Artificial Intelligence (AI) in Genomics Market to Surpass US$ 19.72 Billion by 2030
The Global Artificial Intelligence (AI) in Genomics market is experiencing robust growth, with a market size of US$ 1.15 Billion in 2023, expected to surpass US$ 19.72 Billion by 2030. This anticipated growth is driven by a remarkable compound annual growth rate (CAGR) of 50.1% from 2023 to 2030. Coherent Market Insights highlights key trends and analyses shaping this market.
Key Trends and Analysis:
1. Increasing Genomic Data Volume: The surge in genomic data necessitates advanced analytics, and AI is pivotal in deciphering complex genetic informatics quickly and accurately. AI accelerates drug discovery by identifying potential targets, predicting drug responses, and streamlining the development process, thereby reducing time and cost.
2. Growing Adoption of AI-based Solutions: The global adoption of AI-based solutions in genomics is on the rise. AI plays a critical role in quickly interpreting vast genomic information, aiding in disease diagnosis, and facilitating personalized treatment strategies. This trend is driven by increasing awareness among healthcare professionals and the public about the benefits of AI in genomics.
Key Market Takeaways:
1. Projected Market Size and Growth: The global AI in genomics market is expected to surpass US$ 19.72 Billion by 2030, witnessing a CAGR of 50.1% during the forecast period (2023-2030). Factors contributing to this growth include advancements in precision medicine, increased awareness among healthcare professionals, and collaborations between AI companies and genomic research institutions.
2. Dominance of On-Premises Delivery Mode: The on-premises delivery mode is expected to dominate the market during the forecast period. On-premises solutions provide flexibility to customize and scale AI applications according to specific research needs.
3. Leadership of Genome Sequencing Functionality: Genome sequencing functionality is poised to lead the market, driven by the integration of AI in genomics, which facilitates faster and more accurate interpretation of genomic information, aiding in disease diagnosis and treatment customization.
4. Dominance of Pharma and Biotech Companies: In terms of end-users, pharma and biotech companies are expected to hold a dominant position. These companies leverage AI to analyze vast genomics datasets, accelerating drug discovery and development processes.
5. North America Leading the Market: North America is expected to lead the market throughout the forecast period. Initiatives like the Human Genome Project, coupled with technological advancements, contribute to the region’s dominance in the AI in genomics market.
Key Players:
Key players in the global AI in genomics market include Fabric Genomics, International Business Machines (IBM), Microsoft, NVIDIA, AI Therapeutics, Ares Genetics, Benevolent AI, Deep Genomics, DIPLOID, and others.
Key Developments:
1. In December 2022, Intel Labs and the Perelman School of Medicine at the University of Pennsylvania collaborated to utilize distributed machine learning and AI techniques to identify malignant brain tumors.
2. In March 2021, Hitachi and SPOHiA GENETICS signed a partnership agreement, aiming to democratize data-driven precision medicine globally for the benefit of patients.
The comprehensive segmentation of the market includes categories such as delivery mode (on-premises, cloud-based), functionality (genome sequencing, gene editing, others), application (translational precision medicine, clinical & genomic diagnostics, others), end-user (pharma and biotech companies, public and consumer genomic center, others), and region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
In summary, the global AI in genomics market is on a trajectory of significant growth, driven by advancements in precision medicine, increasing awareness, and collaborations within the industry. The report provides detailed insights into market trends, key players, and market segmentation, offering valuable information for industry stakeholders and decision-makers.
