New York, June 26, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "AI In Genomics Global Market Report 2023" - https://www.reportlinker.com/p06464018/?utm_source=GNW
, Freenome Holdings Inc., MolecularMatch Inc., SOPHiA GENETICS SA, Data4Cure Inc., PrecisionLife Ltd., Genoox Ltd., Lifebit Ltd., Empiric Logic Ltd., FDNA Inc., DNAnexus Inc., and Engine Biosciences Pte Ltd.
The global AI in genomics market is expected to grow from $0.52 billion in 2022 to $0.74 billion in 2023 at a compound annual growth rate (CAGR) of 42.4%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The AI in genomics market is expected to reach $3.14 billion in 2027 at a CAGR of 43.4%.
The AI in genomics market includes revenues earned by entities by providing services such as computer vision, time series analysis, automatic speech recognition, and natural language processing.The market value includes the value of related goods sold by the service provider or included within the service offering.
The AI in genomics market also includes sales of neural network hardware, powered diagnostics and imaging machine which are used in providing AI in genomics services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
AI in genomics is a set of computer tools used by genomics researchers to manage and understand any important information concealed in big datasets for DNA sequencing and other biological procedures. These algorithms are capable of detecting human genetic patterns and abnormalities in genomic data.
North America was the largest region in the AI in genomics market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in AI in genomics report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components used in AI in genomics are hardware, software, and services, with machine learning and computer vision as the main technologies involved.Hardware refers to the exterior and internal components and equipment that allow users to accomplish major operations such as input, output, storage, communication, processing, and more.
The main functionalities are genome sequencing, gene editing, and others, which are used for several applications, including drug discovery and development, precision medicine, diagnostics, and others. The major end-users included are pharmaceutical and biotech companies, healthcare providers, research centers, and others.
Growing adoption of AI is expected to propel the growth of the AI in genomics market going forward.Artificial intelligence (AI) is a field that uses computer science and large datasets to solve problems.
It includes the subfields of machine learning and deep learning, commonly referenced in the context of artificial intelligence.AI in genomics assists in identifying genetic illnesses and the primary type of cancer, forecasting the progression of certain diseases in a patient, identifying disease-causing genomic variations, and improving the function of gene editing tools.
Additionally, due to such benefits, there is an increased demand for artificial intelligence (AI) in genomics.For instance, in May 2022, according to a report published by International Business Machines Corporation (IBM), a US-based technology corporation, The global adoption rate of AI climbed dramatically to 35%, up four percent from the previous year.
Additionally, a survey of 7,502 company decision-makers shows that 13% more enterprises are expected to utilize AI in 2021 than in 2020. 35% of organizations reported employing AI, 42% are contemplating AI adoption, and two-thirds (66%) are either executing or aiming to use AI to fulfil their sustainability goals. Therefore, the growing adoption of AI is driving the growth of the AI in genomics market.
Technogical advancements are a key trend gaining popularity in the AI in genomics market.Major companies operating in the AI in genomics market are focused on developing innovative technological solutions to strengthen their position in the market.
For instance, in March 2023, Genomic Vision, a France-based biotechnology company that specializes in the development of diagnostic solutions for genetic diseases and cancers, launched FiberSmart, an AI-powered software that enables the visualization and analysis of long DNA fibers at high resolution. has the potential to completely change the diagnosis and treatment of genetic illnesses. It was introduced to increase the precision and effectiveness of diagnosing and treating genetic diseases. Large amounts of data are analyzed using this technology to find patterns and insights that would be impossible for humans to find on their own.
In May 2022, Sema4 Inc., a US-based AI-driven genomic and clinical data intelligence platform firm, acquired GeneDx LLC for approximately $623 million. This acquisition establishes Sema4 as one of the largest and most advanced providers of genomic testing in the United States, and it strengthens its health information database to transform patient care and improve therapeutic development. It also accelerates Sema4’s ability to deliver precision medicine while driving platform efficiency. GeneDx LLC is a US-based firm in genetics and genomics that offers testing to patients using artificial intelligence.
The countries covered in the AI In genomics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The AI in genomics market research report is one of a series of new reports that provides AI in genomics market statistics, including AI in genomics industry global market size, regional shares, competitors with a AI in genomics market share, detailed AI in genomics market segments, market trends and opportunities, and any further data you may need to thrive in the AI in genomics industry. This AI in genomics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06464018/?utm_source=GNW
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