Dublin, April 13, 2023 (GLOBE NEWSWIRE) -- The "AI In Genomics Market by Component, by Technology (Computer Vision, Machine Learning), by Functionality, by Application, by End-use, and by Region - Global Forecast to 2023-2033" report has been added to ResearchAndMarkets.com's offering.
The AI in genomics market size is estimated to be USD 245.7 million in 2022 and is expected to witness a CAGR of 54.78% during the forecast period 2023-2033.
Rising advancements in AI technology and its cost-effectiveness and increasing demand for tailored medications are some of the factors contributing to the market growth. Furthermore, growing adoption of the AI in genomics in the precision medicine and growing R&D expenditure are other factors supporting the market growth. However, high cost associated with sequencing and lack of AI skilled workforce, is expected to hinder the growth.
Rising advancements in AI technology and its cost-effectiveness is expected to fuel the market growth during the projected period. New AI-powered software solutions are being created with the rapid developments in AI technology and are being tailored for the genomics sector.
These more advanced and effective tools make it possible for researchers to analyse and handle genetic data more successfully than ever. Many of the manual procedures involved in genomic research can be automated with the aid of AI algorithms and software programmes, which will assist to save on labour costs and increase efficiency.
For instance, in January 2022, Scientists from Stanford University (U.S.), Baylor College of Medicine (U.S.), NVIDIA Corporation (U.S.), Oxford Nanopore Technologies Limited (U.K.), Google (U.S.), University of California (U.S.), and Stanford University (U.S.) collaborated on a research project that broke the record for the fastest possible AI-based DNA sequencing method. The human genome was sequenced by the researchers in 5 hours and 2 minutes using AI, yet it took an average of 8 hours to diagnose rare genetic illnesses using the results.
Growing adoption of the AI in genomics in the precision medicine is predicted to propel the market growth during the forecast period. Artificial intelligence (AI) has the ability to discover correlations and patterns in genetic data that are challenging for humans to recognise, which advances the creation of innovative treatments for diseases, more precise diagnosis, and individualised patient care.
The demand for precision medicine is significantly increasing due to the increased incidence of cancer among the world's population. For instance, as per the GLOBOCAN report by the International Agency for Research on Cancer, around 19.3 million new instances of cancer were detected in 2020 and estimates that number would increase by 47% between 2020 and 2040.
The use of AI in precision medicine along with an increase in cancer incidence is anticipated to significantly accelerate the growth of the AI in genomics market during the forecast period.
Competitor Insights
Some of the key players operating in the AI in genomics market are Illumina, Inc., IBM, Microsoft Corporation, BenevolentAI, Data4Cure, Inc., Freenome Holdings, Inc., NVIDIA Corporation, DEEP GENOMICS, Thermo Fisher Scientific, Fabric Genomics, and SOPHiA GENETICS.
For instance, In January 2022, NVIDIA (U.S.) collaborated with UK Biobank, a large long-term biobank study in the U.K., to provide scientists access to NVIDIA Clara Parabricks to support rapid genomics and drug discovery.
In March 2022, Boehringer Ingelheim and Lifebit Biotech Ltd. collaborated to create a scalable analytics and infrastructure platform for the latter. The platform used by research institutions and governments all around the world, Lifebit's CloudOS, is a key component of this relationship
In 2022, SeqOne Genomics, a French cloud-based biotech business with a focus on genomic analysis tools for individualised treatment, raised $21.86 million in its series A funding
Segmentation: AI In Genomics Market Report 2022 - 2033
By Component (Revenue, USD Million), 2022 - 2033
- Software
- Hardware
- Service
By Technology (Revenue, USD Million), 2022 - 2033
- Computer Vision
Machine Learning
- Supervised Learning
- Unsupervised Learning
- Deep Learning
- Reinforcement Learning
By Functionality (Revenue, USD Million), 2022 - 2033
- Gene Editing
- Gene Mapping
- Genome Sequencing
- Clinical Workflows
- Predictive Genetic Testing & Preventive Medicine
By Application (Revenue, USD Million), 2022 - 2033
- Precision Medicine
- Diagnostics
- Drug Discovery & Development
By End User (Revenue, USD Million), 2022 - 2033
- Healthcare Providers
- Research Centres
- Pharmaceutical & Biotechnological Companies
- Government Organizations
By Region (Revenue, USD Million), 2022 - 2033
North America
- U.S
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/ru8x78
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