May 26, 2024
AI in Omics Studies Market

The Global AI in Omics Studies Market is Estimated to Witness High Growth Owing to Wide Application in Personalized Medicine

Omics studies involve high-throughput technologies to analyze various components of biological systems such as genomics, proteomics and metabolomics. AI is increasingly being utilized for omics data analysis and integration. It helps researchers discover patterns, generate insights and predict outcomes in a faster, more comprehensive and objective manner. AI has the potential to revolutionize omics studies by improving data quality, accelerating research and enabling precision medicine approaches.

The Global AI in Omics Studies Market is estimated to be valued at US$ 639.8 MN in 2024 and is expected to exhibit a CAGR of 32% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Global AI in Omics Studies are Thermo Fisher Scientific, Agilent Technologies, Illumina, BGI Genomics, Dassault Systèmes, Qiagen, Waters Corporation, GE Healthcare, Amazon Web Services, Inc., Bruker, Danaher.

The Global AI in Omics Studies Market Growth for precision medicine and integrated omics approaches present significant opportunities for key players to develop AI-driven tools and platforms. Partnerships between pharmaceutical companies, academic institutions and technology firms will help fast track drug discovery through multi-omics analysis.

The growing adoption of multi-omics profiling technologies across major markets like North America and Europe will drive the global expansion of the AI in omics studies market. In addition, increasing healthcare expenditure and R&D investments in Asia Pacific countries is expected to fuel market growth during the forecast period.

Market drivers

The wide application of AI in personalized medicine is a major driver of market growth. By integrating multi-dimensional omics data, AI can help clinicians understand disease mechanisms at an individual level and deliver targeted therapies. This has the potential to transform disease management and drug development. Furthermore, AI assists researchers in identifying meaningful biomarkers and molecular signatures from large and complex omics datasets in a fraction of time through machine learning. Such capabilities are accelerating the pace of omics-driven discoveries.

PEST Analysis

Political: Regulations related to use of AI and omics data by government bodies may impact the market growth. Any new laws pertaining to privacy and ethical use of patient data can influence adoption of AI in omics studies.

Economic: Continued funding from governments and private investors in R&D of omics technologies along with AI tools drives the demand. Economic growth in emerging nations increases healthcare expenditure assisting market growth.

Social: Increased acceptance of precision medicine approach facilitated by omics studies along with rising awareness about AI role in drug discovery and understanding complex diseases expands the social acceptance of AI in omics.

Technological: Advancements in deep learning, machine learning algorithms and big data analytics capabilities fuel the development of more accurate and reliable AI solutions for omics studies. Growing integration of AI in NGS platforms and laboratory equipment also supports market growth.

The regions concentrating higher market share in terms of value for AI in omics studies are North America and Europe. Adoption of precision medicine driven by favorable insurance coverage for genetic testing in countries like US and presence of leading market players in these regions support this trend. Growing prominence of biobanks and big pharma industry also assists the market concentration in North America and Europe.

The fastest growing region for AI in omics studies market is Asia Pacific. This can be attributed to rising healthcare expenditure, healthcare reforms promoting precision medicine, increasing focus of Asian governments on life sciences R&D and expanding outsourcing of clinical trials to low cost destinations in Asia. Rising prevalence of chronic diseases, growing middle class population and emergence of regional players offering AI solutions at competitive costs drives the accelerated growth of AI in omics studies market in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it