Ai In Genomics Market 2024

PORTLAND, OREGON, UNITED STATES, February 28, 2024 /EINPresswire.com/ -- 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.

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.

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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.

Key Takeaways:

the hardware segment is anticipated to grow at the highest CAGR during the forecasted.

the machine learning segment dominated the market in terms of revenue in 2021 and is expected to grow with a faster CAGR during the forecast period.

Healthcare providers segment is anticipated to grow at the highest CAGR during the forecast period.

Asia-Pacific is expected to register a fastest growth in CAGR during the AI in Genomics Market forecast period.

AI in Genomics Market Segmentation:

By Technology:

Machine Learning
Computer Vision

AI in Genomics Market By Offering:

Hardware
Software
Services

AI in Genomics Market By Application:

Drug Discovery and Development
Precision Medicine
Diagnostics
Others

AI in Genomics Market By End User:

Pharmaceutical and Biotech Companies
Healthcare Providers
Research Centers
AI in Genomics Market

By Region:

North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
Asia-Pacific (Japan, China, Australia, India, South Korea, Rest of Asia-Pacific)
LAMEA (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)

Key Market Players:

Illumina, Inc.
Data4Cure, Inc
IBM Corporation
Deep Genomics
BenevolentAI
NVIDIA Corporation (Mellanox Technologies)
Sophia Genetics
Microsoft Corporation
Freenome Holdings, Inc
Thermo Fisher Scientific Inc

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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.

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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