Global AI in Genetics market is projected to reach the value of $5.9 billion by 2030

According to the report published by Virtue Market Research , In 2022, the Global AI in Genetics market was valued at $0.4 billion, and is projected to reach a market size of $5.9 billion by 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 40%.

The use of artificial intelligence (AI) in genetics has been a rapidly growing field in recent years, with a long-term market driver being the increasing demand for personalized medicine. By utilizing AI in genetics, medical professionals are able to better understand an individual's genetic makeup, leading to more precise diagnoses and treatment plans.

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Additionally, the COVID-19 pandemic has further highlighted the need for personalized medicine. With the emergence of new variants and the potential for long-term health effects, it has become clear that a one-size-fits-all approach to healthcare is not sufficient. The use of AI in genetics can help medical professionals identify individuals who may be more susceptible to severe illness or have a higher risk of developing long-term complications from COVID-19.

One short-term market driver for AI in genetics is the increasing demand for gene editing tools. As the technology for gene editing continues to develop, there is a growing need for tools that can efficiently and accurately analyze large amounts of genetic data. AI can help streamline this process and make gene editing more accessible to researchers and medical professionals.

An opportunity in the AI in genetics market is the potential for the development of AI-powered diagnostic tools. By analyzing a patient's genetic data, AI can help medical professionals quickly and accurately diagnose genetic disorders. This can lead to earlier interventions and more effective treatments, ultimately improving patient outcomes.

One trend observed in the AI in genetics industry is the increasing use of machine learning algorithms. Machine learning algorithms can analyze large amounts of genetic data and identify patterns that may not be immediately apparent to human analysts. By utilizing these algorithms, researchers and medical professionals can gain new insights into the underlying genetic causes of diseases, leading to more effective treatments and improved patient outcomes.

Segmentation Analysis:

The Global AI in Genetics market segmentation includes:

By Application: Wellness, Preventive Medicine, Diagnostic & Treatment

By application, the AI in genetics market can be divided into wellness, preventive medicine, diagnostic, and treatment. The largest segment in this category is wellness, which includes products and services that provide insights into an individual's genetic makeup and lifestyle factors to improve overall health and wellbeing.

The preventive medicine segment is the fastest-growing application in the AI in genetics market during the forecast period. By utilizing AI, medical professionals can identify individuals who may be at risk for certain diseases and develop personalized prevention strategies. This can lead to earlier interventions and improved health outcomes.

The diagnostic and treatment segments of the AI in genetics market utilize AI to develop personalized treatment plans based on an individual's genetic makeup. By analyzing genetic data, medical professionals can identify the underlying genetic causes of diseases and develop targeted treatments, ultimately improving patient outcomes.

By Function: Genome Sequencing, Gene Editing, Predictive Testing of Genes, Others

By function, the AI in genetics market can be segmented into genome sequencing, gene editing, predictive testing of genes, and others. The largest segment in this category is genome sequencing, which involves analyzing an individual's entire genetic code to identify potential health risks and develop personalized treatment plans.

The fastest-growing function in the AI in genetics market during the forecast period is gene editing. Gene editing involves making targeted changes to an individual's genetic code to prevent or treat diseases. By utilizing AI, medical professionals can more efficiently and accurately analyze large amounts of genetic data and develop targeted gene editing strategies.

Other functions in the AI in genetics market include predictive testing of genes, which involves analyzing an individual's genetic code to predict the likelihood of developing certain diseases, and others, which includes a variety of products and services that utilize AI to better understand an individual's genetic makeup.

By End-User: Pharmaceutical & Biotech Companies, Healthcare Providers, Research Centers, Academic Institutes, Government Organizations, Other End Users

By end-user, the AI in genetics market can be divided into pharmaceutical and biotech companies, healthcare providers, research centers, academic institutes, government organizations, and other end-users. The largest segment in this category is pharmaceutical and biotech companies, which have been at the forefront of utilizing AI in genetics to develop new therapies and treatments.

However, the fastest-growing segment in the AI in genetics market during the forecast period is academic institutes. Academic institutes are increasingly utilizing AI in genetics to better understand the underlying genetic causes of diseases and develop targeted treatment plans.
This has led to increased collaboration between academic institutes and pharmaceutical companies to develop new therapies and treatments.
Healthcare providers, research centers, and government organizations also play a significant role in the AI in genetics market, utilizing AI to better understand an individual's genetic makeup and develop personalized treatment plans.

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Regional Analysis:

The largest segment in this category is North America, which has been at the forefront of utilizing AI in genetics to develop new therapies and treatments.

However, the fastest-growing region in the AI in genetics market during the forecast period is Asia-Pacific. This is due to increasing investment in healthcare infrastructure and rising demand for personalized medicine in the region. Additionally, academic institutes and research centers in the region are increasingly utilizing AI in genetics to better understand the underlying genetic causes of diseases and develop targeted treatment plans.

Europe also plays a significant role in the AI in genetics market, with a growing number of pharmaceutical companies and academic institutes utilizing AI to develop new therapies and treatments. The rest of the world, including Latin America and the Middle East, is also seeing growth in the AI in genetics market, driven by increasing investment in healthcare infrastructure and rising demand for personalized medicine.

Latest Industry Developments:

• In 2021, Illumina, a leading developer of gene sequencing technology, announced a partnership with Lunit, a South Korean startup that develops AI-powered medical imaging solutions. The partnership aims to develop new AI-powered diagnostic tools for genetic disorders.

• The National Human Genome Research Institute (NHGRI) highlighted the use of computational methods such as artificial intelligence and machine learning to improve the understanding of hidden patterns in large and complex genomics data sets from basic and clinical research projects

• Third-party investment in AI-enabled drug discovery has more than doubled annually for the last five years, topping US$ 2.4 billion in 2020 and reaching more than US$ 5.2 billion at the end of 2021

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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.