market growth for artificial intelligence in genomics.
- However, lack of a skilled AI workforce and strict regulatory guidelines for medical software, and lack of curated genomics data hinder the market growth.
Regional Growth Dynamics:
North America held the highest market share in terms of revenue in 2021, accounting for nearly half of the global AI in genomics market, and is likely to dominate the market during the forecast period. This is attributed to a large number of universities and research institutions that are at the forefront of AI research, including Stanford, MIT, Carnegie Mellon University, and the University of California, Berkeley. These institutions attract top talent from around the world and conduct cutting-edge research.
- IBM Corporation,
- Deep Genomics,
- Thermo Fisher Scientific Inc.,
- Illumina, Inc.,
- Data4Cure, Inc,
- Microsoft Corporation,
- NVIDIA Corporation (Mellanox Technologies),
- Sophia Genetics,
- Freenome Holdings, Inc
- In March 2023, IBM and Genomics England announced a strategic partnership to develop new AI-powered tools for genomic research and healthcare.
- In April 2023, Verily, a life sciences research company, announced the launch of a new AI-powered platform for predicting patient outcomes.
- In May 2023, DeepMind, a Google AI company, published a study in Nature Medicine demonstrating the use of AI to identify new drug targets for cancer.
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Key Questions Answered in the Intelligent Study:
What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?
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