Austin, Oct. 29, 2024 (GLOBE NEWSWIRE) — According to SNS Insider, The Artificial intelligence in the genomics market valued at $699.7 million in 2023, it is estimated to reach $19,018.4 million by 2032, growing at a CAGR of 44.3% over the forecast period of 2024 to 2032.
Market overview
At the forefront of a revolutionary trend in healthcare technology, Artificial Intelligence in Genomics uses machine learning, data analytics and advanced computational techniques to improve facets of genomic research and clinical applications. This in turn has fueled the need for advanced AI solutions that can process such massive amounts of genomic data and trace it back to the respective genetic variants causally linked to diseases, enabling personalization of treatment plans and acceleration of drug discovery . The market is driven by significantly increasing public and private investments focused on the development of AI tools for the development and performance of genomics, in addition to an increasing concern for precision medicine tailored to the genetic profile of each individual. Further, the advanced infrastructure in the healthcare sector, with the continued commercialization of AI in genomic research applications such as clinical trials, diagnosis and patient management, is driving the growth of the market. These factors confirm a strong trend toward data-driven healthcare, making it a lucrative arena for the growth of AI in genomics.
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The analysis of the key players mentioned in this report are:
- IBM
- Microsoft Corporation
- NVIDIA company
- DEEP GENOMICS
- Data4Cure Inc.
- Frenome Holdings Inc.
- Thermo Fisher Scientific
- Illumina Inc.
- SOPHiA GENETICS
- Benevolent AI
- Substance genomics
- Other players
Scope of the Artificial Intelligence in Genomics Market Report:
| Report features | Details |
| Market size in 2023 | $699.7 million |
| Market size in 2032 | 19018.4 million dollars |
| CAGR | CAGR of 44.3% from 2024 to 2032 |
| Basic year | 2023 |
| Forecast period | 2024-2032 |
| Historical data | 2020-2022 |
| Regional analysis/coverage | North America (USA, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe]Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, rest of Asia Pacific), Middle East and Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]Africa [Nigeria, South Africa, Rest of Africa]Latin America (Brazil, Argentina, Colombia, rest of Latin America) |
| Main drivers | • Pioneering advances in data management and drug development |
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Segment analysis
Per component:
In 2023, the software segment accounted for more than 40% of the total share. It will grow at the highest CAGR of 46.6% during the forecast period. This is due to the increasing adoption of AI-based software solutions in healthcare institutions and R&D centers. AI technologies have been integrated into several healthcare applications, including cybersecurity, telemedicine, and clinical trials, which in themselves are driving the rapid growth of this segment. Public and private sector initiatives, such as the release of open-source AI software by Illumina, Inc. in July 2018, fueling this growth.
Through technology
The market can also be divided into machine learning and computer vision sub-segments. The machine learning segment held around 63% of the market share by 2023 and is expected to witness maximum CAGR during the forecast period. Machine learning algorithms are highly beneficial for automating labor-intensive tasks such as annotating genomic data and discovering drug targets, thereby increasing the productivity of genomic research.
Artificial Intelligence in Genomics Market Segmentation:
Per part
- Hardware
- Software
- Services
Through technology
- Machine learning
- Deep learning
- Guided learning
- Unsupervised learning
- Others
- Computer vision
Through functionality
- Genome sequencing
- Gene editing
- Others
By application
- Drug discovery and development
- Precision medicine
- Diagnostics
- Others
By end use
- Pharmaceutical and biotech companies
- Healthcare providers
- Research centers
- Others
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Regional analysis
North America:
By 2023, North America dominated artificial intelligence in the genomics market by approximately 29%. This supremacy is due to prominent market players, significant investments in genomic studies and modern healthcare infrastructure. Leading companies such as IBM and Thermo Fisher Scientific are driving AI in genomics solutions with improved diagnostics and therapeutic activity. Well-funded research institutions in this region are significantly increasing the development and application of AI technologies in genomics, increasing its supremacy.
The Artificial Intelligence in Genomics market in the Asia Pacific region is expected to be the largest growth region during the forecast period, with a CAGR of 47.1% by the end. Rising healthcare spending and an emphasis on precision medicine are driving this growth. Furthermore, investments in this region are promoted by national genomics projects. For example, national genomics initiatives are being set up in countries such as Thailand. An example of this is an approved government project, worth $150 million in 2019, that would describe the genomes of 50,000 citizens. These are examples of developments in the region related to improving genomic research capabilities and health outcomes.
Recent trends
- October 2023: A new AI tool called EXPRESSO is invented to predict genetic risk of autoimmune diseases using genomic data, epigenetics and related information.
- February 2023: Accenture Ventures invested in Ocean Genomics, a biopharmaceutical diagnostic and therapeutics company focused on developing AI-driven platforms.
- August 2023: Illumina introduces an AI software package that helps interpret genomic data and optimize clinical workflows.
- September 2023: BenevolentAI makes its advanced machine learning algorithm available for drug discovery. This will save a lot of time in identifying potential therapeutic targets from genomic data.
- January 2024: NVIDIA launched a new GPU-accelerated platform for genomic data processing and analysis, helping healthcare providers deliver better services.
- March 2024: Fabric Genomics has launched a plant-based form of AI-enabled personalized medicine focused entirely on integrating genomic data to create treatments tailored to specific patient needs.
In short, the artificial intelligence market in genomics will grow with the pace of technological advancement, the increasing adoption of precision medicine, and the massive investments in genomic research and development. Integrating AI into genomics improves research capabilities, transforms patient care, and leads to better health outcomes for populations around the world.
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Table of Contents – Important Key Points
1. Introduction
2. Summary
3. Research methodology
4. Impact analysis of market dynamics
5. Statistical insights and trend reporting
6. Competitive landscape
7. Market segmentation of artificial intelligence in genomics, by component
8. Market segmentation of artificial intelligence in genomics, by technology
9. Market segmentation of artificial intelligence in genomics, by functionality
10. Market Segmentation of Artificial Intelligence in Genomics, by Application
11. Market segmentation of artificial intelligence in genomics, by end use
12. Market Segmentation of Artificial Intelligence in Genomics, by Regional Analysis
13. Company profiles
14. Use cases and best practices
15. Conclusion
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