Artificial Intelligence in Genomics Market - By Component (Software), Technology (Machine Learning), Functionality (Genome Sequencing), Application (Drug Discovery & Development), End-user (Pharma & Biotech Companies), Global Forecast, 2023 – 2032
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationArtificial Intelligence in Genomics Market - By Component (Software), Technology (Machine Learning), Functionality (Genome Sequencing), Application (Drug Discovery & Development), End-user (Pharma & Biotech Companies), Global Forecast, 2023 – 2032
AI in Genomics Market Size
Artificial Intelligence in Genomics Market size accounted for USD 484.1 million in 2022 and is estimated to grow at 39.2% to reach USD 12.5 billion by 2032.
AI technologies have the capability to detect complicated patterns and correlations within genetic data that may be challenging for humans to determine. Therefore, integration of AI in genomics is leading to notable enhancements in various areas such as the development of novel therapies for diseases, precise diagnostics, and personalized patient care, thereby supplementing the market development.
Artificial intelligence in genomics refers to the application of advanced computational algorithms and machine learning techniques to analyse and interpret genomic data. It involves the use of intelligent software and tools to extract meaningful insights from large amounts of genomic information.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Artificial Intelligence (AI) in Genomics Market Size in 2022 | USD 484.1 Million |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 39.2% |
| 2032 Value Projection | USD 12.5 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 220 |
| Tables, Charts & Figures | 387 |
| Segments covered | Component, Technology, Functionality, Application, End-user, and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
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COVID-19 Impact
The COVID-19 pandemic pushed the computing world into overdrive, helping us understand the virus better and even develop vaccines faster. Healthcare companies teamed up to create new technology that sped up the process of finding cures and creating vaccines. For example, in May 2020, NVIDIA came out with new tools that used AI and gene sequencing to help scientists track and treat COVID-19. By using powerful AI and gene testing, scientists and doctors were able to learn more about the different ways COVID-19 affected people. This led to a better understanding of the virus and how to fight it.
AI in Genomics Market Trends
Hey! Check this out! We're seeing a huge push to get drugs out there faster, and it's really changing the game in drug discovery. Artificial intelligence (AI) is a major player in this. It's like a superpower when it comes to crunching through all that complex genetic data. And this is helping scientists find potential targets for new drugs way more quickly. It's like giving them a shortcut to the early stages of drug discovery, saving them a ton of time and effort. But that's not all. AI can also help predict which drugs are most likely to work and even do some virtual screening to find potential candidates. This means scientists can skip a bunch of the trial-and-error process and get to the good stuff faster. So, basically, AI is giving drug discovery a serious boost. It's making the process way quicker, more accurate, and more likely to lead to new treatments for us all.
Artificial Intelligence in Genomics Market Restraint
The rise of AI is like a double-edged sword for the genomics industry. On one hand, AI has the potential to revolutionize how we analyze and understand genetic data. But on the other hand, the lack of skilled AI professionals and strict rules around data privacy and ethics are holding back the industry's growth. Think of it like thisAI is a powerful tool, but it's only as good as the people using it. Right now, there aren't enough people who have the right skills to develop and use AI in genomics. This means that we can't fully harness AI's potential to improve our understanding of diseases and develop new treatments. On top of that, the rules around data privacy and ethics are making it hard to use AI in genomics. These rules are important to protect people's privacy, but they can also make it hard for researchers to share data and collaborate on projects. This slows down the pace of innovation and makes it harder to develop new AI-based tools for genomics. In short, the shortage of skilled AI professionals and the strict rules around data privacy and ethics are like two roadblocks preventing the genomics industry from reaching its full potential.
Artificial Intelligence in Genomics Market Analysis
By component, the AI in genomics market is classified into hardware, software, and services. The software segment accounted for 53.4% of the market share in 2022 and is projected to witness robust growth over the analysis timeframe. The increasing demand for advanced analytics and machine learning capabilities in genomics research and clinical settings is driving the adoption of AI-powered software solutions. Also, the integration of software with cloud-based infrastructure is facilitating seamless collaboration, data sharing, and scalability thus, propelling the segmental growth. Moreover, rapid advancements in AI technology and its cost-effectiveness nature will further supplement the market share.
