by The Artificial Intelligence (AI) in Genomics Market is estimated to be valued at US$ 1.15 Billion in 2023 and is expected to exhibit a CAGR of 50.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Artificial intelligence in genomics utilizes advanced algorithms and machine learning techniques to analyze large genomic datasets for various applications like genome sequencing, allele detection, and developing predictive models for disease diagnostics and drug discovery. It assists in extracting meaningful insights from massive volumes of complex genomic data.
Market Dynamics:
Increasing demand for personalized medicine is a key driver expected to boost the AI in genomics market growth over the forecast period. AI helps derive insights from a patient’s genomic data and medical history to develop tailored treatment plans. Additionally, reducing sequencing costs are enabling wider adoption of genomic testing, thus fueling the need for AI tools to analyze growing volumes of genomic data. Lower turnaround times and improved diagnostics offered by AI are also contributing to its rising uptake in the genomics field.
Market key trends:
The AI in genomics market is witnessing significant growth driven by increasing adoption of deep learning and machine learning technologies by key players. Machine learning algorithms are helping in processing huge genomic data and detecting gene patterns. Moreover, the integration of AI with genomic healthcare is improving disease detection and aiding in developing personalized treatment plans. AI tools are also assisting in drug discovery and precision medicine development by analyzing the genomic profiles of patients.
SWOT Analysis
Strengths: Ability to analyze huge genetic datasets and detect patterns. AI tools are speeding up research activities in genomics.
Weaknesses: Requirement of interoperable datasets for training algorithms. Models need to be continually updated with new genomic data.
Opportunities: Scope for developing AI-powered predictive diagnostic tools. AI can revolutionize precision medicine by facilitating disease risk assessment and therapy development.
Threats: Concerns around data privacy and security of genomic information. Models may reflect biases in training datasets.
Key Takeaways
The global Artificial Intelligence (AI) in Genomics Market is expected to witness high growth, exhibiting a CAGR of 50.1% over the forecast period of 2023 to 2030, due to increasing investments in AI-driven genomic research by pharma companies.
Regional analysis:
North America dominated the global market in 2023 and is expected to maintain its lead over the forecast period. This can be attributed to increasing R&D funding and rising adoption of precision medicine in the US. Asia Pacific is anticipated to witness the fastest growth due to the growing focus of Chinese and Japanese companies on developing AI for healthcare applications.
Key players:
Key players operating in the AI in the genomics market are Fabric Genomics, International Business Machines, MICROSOFT, NVIDIA, AI Therapeutics, Ares Genetics, Benevolent AI, Deep Genomics, DIPLOID and others. IBM is a leading player focused on using AI to accelerate genomic research. Microsoft is working on developing AI solutions for precision oncology.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
