Artificial intelligence (AI) in genomics is an emerging field that utilizes powerful computational and analytical tools to unlock hidden insights from vast amounts of genetic and biological big data. AI and machine learning are increasingly being applied to analyze genomes and improve disease risk assessments, diagnosis, and drug discovery. Genomic data science combined with AI has the potential to significantly accelerate precision medicine by powering predictive, preventative, personalized and participatory approaches to healthcare.
The global Artificial Intelligence (AI) in Genomics Market is estimated to be valued at US$ 1.33 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
One of the major opportunities for growth in the AI in genomics market is its application in precision medicine. Precision medicine is an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment and lifestyle for each person. With the help of AI tools and machine learning algorithms, genomic data can help discover patterns that better predict an individual's predisposition to diseases and the best course of treatment. This will enable development of tailored therapies and medication regimens for improved outcomes. Increased adoption of precision medicine driven by AI is expected to drive significant demand in the AI in genomics market over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the AI in genomics market is moderate. Significant capital investment is required to develop AI algorithms and tools for genomics applications. Established players also have strong brand recognition and relationship with research institutes and pharma companies.
Bargaining power of buyers: The bargaining power of buyers in the AI in genomics market is high. Buyers have a large pool of options and can negotiate on price and functionality. They can switch between suppliers based on product offerings and price points.
Bargaining power of suppliers: The bargaining power of suppliers in the AI in genomics market is moderate. While a few global players like Intel and Nvidia dominate the AI chip market, many software providers offer genomics AI solutions. Suppliers cannot influence prices significantly.
Threat of new substitutes: The threat of substitutes is low as there are no direct substitutes for AI and genomics-based clinical diagnostics, drug discovery and precision medicine applications. Advanced technologies like cloud computing and blockchain can complement AI and genomics.
Competitive rivalry: The AI in genomics market has high competitive rivalry with the presence of numerous global and regional vendors. Vendors compete on technology, pricing strategy and service offerings.
SWOT Analysis
Strength: AI tools enable analysis of huge genomic data faster and more accurately. It improves clinical outcomes through personalized diagnosis and treatment. AI expedites drug discovery process by analyzing genetic variations.
Weakness: Lack of skilled AI and genomic experts limits effective utilization. Regulatory concerns over data privacy and security issues.
Opportunity: Untapped growth potential in developing countries. Expanding applications in non-communicable disease management using multiomics data.
Threats: High R&D investment requirements. Ethical issues related to use of genetic data without consent.
Key Takeaways
The global Artificial Intelligence (AI) In Genomics Market Demand is expected to witness high growth over the forecast period aided by reducing costs of genome sequencing and growing incorporation of AI in genomics research. Increased funding from public and private organizations is also driving investments for development of advanced AI-based genomic applications.
Regional analysis indicates North America dominates the current AI in genomics market and is expected to continue its leading position. Rising adoption of precision medicine approach and presence of major players in the US are fueling growth. Asia Pacific is identified as the fastest growing region supported by increasing healthcare spending, focus on cancer and infectious disease research.
Key players operating in the AI in genomics market are Thermo Fisher Scientific, F. Hoffmann-La Roche AG, Qiagen N.V, Hologic Inc., Siemens Healthineers AG, BioMerieux SA, Abbott Laboratories, Bio-Rad Laboratories Inc., Becton, Dickinson and Company, and Danaher Corporation (Beckman Coulter, Inc.), among others. Major players are focusing on partnerships and new product launches tailored for genomic research areas like oncology and infectious diseases.
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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.