Imagine the world of genomics, where scientists study our genes. Artificial intelligence (AI) is revolutionizing how they analyze this genetic information. At the heart of this AI revolution is machine learning. This technology allows computers to learn from data without being explicitly programmed. In genomics, machine learning is like a superpower, helping scientists unlock secrets hidden in our DNA. Machine learning algorithms can make sense of massive datasets, revealing patterns and predicting future outcomes. These capabilities are key to understanding our genes and their role in diseases. Doctors can use this knowledge to diagnose, treat, and even prevent illnesses more accurately and effectively. As a result, the machine learning segment in the genomics market is poised for explosive growth. By 2032, it's projected to reach a whopping USD 8.1 billion. This growth is fueled not only by the abundance of genetic data but also by advancements in computer technology that make it possible to process this information efficiently. Machine learning is empowering scientists and doctors to explore new frontiers in healthcare. From predicting disease risk to developing personalized treatments, its potential is limitless. So, as the genomics market continues to evolve, expect machine learning to play an increasingly pivotal role in shaping our health and well-being in the future.
Based on functionality, the AI in genomics market is segmented into genome sequencing, gene editing, and other functionalities. The genome sequencing segment is expected to register around USD 5.6 billion by end of 2032. The utilization of AI-powered algorithms for genomic data interpretation enhances the ability to detect rare genetic variants and uncover critical insights that can guide clinical decision-making, thereby escalating the market growth.
Furthermore, genome sequencing companies are partnering with AI technology-based firms to expedite the procedures. For instance, in January 2022, PacBio, a developer of sequencing platforms, collaborated with Google. With this collaboration, PacBio is expected to utilize Google’s genomic analysis, machine learning and algorithm development tools to further improve PacBio’s existing HiFi sequencing runs, unlocking more insights from PacBio sequencing data.
Based on application, the artificial intelligence in genomics market is segmented into drug discovery & development, precision medicine, diagnostics, and other applications. The drug discovery & development segment dominated the market with a revenue share of 36% and is expected to grow at a considerable growth over the analysis timeframe. The growth of the drug discovery and development segment can be attributed to a surge in the demand for innovative medicines to address infectious and chronic diseases.
Also, increasing number of private and public investments and constant support from government in the field of genomics is expected to drive the market size. Furthermore, increasing adoption of artificial intelligence in healthcare will supplement the market outlook.
Imagine the world of healthcare supercharged by the power of artificial intelligence (AI). In this realm, the AI in genomics market caters to a wide range of users. Pharmaceutical and biotech companies lead the charge, accounting for more than a third of the market. These giants use AI to make their work faster and more accurate. They sift through vast clinical data, predict diseases before they strike, and pinpoint key biological markers. AI is like a trusty sidekick for pharma companies. It can predict the safety of drugs before they reach human trials, saving them time and money by avoiding duds that have a low chance of success.
Artificial intelligence (AI) is making waves in the world of genomics in North America, with the region holding a hefty 51.9% of the market in 2022. And get ready, because it's only going to grow bigger in the coming years. Why the buzz? Researchers and biotech companies in North America are pouring money into developing AI-powered tools for genomics. These tools help us understand our genes better, which can lead to breakthroughs in medicine and personalized healthcare. Plus, North America is home to some big players in the AI game, and they've got the computational power to crunch through mountains of genomic data. This gives them a major advantage in developing and using AI for genomics. Governments are also doing their part by supporting AI research and creating regulations that make it easier for businesses to use AI in genomics. This is creating a goldmine for the industry, paving the way for even more innovation and advancements in the years to come.
Artificial Intelligence in Genomics Market Share
Major market players operating in the artificial intelligence in genomics market include
- DEEP GENOMICS
- Data4Cure, Inc.
- Freenome Holdings, Inc.
- Illumina, Inc.
- SOPHiA GENETICS
- Benevolent
These industry players majorly adopt various strategies including collaborations, acquisitions, mergers, and partnerships to create a global footprint and sustain market competition.
Artificial Intelligence in Genomics Industry News
- In June 2022, Ultima Genomics, Inc. collaborated with NVIDIA to deliver genome sequencing with AI and accelerated computing. The collaboration included the use of NVIDIA GPUs for deep learning in photometry and base calling. This strategy helped the company to expand and grow.
- In March 2022, IBM partnered with Genomics England. Genomics England provides researchers access to genomic datasets to enable scientific discovery. The partnership allowed IBM to support the rapid expansion of Genomic England by enabling the consumption of cloud services through its AI capabilities. This strategy helped the company to enhance its service offering and assist in strengthening the market position.
The AI in genomics market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments
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By Component
- Software
- Hardware
- Service
By Technology
- Machine Learning
- Deep Learning
- Supervised Learning
- Unsupervised Learning
- Other Machine Learning Technologies
- Computer Vision
By Functionality
- Genome Sequencing
- Gene Editing
- Other Functionalities
By Application
- Drug Discovery & Development
- Precision Medicine
- Diagnostics
- Other Applications
By End-user
- Pharmaceutical and Biotech Companies
- Healthcare Providers
- Research Centers
- Other End-users
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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