July 19, 2024
Artificial Intelligence In Digital Genome Market
Ict

The Rapid Advancement Of Artificial Intelligence Is Anticipated To Open Up The New Avenue For Artificial Intelligence In Digital Genome Market

Market Overview:

The Artificial Intelligence In Digital Genome Market involves the application of AI and machine learning algorithms to analyze and interpret genomic data to better understand diseases and develop improved diagnostics and therapeutics. Various applications of AI in genomics include genome mapping, gene sequencing, drug discovery and precision medicine. With massive amount of complex genomic data now available, AI plays a crucial role in analyzing this data to discover new biology and accelerate scientific discoveries.

Market Dynamics:

The growing volume and complexity of genomic data coupled with decreasing cost of genome sequencing is a major driver of the AI in digital genome market. As per some estimates, the global genomic data is growing at over 25% annually and is expected to reach over 100 exabytes by 2025. Analyzing this massive amount of data manually or traditionally is not practical and AI steps in to extract meaningful insights from the data. Second, increasing funding from government and private sector for genome research is also boosting investments in applying AI for genomics applications. For instance, in 2020, NIH allocated around $2.2 billion for genome research. Such funding is driving innovation in genomics which includes leveraging AI.

The global Artificial Intelligence In Digital Genome Market Share is estimated to be valued at US$ 565.69 Mn in 2023 and is expected to exhibit a CAGR of 44.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis

The artificial intelligence in digital genome market can be segmented into tools and services. The tools segment currently dominates the market due to increasing adoption of AI tools like Deep Learning, Machine Learning for genomic applications. Tools such as genome sequencing, biomedical imaging and EHR management are widely used for diagnosis, drug discovery and precision medicine which is contributing to the growth of this segment.

PEST Analysis

Political: Regulations regarding data privacy and security are encouraging companies to focus on ethical and responsible use of genomic and health data, which is fueling innovation in this market.

Economic: Investments from venture capitalists, government funding and partnerships between private companies are fueling R&D which is critical for the growth of this emerging market.

Social: Rising awareness about precision medicine and focus on early detection of diseases is increasing adoption of AI-based genomic tools for diagnosis and treatment.

Technological: Advancements in deep learning, cloud computing and progress inDNA sequencing technologies are enabling creation of large genomic datasets which are fueling development of more accurate AI algorithms.

Key Takeaways

The global artificial intelligence in digital genome market is expected to witness high growth at a CAGR of 44% over the forecast period, driven by increasing investments in AI and genomics research. The regional analysis indicates North America currently dominates the market due to the presence of leading AI and genomics companies and growing funding for research activities in the US and Canada.

The market size for artificial intelligence in digital genome was valued at US$ 565.69 Mn in 2023. Growing focus on precision medicine, drug discovery and biomedical imaging applications is driving demand for tools such as genome sequencing, clinical decision support systems and EHR integration software.

Key players operating in the artificial intelligence in digital genome market include NVIDIA Corporation, IBM, Microsoft, Fabric Genomics Inc., Verge Genomics, MolecularMatch Inc., SOPHiA GENETICS, PrecisionLife Ltd, BenevolentAI, and Deep Genomics. Leading players are focusing on developing AI-powered precision diagnostics and therapeutics tools by leveraging partnerships, M&A activities and collaboration with research institutes.

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