The AI in Genomics Market is estimated to be valued at US$ 1.15 Bn in 2022 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 (AI) in genomics leverages machine learning and deep learning techniques to analyze large datasets in genomics. It helps in sequence alignment, variant calling, predicting protein structure, and interaction of proteins. AI tools are used for precision medicine and drug development in genomics. The increasing investments by biotechnology and pharmaceutical companies in genomics and rising adoption of AI in healthcare is fueling the growth of the AI in genomics market.
Market Dynamics:
The AI in genomics market is driven by increasing investments in genomics and rising adoption of AI in healthcare. According to CMI analysis, the global genomics market witnessed investments worth US$ 8.6 billion in 2020 and is expected to attract investments of over US$ 25 billion by 2025. The increasing funding is encouraging key players to develop novel AI-powered genomic tools. Moreover, AI tools help in analyzing large and complex genomic datasets, accelerating drug discovery processes and precision medicine applications. They identify patterns, reveals insights and predict disease outcomes more accurately. However, data privacy & security concerns and lack of skilled workforce for developing and implementing advanced AI solutions are some of the factors that may hinder the market growth.
SWOT Analysis
Strength: Explain in three sentence explanation
- Artificial intelligence can analyze genetic information faster and more accurately than humans. It can help reduce genomic test turnaround times and improve diagnoses. AI techniques like machine learning can uncover patterns in massive genetic datasets that humans wouldn't see.
Weakness: Explain two weakness in three sentence long explanation
- Lack of data is a challenge as genomics datasets are still limited which hinders the ability of AI algorithms to learn effectively. Regulatory hurdles around data privacy and security also need to be addressed as genetic information is highly sensitive.
Opportunity: Explain two opportunity in three sentence long explanation
- The declining costs of genomic sequencing is increasing availability of genetic data, providing valuable data that AI can utilize to enhance capabilities. Personalized medicine approaches relying on a patient's genomic information provides opportunities for AI to help deliver tailored treatment options.
Threats: Explain two threats two sentence explanation
- Concerns around AI being unable to match human intuition and factors like environmental influences could limit how much AI can contribute to understanding disease. Lack of standards around the use of genetic and health data raises privacy and ethical concerns that may hamper market growth.
Key Takeaways
The global Artificial Intelligence (AI) in Genomics Market is expected to witness high growth, exhibiting CAGR of 50.1% over the forecast period, due to increasing focus on integrating AI capabilities for crucial genomics applications and the declining costs of genetic sequencing.
Regional analysis shows North America currently dominates the market, accounting for around 40% share due to considerable investments in AI and genomic research. However, Asia Pacific is emerging as the fastest growing region due to rising genomics initiatives, healthcare spending and focus on precision medicine in countries like China, Japan and India.
Key players operating in the AI in genomics market are Fabric Genomics, International Business Machines, MICROSOFT, NVIDIA, AI Therapeutics, Ares Genetics, Benevolent AI, Deep Genomics, DIPLOID and among others. These major players are focusing on partnerships, new product launches and expanding access to genetic datasets to strengthen their market position.
Read More:
The report titled as Artificial Intelligence (AI) In Genomics Market Size has been recently added by Absolute Markets Insights which provide readers with a stronger and effective business outlook.
The data also presents penetrative insights into several industry attributes such as trends, policies, and clients operating in widespread industrial regions.
The qualitative and quantitative analysis techniques have also been used by analysts to provide an accurate overview of global business owners and industry trends.
Among other salient features of the report, the study also incorporates client’s demands as well as insinuates future progress of the market across global regions.The analysts have distributed the global Artificial Intelligence (AI) In Genomics Market Size into several regions such as North America, Latin America, Asia-Pacific, Africa, and India for a detailed market study.
The financial aspects of the business are also meticulously studied referring to several attributes such as price, profit margins and sales by regions during the forecast period (2021-2030).Browse the Full Information of this report: https://www.absolutemarketsinsights.com/reports/Artificial-Intelligence-AI-in-Genomics-Market-2021---2029-896The report also includes information on significant market players in order to deliver penetrative insights into the businesses with regards to successful strategies of top-notch companies.
Moreover, the report offers comprehensive information of several traders by presenting accurate facts and figures of market shares.
According to the new market research report Artificial Intelligence In Genomics Market is projected to reach USD 1,671 million by 2025 from USD 202 million in 2020, at a CAGR of 52.7% between 2020 and 2025Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=36649899The need to control drug development and discovery costs and time, increasing public and private investments in AI in genomics, and the adoption of AI solutions in precision medicine are driving the growth of this market.
However, the lack of a skilled AI workforce and ambiguous regulatory guidelines for medical software are expected to restrain the market growth during the forecast period.
Based on offering, the Artificial Intelligence In Genomics Market is segmented into software and services.
The software and services segment accounted for largest share of the global AI in genomics market in 2019.
Software is needed to generate new insights from large-scale datasets and help understand genomic variations, thus enhancing the search for disease-causing variants and reducing clinical analysis times.
The benefits offered by AI in software are driving its adoption among end users.Based on functionality, the AI in genomics market is segmented into genome sequencing, gene editing, clinical workflows, and predictive genetic testing & preventive medicine.
