BURLINGAME, Calif., Nov. 22, 2023 /PRNewswire/ -- According to Coherent Market Insights, Global Artificial Intelligence (AI) in Genomics market size was valued at US$ 1.15 Billion in 2023 and is expected to surpass US$ 19.72 Billion by 2030 and is anticipated to witness a compound annual growth rate (CAGR) of 50.1% from 2023 to 2030. The global artificial intelligence (AI) in genomics market is experiencing strong growth owing to the increasing biomedical and genomic datasets, growing adoption of AI-based solutions, rising focus on reducing turnaround time in drug discovery & diagnostics.
Key Trends and Analysis of the Global Artificial Intelligence (AI) in Genomics Market:
The increasing volume of genomic data requires advanced analytics, and AI plays a crucial role in deciphering complex genetic informatics quickly and accurately. AI also accelerates drug discovery to identify potential targets, predicts drug responses and streamline the development process, reducing time and cost. Growing awareness among healthcare professionals and the public about the benefits of AI in genomics is augmenting acceptance and demand for AI technologies in the genomics market.
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Key Market Takeaways:
Global artificial intelligence (AI) in genomics market is expected to surpass US$ 19.72 Billion by 2030 and is anticipated to witness a CAGR of 50.1% during the forecast period 2023-2030, owing to advancement in precision medicine, rising awareness and education among healthcare professionals, and collaboration between AI companies and genomic research institutions.
On the basis of Delivery Mode, On-Premises Segment is expected to dominate position in the global artificial intelligence (AI) in genomics market during the projected period as these solutions provide flexibility to customize and scale AI application according to specific research needs.
On the basis of Functionality, Genome Sequencing Segment is poised to lead the global artificial intelligence (AI) in genomics market in anticipated timeframe owing to the integration of AI in genomics facilitates fast and more accurate interpretation of genomic information adding in disease diagnosis and treatment customization.
On the basis of Application, Translational Precision Medicine segment is likely to dominate the global market as it translational precision medicine helps in enhancing the analysis of vast genomic data sets, enabling more accurate disease identification, and personalized treatment strategies.
On the basis of End User, Pharma and Biotech Companies segment is expected to hold dominant position in the global market as pharma companies are leveraging AI to analyze vast genomics datasets, accelerating drug discovery, and development processes.
On the basis of Region, North America is poised lead the market throughout the forecast period owing to the increasing human genome project, and multiple initiatives in the U.S. to sequence numerous patients with new targeted diseases, and increasing technological advancement.
Key players in the global artificial intelligence (AI) in genomics market include Fabric Genomics, International Business Machines, MICROSOFT, NVIDIA, AI Therapeutics, Ares Genetics, Benevolent AI, Deep Genomics, DIPLOID and among others.
Global Artificial Intelligence (AI) in Genomics Market Key Developments
In December 2022, Intel Labs and the Perelman School of Medicine at the University of Pennsylvania undertook a collaborative study utilizing distributed machine learning and artificial intelligence techniques in order to assist international health and research organizations in identifying malignant brain tumors,
In March 2021, Hitachi and SPOHiA GENETICS signed a partnership agreement. This partnership helped pharmaceutical companies, as well as healthcare practitioners, gain practical, clinical, and genetic insights that would further democratize data driven precision medicine globally for the benefits of patients.
Read complete market research report, "Artificial Intelligence (AI) in Genomics Market, By Delivery Mode, By Functionality, By Application, By End User, By Region and Segment Forecast 2023 - 2030", Published by Coherent Market Insights.
Global Artificial Intelligence (AI) in Genomics Market Segmentation:
- By Delivery Mode
- On-Premises
- Cloud-based
- By Functionality
- Genome Sequencing
- Gene Editing
- Others
- By Application
- Translational Precision Medicine
- Clinical & Genomic Diagnostics
- Others
- By End User
- Pharma and Biotech Companies
- Public and Consumer Genomic Center
- Others
- By Region
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- Spain
- France
- Italy
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country:
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East & Africa
- By Country:
- Africa
- By Country:
- South Africa
- North Africa
- Central Africa
- By Country:
- North America
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