WASHINGTON, Aug. 31, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the Global Artificial Intelligence in Genomics Market has been steadily growing over the years due to technological developments and the rising demand for personalized medicine. Large genomic datasets can be efficiently analyzed using AI in genomics, resulting in more accurate diagnoses and treatments for complex genetic diseases. Healthcare providers and research institutions are increasingly implementing AI in genomics, which is further boosting market expansion.
According to Vantage Market Research, the global Artificial Intelligence in Genomics Market is estimated to be valued at USD 5.5 Billion by 2030 and is expected to exhibit a CAGR of 43.2% during the forecast period 2023 to 2030. The global Artificial Intelligence in Genomics Market grew to USD 0.45 Billion in 2022.
The use of sophisticated machine learning algorithms and computational techniques in conjunction with genetic research and analysis is referred to as Artificial Intelligence in Genomics. It aims to advance our understanding of genetic information, hasten genomic discoveries, and support precision and personalized medicine.
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Key Highlights
- The software sector had the largest market share in 2022, accounting for about 40%.
- Around 63.3% of the market in 2022 was accounted for by the machine learning segment.
- In 2022, the market was dominated by the genome sequencing segment, which had a 44% revenue share.
- With a revenue share of over 30.09% in 2022, the drug discovery and development segment dominated the market.
- With a market share of about 34.94% in terms of revenue in 2022, the pharmaceutical and biotech companies segment dominated the industry.
- In terms of revenue, North America accounted for the majority of the global AI in genomics market in 2022, with a share of around 29.2%.
- Over the forecast period, Asia Pacific is anticipated to experience the fastest CAGR of 47%.
Artificial intelligence (AI) has found many uses in the genomics industry, revolutionizing how genetic data is interpreted and put to use. AI has shown promise in the interpretation of genomic data, allowing for quicker and more precise analysis of enormous amounts of genetic data. In addition, it offers personalized medicine solutions and assists in disease diagnosis and treatment prediction. Genomic variations, genetic predispositions, and disease risks are all improved by AI algorithms. Additionally, AI-powered tools support the development of new drugs by enabling more effective and focused approaches.
Top Companies in The Global Artificial Intelligence in Genomics Market
- Microsoft Corp. (U.S.)
- NVIDIA Corp. (U.S.)
- Deep Genomics Incorporated (Canada)
- Fabric Genomics Inc. (U.S.)
- Data4Cure Inc. (U.S.)
- Predictive Oncology Inc. (U.S.)
- Emedgene Technologies Ltd. (U.S.)
- Congenica Ltd. (UK)
- Tempus Labs Inc. (U.S.)
- SOPHiA Genetics SA (Switzerland)
- Illumina Inc. (U.S.)
- BenevolentAI Ltd. (UK)
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Factors Affecting the Growth of the Artificial Intelligence in Genomics Market
There are several factors that can affect the growth of Artificial Intelligence in the Genomics industry. Some of these factors include:
- Increasing availability of large-scale genomics data: Large-scale genomic data are becoming more and more accessible, including clinical data, gene expression data, and genomic sequences. This is what is driving the development of AI in genomics. These data can be analyzed by AI algorithms, which can then be used to discover new drugs and provide more accurate diagnoses and personalized treatments.
- Machine learning algorithm improvements: AI can effectively process and interpret huge amounts of genomics data thanks to improvements in machine learning algorithms. In particular, deep learning algorithms have demonstrated great promise for analyzing intricate relationships and patterns in genomics data, improving the precision of disease risk predictions, locating biomarkers, and comprehending gene function.
- Collaborations between AI and genomics firms: The use of AI in genomics is expanding as a result of collaborations between AI and genomics firms. Innovative AI tools and solutions that are specifically suited for genomics research and clinical applications can be created thanks to these collaborations between genomics researchers and practitioners of artificial intelligence.
- Increasing demand for precision medicine: Precision medicine is in greater demand because it aims to customize treatments for each patient based on their genetic makeup. By analyzing genomics data to pinpoint specific genetic variations that affect disease susceptibility, treatment response, and drug toxicity, AI plays a crucial part in precision medicine. The adoption of AI in genomics is being driven by the rising demand for precision medicine.
- Increasing genetic disease prevalence: The need for cutting-edge genomics tools and methods is being driven by the increasing genetic disease prevalence of conditions like cancer, cardiovascular disease, and rare genetic disorders. The genomics market is being driven by AI, which can analyze genomic data to find disease-causing mutations, forecast how a disease will progress, and direct personalized treatment plans.
Top Trends in Global Artificial Intelligence in Genomics Market
The integration of machine learning algorithms for improved genomic data analysis, the development of deep learning techniques to uncover complex genetic patterns, the development of AI-powered genomics tools for predicting disease risk and patient treatment outcomes, the emergence of precision medicine guided by AI algorithms, and the use of AI in drug discovery and development for customized therapeutics are among the top trends in the Artificial Intelligence in Genomics market.
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Recent Development of the Global Artificial Intelligence in Genomics Market
- June 1, 2023, Illumina Inc., a global leader in DNA sequencing and array-based technologies, announced the new PrimateAI-3D, an artificial intelligence (AI) algorithm that predicts with unprecedented accuracy disease-causing genetic mutations in patients.
- February 16, 2023, Accenture made a strategic investment, through Accenture Ventures, in Ocean Genomics, a technology and AI company that has developed advanced computational platforms to assist biopharma companies to discover and develop more effective diagnostics and therapeutics.
