TOKYO, July 07, 2022 (GLOBE NEWSWIRE) — The Global Artificial Intelligence in Genomics Market size accounted for USD 471 Million in 2021 and is estimated to reach USD 18,213 Million by 2030.
According to a 2021 study, 62% of healthcare organizations were considering investing in artificial intelligence (AI) and machine learning (ML), and 72% of companies believe AI will be critical to how they do work in the future. Furthermore, 50% of organizations intend to implement and adopt AI strategies by 2025. This trend in artificial intelligence in genomics market will spur the industry demand in the coming years. Likewise, the surging adoption of AI in precision medicine is another trend that is likely to boost the AI in genomics market revenue. Furthermore, our worldwide artificial intelligence in genomics industry analysis predicts that the rising number of public and private investments in the AI genomics sector will contribute to a greater market share in the coming future.
Impact of COVID-19 pandemic on Global Artificial Intelligence in Genomics Market
The global COVID-19 outbreak has resulted in a continuing decline in the healthcare market. With exception of communities, COVID-19 wreaked havoc on major world economies, particularly the healthcare sector. Leading stakeholders are proceeding to adjust their strategies in response to the rapidly changing scenario. COVID-19 is expected to have long-term consequences for the healthcare industry. Countries and big players would be forced to make significant healthcare adjustments until the crisis passed.
The COVID-19 pandemic has accelerated AI technology and made end-users more comfortable using these healthcare tools worldwide. The introduction of AI in genomic sequences for diagnostic tests and drug development is expected to pick up steam during and after the COVID-19 pandemic.
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|Market||Artificial Intelligence in Genomics Market|
|Market Size 2021||USD 471 Million|
|Market Forecast 2030||USD 18,213 Million|
|CAGR During 2022 – 2030||50.2%|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Offering, By Technology, By Functionality, By Application, By End-User, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||BenevolentAI, Cambridge Cancer Genomics, Data4Cure Inc., Deep Genomics, Fabric Genomics Inc., Freenome Holdings, Inc., Genoox Ltd., IBM, Lifebit Microsoft, MolecularMatch Inc., NVIDIA Corporation, PrecisionLife Ltd., SOPHiA GENETICS, and Verge Genomics.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Artificial Intelligence in Genomics Market Dynamics
The rapid expansion of genomics research data sets, the emergence of startups in the sector, and significant research and development (R&D) activities are the major factors driving market advancement. In the next ten years, genomics research is expected to produce a staggering amount of data, ranging from 2 to 40 exabytes. The growing scale and complexity of DNA sequencing as well as other biomedical data points has necessitated the development of AI computational tools to analyze them in order to identify genetic diseases in patients. This helps in giving them precision medicine treatment.
The urge to control the time and expense of drug discovery and development is another factor boosting the AI in genomics market share. Because drug discovery is an expensive and time-consuming process, alternative tools for discovering new drugs are required. Drug discovery and development are commonly carried out using in vivo and in vitro techniques, which are both expensive and time-consuming.
However, the lack of a skilled AI workforce is a major restraint for the market growth. Furthermore, the increasing focus on developing human-aware AI systems is expected to create multiple growth opportunities for the market in the coming years. The goal of creating AI technologies was to make them human-aware or proficient in human thought patterns. However, creating engaging and expandable machines remains a major challenge for AI machine developers.
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Worldwide Artificial Intelligence in Genomics Market Segmentation
The global artificial intelligence in genomics market has been segmented into offering, technology, functionality, application, industry vertical, and region. Based on offering the market is categorized as software, and services. The software segment is expected to dominate the market with the highest market share. Machine learning (deep learning, reinforcement learning, supervised learning, unsupervised learning, and other machine learning technologies), and other technologies are the categories of the technology segment. Machine learning is one of the most important sub-segments of technology.
The functionality segment covers genome sequencing, clinical workflows, gene editing, and predictive genetic testing & preventive medicine. Genome sequencing will command a sizable market share by 2021.
The application segment can be split into agriculture & animal research, diagnostics, precision medicine, drug discovery & development, and other applications. During the forecast period, diagnostic applications will hold a notable artificial intelligence in genomics market size. Furthermore, the end-user segment is sub-segmented into pharmaceutical & biotech companies, healthcare providers, academic institutes, research centers, & government organizations, and other end-users. According to our research, the pharmaceutical and biotech companies segment will generate significant revenue in 2021.
Artificial Intelligence in Genomics Market Regional Overview
The global artificial intelligence in genomics market regional outlook is given as North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. The North America region accounted for the leading market share in 2021. Government initiatives and investments aimed at promoting precision medicine practices in the United States are expected to support the growth trajectory of North America artificial intelligence in genomics market during the forecast period. On the other hand, the Asia-Pacific region is anticipated to register the fastest growth rate due to the rising number of investments in medical research, growing prevalence of chronic disorders, and increasing awareness about AI benefits in the healthcare industry.
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Some artificial intelligence in genomics companies covered globally includes BenevolentAI, Cambridge Cancer Genomics, Data4Cure Inc., Deep Genomics, Fabric Genomics Inc., Freenome Holdings, Inc., Genoox Ltd., IBM, Lifebit Microsoft, MolecularMatch Inc., NVIDIA Corporation, PrecisionLife Ltd., SOPHiA GENETICS, and Verge Genomics.
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