The Global Artificial Intelligence in Genomics Market size accounted for USD 471 Million in 2021 and is estimated to reach USD 18,213 Million by 2030.
Increasing genomic data sets is the primary factor boosing the global artificial intelligence in genomics market revenue. The study of various genetic factors, as well as the impact of the environment on chronic diseases such as cancer and diabetes is aided by genomics. Thus, a prominent trend in artificial intelligence in the genomics market is the rising prevalence of chronic disorders. Large datasets are generated in the field of genomics, which is used in the discovery and development of new therapeutics. In this field of study, artificial intelligence (AI) is extremely useful because it reduces the time it takes to go from data to insight. As a result, the worldwide artificial intelligence in genomics market forecast that the industry will rise with a CAGR of 50.2% throughout the forecast timeframe 2022 – 2030.
Market Growth Drivers:
|Market||Artificial Intelligence in Genomics Market|
|Market Size 2021||USD 471 Million|
|Market Forecast 2030||USD 18,213 Million|
|CAGR During 2022 - 2030||50.2%|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Offering, By Technology, By Functionality, By Application, By End-User, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||BenevolentAI, Cambridge Cancer Genomics, Data4Cure Inc., Deep Genomics, Fabric Genomics Inc., Freenome Holdings, Inc., Genoox Ltd., IBM, Lifebit Microsoft, MolecularMatch Inc., NVIDIA Corporation, PrecisionLife Ltd., SOPHiA GENETICS, and Verge Genomics.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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AI in Genomics Market Dynamics
The rising adoption of artificial intelligence in precision medicine is expanding the artificial intelligence in the genomics market value. Researchers are looking into cutting-edge technologies that can not only identify faulty DNA and mutations in the genome but also cut off or deactivate the problematic areas to treat health issues. Though genomics has allowed scientists to design such treatment methods, AI and, in particular, machine learning is allowing them to become more precise, as well as assisting in the reduction of the adverse effects of this groundbreaking treatment process.
Another major event that is fueling the market demand is the growing genomic datasets. AI is capable of correctly interpreting health data, particularly in its natural state as seen by humans. AI frameworks are easily adopted by clinical applications to enable the effective interpretation of large and complicated datasets. External health data is used to train AI systems, such as clinical images that have been labeled and interpreted by a human expert and have been minutely processed before being exposed to the AI system. The AI system then understands to perform the interpretation task on the latest health data of the same kinds, which is frequently the identification or prediction of a disease state in clinical diagnostics.
However, the lack of skilled AI professionals and ambiguous regulatory guidelines for medical software are some of the aspects that are limiting the market growth. Furthermore, surging investment in the AI genomics industry is expected to be a lucrative growth opportunity for the market to expand in the coming years. In addition to that, a growing emphasis on developing a human-aware AI system is anticipated to surge the demand for the market throughout the forecast timeframe from 2022 to 2030.
AI in Genomics Market Segmentation
The global artificial intelligence in genomics market segmentation is based on offering, technology, application, functionality, end-user, and region.
Market by Offering
Among the offering segment, software generated the largest AI in genomics market share throughout the forecast period. This is due to a wide range of benefits associated with on-premises software, including high data security, low risk of data breaches, and complete control over software upgrades and data storage. AI can take the form of software or tools that can imitate human intelligence in some situations and even outperform it in others. This factor is also supporting the software offering segment to grow with a significant rate.
Market by Technology
Machine Learning (ML)
According to our research, machine learning accounted for a significant portion of the technology segment's revenue. Pharmaceutical companies, biotechnology companies, and contract research organizations (CROs) have all adopted machine learning for drug genomics applications, contributing to the segment’s rapid growth. Machine learning is also useful in genomics in a variety of ways, including variant calling, genome annotation, and variant classification, as well as genetic diagnosis.
Market by Functionality
In 2021, genome sequencing gathered a considerable market share among the functionality segment. According to the National Human Genome Research Institute, the landmark completion of the draught human genome sequence took place 20 years ago in 2021. As a result of this achievement, a massive amount of genomic data has been generated. Within the next decade, genomics research is expected to produce between 2 and 40 exabytes of data, according to estimates. The field of genomics has not only seen a significant reduction in the cost of DNA sequencing, but it can now apply the science of DNA sequencing to practical medical applications.
Market by Application
Artificial intelligence in genomics industry analysis suggests that the diagnostic application gained significant traction over years due to their widespread use in the healthcare industry. Additionally, the growing importance of disease research and the reducing cost of sequencing can be attributed to this segment's large share. AI-based computer vision techniques are poised to revolutionize image-based diagnostics in clinical diagnostics, whereas other AI subtypes have continued to understand similar promise in a variety of diagnostic modalities.
Market by End-User
Among these, the pharmaceutical & biotech companies segment acquired the largest market share in 2021 and is expected to continue its trend throughout the projected years. AI is being used by businesses to improve decision-making and research and clinical trial efficiency, as well as to optimize innovation and create new tools for physicians, regulators, insurers, and consumers. However, the research centers, academic institutes, and government organizations segment is likely to attain a substantial growth rate in the coming future.
Artificial Intelligence in Genomics Market Regional Outlook
The Middle East & Africa (MEA)
North America Accumulated the Leading Market Share Due to the Increasing Medical Research
North America dominated the market with the majority of the share during the projected years from 2022 to 2030. The AI in the genomics market in North America is expected to grow due to the increasing adoption of artificial intelligence in genome sequencing and increased awareness among regional biotech & pharma companies. AI deep learning methods have also saved countless lives in North America by minimizing the diagnosis time and treatment-recovery process for patients. Meanwhile, the Asia-Pacific region is anticipated to witness the fastest growth rate in the coming years.
AI in Genomics Market Players
Some of the top artificial intelligence in genomics companies offered in the professional report includes BenevolentAI, Cambridge Cancer Genomics, Data4Cure Inc., Deep Genomics, Fabric Genomics Inc., Freenome Holdings, Inc., Genoox Ltd., IBM, Lifebit Microsoft, MolecularMatch Inc., NVIDIA Corporation, PrecisionLife Ltd., SOPHiA GENETICS, and Verge Genomics.
The global artificial intelligence in genomics market size in 2021 was accounted to be USD 471 Million.
The projected CAGR of artificial intelligence in genomics market during the analysis period of 2022 to 2030 is 50.2%.
The prominent players of the global artificial intelligence in genomics market involve BenevolentAI, Cambridge Cancer Genomics, Data4Cure Inc., Deep Genomics, Fabric Genomics Inc., Freenome Holdings, Inc., Genoox Ltd., IBM, Lifebit Microsoft, Molecular Match Inc., NVIDIA Corporation, Precision Life Ltd., SOPHiA GENETICS, and Verge Genomics.
North America held the dominating share for artificial intelligence in genomics during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for artificial intelligence in genomics during the analysis period of 2022 to 2030.
Rising adoption of AI in precision medicine, need to control the time and costs of drug development and discovery, and growing genomic datasets drives the growth of global artificial intelligence in genomics market.
Based on offering, software sub-segment held the maximum share for artificial intelligence in genomics market in 2021.