AI in Genomics Market is projected to reach a value of $4759.27 million by 2030

According to the report published by Virtue Market Research, the Global AI in Genomics Market was valued at $235.64 million in 2022 and is projected to reach a market capitalization of $4759.27 million by 2030. Over the forecast period of 2023-2030, the market is estimated to grow at a CAGR of 45.6%. Medical professionals find it simpler to explore complicated diseases at the genetic level due to artificial intelligence's ability to speed up and lessen the risks associated with pharmaceutical development. As more accurate diagnostic and monitoring techniques for a range of illnesses become accessible, the need for AI in the genomics sector is anticipated to rise.

Read More @ https://virtuemarketresearch.com/report/aI-genomics-market

The market for AI genomics is growing as a result of a rise in healthcare spending, disposable income, and the prevalence of hereditary disorders like cancer, diabetes, cystic fibrosis, and Alzheimer's disease. Access to personalized health information through genome testing is increasing people's awareness of hereditary disorders and motivating them to take more responsibility for their health. Because AI can analyze vast datasets to discover breakthrough treatments quicker and more affordably than traditional approaches, it is becoming more and more significant in drug research and development. Real-time drug discovery, advanced diagnostic technology, and improved therapies are anticipated to significantly drive market expansion. Also, because DNA samples can be easily acquired in a non-invasive manner and the results are typically accessible right away, the acceptance of personalized therapy to treat hereditary disorders is increasing. The market for AI genomics is expanding quickly as a result of all of these variables working together.

The COVID-19 pandemic has had a favorable impact on the healthcare industry, accelerating the growth of digital health and telemedicine as remote diagnosis, care, and consultation became essential during the pandemic. This trend is projected to continue in the future, with technological advancements, cost control, and improved accessibility to medical systems being key parts of healthcare reforms. The adoption of at-home medical IoT devices is also increasing, allowing for optimized outpatient therapy and reduced recurrent visits. In the genomics industry, the use of AI solutions is increasing in precision medicine and drug discovery departments, as it helps to limit discovery costs and time during new medication development. However, a shortage of experienced workers with expertise in AI technologies and ambiguous and strict rules and norms governing the creation and deployment of medical software tools and platforms may limit market growth in the next years. The pandemic has strained available resources, leading to the development of competitive pricing and value-based pricing structures, which may create opportunities in the AI genomics market. Overall, the trend toward digital health and telemedicine, the need for cost control, and the growing use of AI in drug development is projected to drive market growth.

Request Sample Copy of this Report @ https://virtuemarketresearch.com/report/aI-genomics-market/request-sample

Segmentation Analysis:
The global AI in Genomics Market segmentation includes:

By Offering:
• Software
• Services
• Consumables

Three categories-Software, Services, and Consumables-represent the market for artificial intelligence in genomics. The consumables sector currently holds the largest market share and is anticipated to grow going forward. This is primarily because consumables are essential parts of genomic systems and are used in a variety of genetic tests all over the world. Due to the rising demand for AI-powered software that can match and even surpass human cognitive abilities, the software market is also anticipated to expand significantly in the coming years. Artificial intelligence and machine learning are required due to the complexity of genetic data, which has sped up the adoption of AI in the genomics industry.

By Technology:
• Machine Learning
• Computer Vision

The AI in the genomics market is segmented by technology into Machine learning and Computer Vision. In 2022, the Machine learning segment held the largest share in the worldwide AI in genomics market and is projected to grow at a higher CAGR during the forecast period. This segment's market dominance can be attributed to the fact that the field of genomics produces vast amounts of data, and most bioinformatics algorithms employ machine learning techniques to discover patterns and predict outcomes. Additionally, the use of machine learning in drug-genomic applications by pharmaceutical and biotechnology companies retrieves useful information from large data sets and complements genomic research, thereby driving the market toward a positive trend. On the other hand, the Computer Vision segment, while growing at a slower pace, is also anticipated to witness substantial growth in the coming years due to the growing demand for intelligent image analysis and object detection, enabling researchers to analyze genomic data with greater accuracy.

By Application:
• Genome Sequencing
• Gene Editing
• Gene Mapping

Genome Sequencing, Gene Editing, and Gene Mapping are the three application categories for artificial intelligence in the genomics market. Genome sequencing is the largest among them and will hold the majority of the market share in 2022. Researchers can perform tasks in animal breeding, agriculture, and human genomics due to advantages like scalability and speed. With advances in gene therapy replacing traditional procedures and medications and enabling doctors to treat diseases by introducing a gene into patients' cells, it is predicted that gene editing will soon take a sizable market share. Gene editing is a significant and delicate advancement in the field of genomics that has sparked much discussion, excitement, and innovation.

By End-User:
• Pharmaceutical Companies
• Research Bodies

Pharmaceutical firms and research organizations make up the pharmaceutical end-user segment of AI in the genomics market. In 2022, the pharmaceutical industry held the largest market share, primarily as a result of AI's ability to speed up the drug development process and lower production risk. By making it possible to study complex diseases at the genetic level and by enabling quick and secure analysis of data from drug research, artificial intelligence in genomics is predicted to spur growth in the pharmaceutical sector. This market is anticipated to rise as a result of the increasing prevalence of diseases like cancer and genetic disorders as well as the need to speed up drug development and lower costs.

Regional Analysis:
North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa are the regions into which the market for AI in genomics is divided. North America contributed 45.19% of the global market in 2022, and it is anticipated that it will continue to do so throughout the forecast period. This is because the government is taking more steps to encourage investments in precision medical procedures and industrial research. Personal genome sequencing for genomics research is becoming more popular as a result of technological developments in sequencing and falling costs. Due to propelling genetics awareness, funding for long-term research, and the entrance of new market players, the Asia Pacific region offers great growth potential. In the upcoming years, this region is anticipated to grow at a faster CAGR.

Customize the Full Report Based on Your Requirements @ https://virtuemarketresearch.com/report/aI-genomics-market/customization

Latest Industry Developments:

• In September 2021, UK Biobank launched a cloud-based research analysis platform to increase the scale and accessibility of resources. The platform, enabled by DNAnexus and powered by Amazon Web Services, will allow approved researchers to securely access and analyze the entire UK Biobank database. This will enable researchers to advance their understanding of human diseases.
• In April 2022, The Danish National Genome Institute and Lifebit, a cloud computing expert, teamed up for the precision medicine study and its use in Denmark. The Center's mission is to conduct genomic medicine research and hasten the adoption of precision medicine across the nation. By this agreement, Denmark will be able to boast a precision medicine hub that is both innovative and leading in the world.
• In November 2022, SOPHiA GENETICS and Microsoft are partnering to improve healthcare workflows globally by using their cloud-native software and Microsoft Azure-powered SOPHiA DDM Platform. This will enable multimodal data curation, development, and deployment, leading to advanced outcomes for precision medicine.

Contact Us:

Virtue Market Research
Kumar Plaza, #103, SRPF Rd, Ramtekadi, Pune, Maharashtra 411013, India
E-mail: megha@virtuemarketresearch.com
Phone: +1-917 436 1025

Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.