The rise in applications of AI in drug discovery and development coupled with the advancements in artificial intelligence technology drive the growth of the global AI in genomics market.
PORTLAND, Ore., April 11, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “AI in Genomics Market by Offering (Hardware, Software, Services), by Technology (Machine Learning, Computer Vision), by Application (Drug Discovery and Development, Precision Medicine, Diagnostics, Others), by End User (Pharmaceutical and Biotech Companies, Healthcare Providers, Research Centers): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global AI in genomics industry generated $346.3 million in 2021, and is anticipated to generate $9.8 billion by 2031, witnessing a CAGR of 40.6% from 2022 to 2031.
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Prime determinants of growth
The rise in applications of AI in drug discovery and development coupled with the advancements in artificial intelligence technology drive the growth of the global AI in genomics market. However, limited availability of skilled professionals and data quality issues restrict the market growth.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global AI in genomics market, as it disrupted workflows in the healthcare sector around the world during the lockdown.
- The disease had forced several industries to shut down temporarily, including several sub-domains of the healthcare sector. The pandemic reduced accessibility to the research centers and offices which delayed the development in AI programs.
- However, AI-driven diagnostics emerged as great solution for quick diagnosis of the disease
The machine learning segment to maintain its leadership status throughout the forecast period
Based on technology, the mid-top sneakers segment held the highest market share in 2021, accounting for around three-fifths of the global AI in genomics market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 40.9% from 2022 to 2031. This is due to the machine learning algorithms that can be used to integrate genomic data with other types of data, such as clinical and environmental data, to gain a more comprehensive understanding of the factors that contribute to disease risk and progression. In addition, machine learning algorithms can be used to predict the function of genes, identify regulatory elements, and annotate the genome.
The software segment to maintain its leadership status throughout the forecast period
Based on offering, the software segment held the highest market share in 2021, accounting for more than three-fifths of the global AI in genomics market, and is estimated to maintain its leadership status throughout the forecast period, owing to the increase in demand for precision medicine. However, the hardware segment is projected to manifest the highest CAGR of 41.0% from 2022 to 2031. AI hardware has been increasingly used in genomic analysis owing to the reason that AI enables the processing of vast amounts of data generated by genomic sequencing technologies.
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The pharmaceutical and biotech companies segment to maintain its lead position during the forecast period
Based on end user, the pharmaceutical and biotech companies segment accounted for the largest share in 2021, contributing to more than half of the global AI in genomics market, and is projected to maintain its lead position during the forecast period. AI genomics can help identify patients who are most likely to benefit from a particular drug by analyzing genomic data to identify biomarkers that are associated with the disease or condition being treated. This can help pharmaceutical and biotech companies design more targeted clinical trials, reducing the cost and time required to bring a drug to market. However, the healthcare providers segment is expected to portray the largest CAGR of 42.0% from 2022 to 2031, owing to the significant increase in use of AI for disease diagnosis in hospitals by healthcare providers.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly half of the global AI in genomics market, and is likely to dominate the market during the forecast period. This is attributed to a large number of universities and research institutions that are at the forefront of AI research, including Stanford, MIT, Carnegie Mellon University, and the University of California, Berkeley. These institutions attract top talent from around the world and conduct cutting-edge research. Furthermore, The U.S. government and private industry have invested heavily in AI research and development. However, the Asia-Pacific region is expected to witness the fastest CAGR of 46.9% from 2022 to 2031, owing to increase in investments for development of AI and an increase in the number of key players developing AI.
Leading Market Players: –
- IBM Corporation,
- Deep Genomics,
- Thermo Fisher Scientific Inc.,
- Illumina, Inc.,
- Data4Cure, Inc,
- BenevolentAI,
- Microsoft Corporation,
- NVIDIA Corporation (Mellanox Technologies),
- Sophia Genetics,
- Freenome Holdings, Inc
The report provides a detailed analysis of these key players of the global AI in genomics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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