- December 5, 2022, in-order to assist international healthcare and research institutions identify malignant brain tumors, Intel Labs and the Perelman School of Medicine at the University of Pennsylvania (Penn Medicine) collaborated on a research study that was finished in December 2022.
- September 22, 2022, NVIDIA Corporation joined forces with the Broad Institute of MIT and Harvard to speed up workflows for genome analysis and support teams as they jointly create large language models for the identification and creation of targeted treatments. The partnership links the Broad Institute's researchers, scientists, and open platforms with NVIDIA's AI know-how and healthcare computing platforms with a focus on making NVIDIA Clara Parabricks available in the Terra platform, creating sizable language models, and enhancing deep learning for the Genome Analysis Toolkit (GATK).
Market Drivers
With technological advancements and rising demand for personalized medicine, the market drivers of artificial intelligence (AI) in the genomics market are constantly changing. By aiding in data analysis, interpretation, and pattern identification that aids in understanding genetic variations and diseases, AI-powered tools and algorithms are revolutionizing genomics research. The improvement of diagnostics, drug discovery, and precision medicine has been made possible by AI's ability to process large volumes of genomic data quickly and accurately. Growth in the market is also being fueled by the ability to create targeted therapies, predictive models, and clinical decision support systems thanks to the integration of AI and genomics.
Market Restraints
To develop, implement, and maintain AI solutions, a highly skilled workforce is needed. AI is a complex field. Huge amounts of genetic data are analyzed and interpreted in the rapidly evolving field of genomics to learn more about diseases, the development of new drugs, and personalized medicine. Although specialized knowledge and skills are needed for its implementation, AI is essential in processing and analyzing this data. As a result, as the field of genomics develops, so does the need for AI experts, but the supply of capable people has not kept up. The number of specialists who can create and use AI tools and algorithms in genomics research, clinical settings, and pharmaceutical companies is constrained by this scarcity.
Market Opportunities
With notable advancements in the genomics market, the field of artificial intelligence has created a wealth of new opportunities. One such instance is the analysis and interpretation of enormous amounts of genomic data using AI algorithms. The ability to more quickly recognize and comprehend genetic variations linked to diseases has revolutionized genetic research and personalized medicine. Improved disease diagnosis, drug discovery, and targeted therapies are additional benefits of AI-powered genomics. As AI develops, new possibilities in genomics are anticipated to open up, ultimately resulting in more precise and potent healthcare solutions.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Artificial Intelligence in Genomics Market Forecast Report (2023-2030).
Report Segmentation of the Global Artificial Intelligence in Genomics Market
Component Analysis
Software solutions predominate in the artificial intelligence component market segment for genomics. These tools aid in the analysis of sizable genomic data sets and give researchers insightful information about genetic variations and diseases.
Technology Analysis
The market for AI genomics is being driven by machine learning algorithms in terms of technology. These algorithms aid in pattern recognition and prediction, enabling researchers to make precise and effective predictions and analyses for genome sequencing.
Functionality Analysis
Genome sequencing dominates the functionality market. Genome sequencing is made faster and more accurate with the help of AI-powered tools, which reveal important details about genetic variations and diseases. This makes it possible for researchers to identify the underlying causes of illnesses and develop efficient treatment strategies.
Application Analysis
Drug development and discovery take center stage in the application segment. AI algorithms help in the development of new therapeutic interventions and the identification of potential drug targets. By decreasing trial and error and increasing drug development success rates, these tools hasten the drug discovery process.
End-User Analysis
In the end-user market, the pharmaceutical and biotech sector holds a dominant position. By assisting in the development of personalized medicine, targeted therapies, and drug repurposing, Artificial Intelligence in Genomics significantly benefits this industry. It aids biotech and pharmaceutical companies in streamlining their research and development procedures, resulting in the creation of more individualized and effective treatments.
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Global Artificial Intelligence in Genomics Market Segmentation
By Component
- Hardware
- Software
- Services
- Other Components
By Technology
- Machine Learning
- Natural Language Processing (NLP)
- Computer Vision
- Robotics
- Other Technologies
By Functionality
- Genome Sequencing
- Gene Editing
- Gene Expression Analysis
- Other Functionalities
Based on Application
- Precision Medicine
- Drug Discovery
- Development
- Diagnostic Testing
- Agricultural Genomics
- Other Applications
By End-users
- Biopharmaceutical and Biotechnology Companies
- Healthcare Providers
- Academic and Research Institutions
- Government Organizations
- Other End-Users
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 0.45 Billion |
| Revenue Forecast by 2030 | USD 5.5 Billion |
| CAGR | 43.2% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Microsoft Corp., NVIDIA Corp., Deep Genomics Incorporated, Fabric Genomics Inc., Data4Cure Inc., Predictive Oncology Inc., Emedgene Technologies Ltd., Congenica Ltd., Tempus Labs Inc., SOPHiA Genetics SA, Illumina Inc., BenevolentAI Ltd. |
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Regional Analysis
North America is leading artificial intelligence in the genomics market. The market is expanding due to the region's strong technological and economic foundation as well as its well-developed healthcare system. Additionally, the market growth is being fueled by the presence of significant players in the area, including Microsoft, International Business Machines Corporation, Intel Corporation, and Nvidia Corporation, among others. The region's demand for AI-based genomics is also rising due to the rising demand for precision medicine and personalized treatment. The vast patient population in the area and growing research and development efforts for genomics-based diagnostic and therapeutic options are anticipated to further accelerate the growth of artificial intelligence in the genomics market in North America.
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