AI in Genetics Market 2024 [Latest Trends]: Analysis Future Opportunity and Demand Forecast Year 2030

The Latest Research Report on AI in Genetics Market 2024 outlines the key factors influencing the growth of this area in terms of the competitive and geographic environment. In addition, the research discusses the obstacles to market growth and provides information on unexplored prospects that will promote company progress in the 2024-2030 forecast period.

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Major Major Players are:
NIMGenetics (Spain), Sistemas Genómicos (Spain), FullGenomics (Spain), GENinCode (UK), Atrys Health (Spain), Geneva (Spain), Igenomix (India), Genologica (Spain), Bode Technology Group Inc (US)

AI in Genetics Market Overview:

Market Size and Overview:

In 2023, the Global AI in Genetics Market was valued at USD 35.8 Million, and is projected to reach a market size of USD 112.42 Million by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 17.76%.

Market Overview

The exploration of human genetics revolves around understanding the transmission of genes across generations. A minute mutation in the genome can result in an illness phenotype. Various inheritance patterns, such as X-linked recessive, autosomal recessive, and autosomal dominant, are inherited from parents to offspring, with genetic illnesses manifesting as monogenic, multifactorial, or chromosomal. The utilization of genetic data in healthcare and advancements in genetic testing technology are anticipated to boost the AI in genetics market.

Governments globally have intensified their focus on regulating and promoting awareness about genetic tests, facilitating the widespread acceptance of these tests. The market presents a formidable entry barrier for new players due to increased research and development investment and the strong market presence of established companies. Sustaining a competitive advantage necessitates emphasis on product design innovation, quality enhancement, and robust distribution relationships. Notably, in August 2021, Ricoh Company Ltd. and DNA Chip Research Inc. introduced the RICOH Standard DNA Series EGFR mutation Type001, a reference DNA plate for blood-based genetic testing in the diagnosis of lung cancer.

The adoption of direct-to-consumer genetic testing kits is rapidly increasing in countries like the United States, China, and Japan. The DTC-GT (Direct-to-Consumer Genetic Testing) kits market is expected to witness substantial growth due to increased technological usage, awareness initiatives, and competitive pricing. Emerging economies, including India, present lucrative opportunities for companies aiming to establish a foothold in the genetic testing industry.

Covid-19 Impact on AI in Genetics Market

The global COVID-19 pandemic has profoundly affected lives worldwide, prompting governments to implement lockdowns and social distancing measures. Paradoxically, the healthcare and life sciences industries have experienced significant benefits. Companies are swiftly developing solutions that leverage artificial intelligence for the microscopic study of human genetics. Genomic data is instrumental in developing personalized treatments by pharmaceutical companies. Healthcare institutions utilize genetic information to analyze an individual's genetic composition, aided by advances in machine learning. Public health organizations are increasingly employing artificial intelligence to detect and prevent diseases, particularly in analyzing COVID-19 genomic sequences. The pandemic has accelerated the integration of artificial intelligence in genetics, with a positive impact on the global AI in genetics industry anticipated in the coming years.

Market Drivers

The market is being propelled by the increasing popularity of genetic testing.

Genetic testing, a medical examination evaluating genes, chromosomes, or proteins for mutations, is gaining prominence. The diverse range of genetic tests, including predictive and pre-symptomatic testing, carrier testing, prenatal and neonatal testing, diagnostic testing, and pharmacogenomic testing, aids in identifying genetic conditions or assessing the risk of developing one.

The expanding use of genetic data in healthcare and advancements in genetic testing technology are driving market growth.

Genetic testing categories such as Noninvasive Prenatal Testing (NIPT), carrier testing, pharmacogenomic testing, karyotype testing, thrombophilia testing, predictive testing, and ancestry & relationship testing are gaining traction. The data derived from these tests facilitates a comprehensive understanding of disease history, empowering individuals to take proactive measures for their health.

Market Restraints

The high cost of genetic testing is impeding market expansion.

The cost of genetic tests, ranging from $100 to $2,000 based on complexity, poses a financial barrier. Additionally, the necessity for multiple tests increases the overall cost. Limited insurance coverage further contributes to consumer reluctance, hindering market growth despite advancements in testing technology.

A shortage of skilled AI professionals and unclear legal requirements are hindering market expansion.

Companies require a specialized workforce proficient in cognitive computing, machine learning, deep learning, and image recognition to design and implement AI systems. Integrating AI into existing systems is challenging, demanding precision to avoid system failure or undesired outcomes. The scarcity of competent professionals and ambiguous legal requirements pose obstacles to market growth.

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Market Segmentation are:
Segmented By Application (Wellness & E-Commerce, Preventive Medicine, Diagnostic & Treatment); Function (Genome Sequencing, Gene Editing, Predictive Testing Of Genes, Others); End-user (Pharmaceutical & Biotech Companies, Healthcare Providers, Research Centers, Academic Institutes, Government Organizations, Other End Users); and Region - Size, Share, Growth Analysis | Forecast (2024 2030)

AI in Genetics insights, overview and deep study of factors are considered to have greater influence over future course of the industry such as market size, market share, different dynamics of the industry, AI in Genetics market companies, regional analysis of the domestic markets, value chain analysis, consumption, demand, key application areas and more.

NOTE: Our report highlights the major issues and hazards that companies might come across due to the unprecedented outbreak of COVID-19.

How will this report benefit potential stakeholders?
-Comprehensive assessment of all opportunities and risks in the AI in Genetics market.
-The detailed study of business strategies for the growth of the AI in Genetics market-leading players.
-Conclusive study about the growth plot of the AI in Genetics market for forthcoming years.
-In-depth understanding of AI in Genetics market-particular drivers, constraints, and major micro markets.
-Favorable impression inside vital technological and market latest trends striking the AI in Genetics market.

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What AI in Genetics Market report offers:
1.AI in Genetics Market share assessments for the regional and country-level segments
2.Market share analysis of the top industry players
3.AI in Genetics Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
4.Strategic recommendations in key business segments based on the market estimations
5.Competitive landscape covering following points: Company Overview, Product Portfolio, Financial Performance, Recent Highlights, Strategies

COVID-19 has had a major impact on the world economy in addition to that on the public health. This particular pandemic had caused severe economic destruction and not a single country has been left unaffected. The virus has forced businesses around the globe to change the way they operate. This report gives an analysis of the COVID-19 aftermath on AI in Genetics market.

Competitive Rivalry:
The report highlights vital details based on the leading players in the global Industrial AI in Genetics market. It features their details such as product/business portfolio, market share, financial status, regional share, segment revenue, SWOT analysis, manufacturing base, capacities, production volume, major vendors, raw material sourcing strategies, organizational structure. Their latest corporate deals, joint ventures, mergers and acquisitions, product launches, and other brand promotions are other facts about the market players included in the report.

We also offer customization on reports based on specific client requirement:
1- country-level analysis for any 5 countries of your choice.
2- Competitive analysis of any market players.
3- 40 analyst hours to cover any other data points

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Finally, AI in Genetics Market is a valuable source of guidance for individuals and companies in decision framework.

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Cognate Lifesciences is a specialized hub for all market research reports related to Lifesciences Market. Some of the sub domains covered by our team are Pharmaceuticals, Medical Devices and Supplies, Healthcare, Diagnostics, Biotech, Therapeutics, Healthcare IT etc. We offer syndicated/customized market research studies along with advisory and consulting services.

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