by The global Artificial Intelligence (AI) In Genomics Market is estimated to be valued at US$ 1.15 billion in 2023 and is expected to exhibit a CAGR of 50.1% over the forecast period 2023-2030, according to a new report published by Coherent Market Insights.
Market Overview:
The AI In Genomics Market involves the application of artificial intelligence and machine learning techniques to analyze and interpret genomic data. AI algorithms and tools help researchers and clinicians to understand the genetic basis of diseases, identify genetic variations, and develop personalized medicine solutions. The market offers numerous advantages including faster and accurate analysis of genomic data, improved disease diagnosis and prognosis, and enhanced drug discovery process. The need for AI in genomics arises from the increasing volume and complexity of genomic data, which requires advanced computational tools for analysis and interpretation.
Market key trends:
One key trend driving the AI In Genomics Market is the integration of AI with next-generation sequencing (NGS) technologies. NGS generates vast amounts of genomic data, and AI algorithms can help in efficient and accurate analysis of this data. AI-powered NGS analysis platforms enable researchers to identify genetic variations, classify variants, and predict phenotypic consequences. Incorporating AI in NGS workflows can significantly improve the speed and accuracy of genomic analysis, leading to better understanding of diseases and more effective personalized medicine solutions. The integration of AI with NGS technologies is expected to revolutionize the field of genomics and drive market growth in the coming years.
Porter’s Analysis:
The threat of new entrants:
The threat of new entrants in the Artificial Intelligence (AI) in Genomics market is low. The market requires extensive research and development capabilities, access to sophisticated technologies, and a deep understanding of genomics. Additionally, the market is already dominated by key players who have established strong brand recognition and customer loyalty.
Bargaining power of buyers:
The bargaining power of buyers is moderate in the AI in Genomics market. While buyers have access to a wide range of AI solutions, they need to consider factors such as price, performance, and compatibility with existing genomics platforms. However, with increasing competition and advancements in AI technology, buyers are gaining more leverage in negotiating favorable deals.
Bargaining power of suppliers:
The bargaining power of suppliers is relatively high in the AI in Genomics market. Key players in the market rely on a network of suppliers for AI hardware, software, and data. These suppliers hold significant leverage as they provide essential components for AI solutions. However, as the market continues to grow, more suppliers are entering the market, reducing the bargaining power of individual suppliers.
The threat of new substitutes:
The threat of new substitutes is relatively low in the AI in Genomics market. AI technology has already established itself as a valuable tool in genomics research and analysis. The complexity of genomics data and the need for advanced analytics make it difficult for traditional methods to compete with AI-powered solutions.
Competitive rivalry:
The competitive rivalry in the AI in Genomics market is intense. Key players such as Fabric Genomics, International Business Machines, Microsoft, NVIDIA, AI Therapeutics, Ares Genetics, Benevolent AI, Deep Genomics, DIPLOID, and others are constantly innovating and expanding their product portfolios. The market is driven by continuous advancements in AI algorithms, machine learning techniques, and computing power.
Key Takeaways:
The global Artificial Intelligence (AI) in Genomics market is expected to witness high growth, exhibiting a CAGR of 50.1% over the forecast period of 2023-2030. This growth can be attributed to the increasing demand for AI-powered solutions in genomics research and analysis. The ability of AI to analyze vast amounts of genomic data and identify patterns and insights significantly enhances the efficiency and accuracy of research.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the AI in Genomics market. The presence of major players, technological advancements, and significant investments in genomics research contribute to the market’s growth in this region. Additionally, favorable government initiatives and collaborations between academic institutions and industry players further propel the growth of the AI in Genomics market in North America.
Key players operating in the AI in Genomics market include Fabric Genomics, International Business Machines, Microsoft, NVIDIA, AI Therapeutics, Ares Genetics, Benevolent AI, Deep Genomics, DIPLOID, and others. These companies are driving innovation in the field of genomics by integrating AI technology into their offerings. Their extensive product portfolios, strategic partnerships, and focus on research and development enable them to maintain a strong market presence.
Overall, the AI in Genomics market presents significant opportunities for growth and innovation. With advancements in AI technology and increasing adoption of genomics research, the market is poised for substantial expansion in the coming years. Key players and stakeholders in the industry need to continue investing in research and development, strategic partnerships, and market expansion to stay competitive and capitalize on these opportunities.
