Press release
Artificial Intelligence in Bioinformatic Market is expected to grow at a CAGR of 45.2% during the forecasted period | Evolve Business Intelligence
• The global Artificial Intelligence in Bioinformatic Market size was valued at USD 1.2 billion in 2023 growing at a CAGR of 45.2% from 2023 to 2033.
• North America dominated the market in 2023
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033
As per the study initiated by Evolve Business Intelligence, the global Artificial Intelligence in Bioinformatic Market size accounted for USD 1.2 Billion in 2023, growing at a CAGR of 45.2% from 2023 to 2033. Artificial Intelligence (AI) in bioinformatics refers to the application of advanced computational techniques, machine learning algorithms, and data analysis methods to process and interpret biological data. Bioinformatics itself is a multidisciplinary field that involves the use of computer science, statistics, and biological knowledge to analyze and interpret biological data, such as DNA sequences, protein structures, and other molecular information.
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AI techniques, including machine learning and deep learning, are employed to analyze vast amounts of biological data quickly and accurately. This includes tasks such as genomic sequence analysis, protein structure prediction, and identification of functional elements in biological systems. AI is playing a crucial role in accelerating drug discovery processes by analyzing biological data to identify potential drug targets, predict drug interactions, and optimize drug candidates. This has the potential to reduce the time and cost involved in bringing new drugs to market. AI is contributing to the development of personalized medicine by analyzing individual genetic and molecular profiles to tailor medical treatments to a patient's specific characteristics. This can lead to more effective and targeted therapies.
Key Players
Some of the major Artificial Intelligence in Bioinformatic Market players holding high market shares include JADBio & Gnosis Data Analysis, Fios Genomics, SOPHiA GENETICS, Biomax Informatics Inc., and DNASTAR. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Ardigen (Parent Company Selvita Group), Source BioScience, QIAGEN, NeoGenomics Laboratories, CelbridgeScience, Eurofins Scientific, Illumina, Inc
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Segmental Analysis
Based on offering, Artificial Intelligence in the Bioinformatic market is segmented into Services, Software, and Others. The services segment is the largest segment of the Artificial Intelligence in the Bioinformatic market. This is due to the increasing demand for AI-powered bioinformatics services from pharmaceutical and biotechnology companies, as well as academic institutions. These services can help companies develop new drugs, identify new biomarkers, and personalized medicine for their patients.
Based on type, the Artificial Intelligence in the Bioinformatic market is Machine Learning, Deep Learning, and Others. The machine learning segment is the largest segment of the Artificial Intelligence in Bioinformatic market. This is due to the wide range of applications of machine learning in bioinformatics, such as drug discovery, biomarker development, and personalized medicine. Machine learning can be used to analyze large datasets of biological data to identify patterns and make predictions.
Based on products & services, Artificial Intelligence in the Bioinformatic market is a Bioinformatics Service, Bioinformatics Platforms, and Knowledge Management Tools. The bioinformatics services segment is the largest segment of Artificial Intelligence in the Bioinformatic market. This is due to the increasing demand for AI-powered bioinformatics services from pharmaceutical and biotechnology companies, as well as academic institutions. These services can help companies develop new drugs, identify new biomarkers, and personalized medicine for their patients.
Based on Application, Artificial Intelligence in the Bioinformatic market is Genomics, Chemoinformatics and drug Design, Proteomics, DNA Sequencing, System Biology, Transcriptomics, Text Mining, Microarrays, Metabolomics, Others. The genomics segment is the largest segment of Artificial Intelligence in the Bioinformatic market. This is due to the increasing demand for AI-powered genomics solutions for drug discovery, biomarker development, and personalized medicine. Genomics can be used to sequence and analyze the entire genome of an individual, which can provide valuable information for drug development and personalized medicine.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
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Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool - EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from Fortune's global 2000 companies.
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