by The Artificial Intelligence (AI) in Genomics Market is estimated to be valued at US$ 1.15 Bn in 2023 and is expected to exhibit a CAGR of 50.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Artificial intelligence techniques such as machine learning and deep learning have revolutionized the genomics industry by enabling faster and more accurate analysis of genomic data. AI is being used for various applications in genomics including DNA and RNA sequencing, genetic disease screening, drug discovery and precision medicine. For example, AI tools are utilized to analyze large genomic datasets to accurately diagnosis genetic diseases and recommend personalized treatment plans.
Market Dynamics:
The AI in genomics market is primarily driven by the rising adoption of AI-based tools and platforms for disease diagnosis. AI algorithms can analyze millions of DNA sequences and patient records to identify genetic patterns associated with diseases. This helps clinicians better diagnose patients and tailor treatment plans accordingly. For instance, IBM Watson for Genomics utilizes cognitive computing and deep learning to analyze genetic and phenotypic data and provide treatment options for cancer patients. Additionally, growing investments from public and private players to develop advanced AI solutions for genomics is also fueling market growth. For example, genome projects like the Genomic England Project are leveraging AI to decode the DNA of rare diseases. Several genomics startups are also raising capital to enhance their AI capabilities.
Segment Analysis
The global artificial intelligence (AI) in genomics market is segmented into product & services, technology, application, end-use, and region. Based on product & services, the services segment dominated the market in 2023 and expected to maintain its dominance during the forecast period. This is majorly due to increasing adoption of AI solutions across various biotechnology and pharmaceutical companies requiring expertise in data analysis and management.
PEST Analysis
Political: Government initiatives to support genomic research and funding for AI startups will drive the market growth. For instance, in the US, the National Institutes of Health provides funding for genomics and precision medicine research.
Economic: Increasing healthcare spending especially on preventive healthcare and rising investment by pharma companies in R&D is fueling the market.
Social: Growing awareness about applications of AI in healthcare domain and benefits of precision medicine is positively impacting the adoption.
Technological: Advancements in genome sequencing technologies, deep learning techniques, and availability of huge genomic and health data is propelling the market growth.
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 from 2023 to 2030. This high growth is attributed to increasing funding in genomic research, personalized medicine, and applications of AI in precision medicine. Regionally, North America dominated the global market in 2023 and is expected to maintain its lead during the forecast period. This is majorly driven by significant presence of key players such as IBM, Microsoft, and AI Therapeutics in the US and availability of funding for research activities.
The North America AI in genomics market is expected to reach US$ 780 Mn by 2030 from US$ 207 Mn in 2023 due to increasing genomic research initiatives by government bodies and rising adoption of deep learning in genomic data analysis across pharmaceutical and biotechnology companies in the region.
Key players operating in the artificial intelligence (AI) in genomics market are Fabric Genomics, International Business Machines, MICROSOFT, NVIDIA, AI Therapeutics, Ares Genetics, Benevolent AI, Deep Genomics, DIPLOID and among others. Key players are majorly focusing on developing advanced AI-powered tools and platforms for analyzing genomic and health data to drive precision medicine.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
