by Market Overview:
The digital genome market uses artificial intelligence to analyze genome data for healthcare applications. AI tools help discover patterns, predict disease risks, and develop personalized medicine by processing huge genome datasets.
Market key trends:
One of the key trends in the artificial intelligence in digital genome market is the rapid growth of genome sequencing. Continuous decline in the cost of genome sequencing and rise in initiatives to sequence population genomes worldwide has resulted in an exponential increase in genome datasets. From 2005 to 2020, the cost of genome sequencing has declined by a factor of over 100,000, enabling sequencing of millions of genomes. Processing and analyzing these huge and complex genome datasets requires advanced AI technologies like machine learning and deep learning. This rapid growth of genome data is driving the demand for AI tools in the digital genome market.
One of the key trends in the artificial intelligence in digital genome market is the use of AI for precision medicine. AI algorithms are being used for genetic data analysis to develop more personalized disease treatment and prevention approaches. By integrating a person’s genetic profile, lifestyle habits, environment and other health data, AI helps identify individual risk factors and predispositions. This enables doctors to take preventive actions or provide customized therapies tailored to a patient’s genetic makeup.
The global Artificial Intelligence In Digital Genome Market Share is estimated to be valued at US$ 565.69 Mn in 2023 and is expected to exhibit a CAGR of 44.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: AI has the potential to make genome analysis faster, more efficient and accurate by analyzing huge amounts of complex genomic data. It also helps discover new insights that may not be apparent to humans.
Weakness: Lack of explainable models makes AI outcomes hard to understand and validate. Interpreting what features the model learned from can be challenging.
Opportunity: The availability of large genomic and health datasets presents an opportunity to train more powerful AI models to gain novel biomedical insights. Integrating multi-omics datasets also holds promise.
Threats: Regulatory hurdles and privacy/ethics concerns around the use of sensitive genetic data could slow market growth. Reliance on big data poses challenges related to data quality, bias and standardization.
Key Takeaways
The global artificial intelligence in digital genome market is expected to witness high growth, exhibiting a CAGR of 44% over the forecast period, due to increasing investments in AI-based precision medicine research. In 2023, the market size is projected to reach US$ 565.69 Mn.
Regional analysis: North America is expected to dominate the market during the forecast period owing to the presence of leading AI and genomic research organizations in the US and Canada. The Asia Pacific region is likely to exhibit the highest growth rate due to the increasing focus of governments and private investors on building genomic and AI capabilities in the healthcare sector of China, India, and Japan.
Key players operating in the artificial intelligence in digital genome market include NVIDIA Corporation, IBM, Microsoft, Fabric Genomics Inc., Verge Genomics, MolecularMatch Inc., SOPHiA GENETICS, PrecisionLife Ltd, BenevolentAI, and Deep Genomics. NVIDIA’s AI capabilities have been applied to genomic sequencing and pharmaceutical research. IBM is working with numerous partners to apply AI to identify disease subtypes and drug responses using genomic data.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
