AI in Genomics Market To See Huge Growth In Forecast Year 2024-2030 | Cognate Life Sciences

The Latest Research Report on AI in Genomics 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:
DNAnexus Inc., Lifebit, Empiric Logic, Microsoft, MolecularMatch Inc., Sophia GENETICS, Cambridge Cancer Genomics, Data4Cure Inc., Genoox Ltd., Diploid, Engine Biosciences Pte. Ltd.,, IBM, NVIDIA Corporation, Benevolent AI, Verge Genomics.

AI in Genomics Market Overview:

Market Size and Overview:

The AI in Genomics Market was valued at USD 343.09 million in 2023 and is projected to reach USD 4759.27 million by 2030. The market is anticipated to expand with a stellar CAGR of 45.6% over the forecast period.

Industry Overview

Genomics, a scientific discipline exploring genes, their functions, and the genomes of living organisms, involves the study of structure, evolution, and mapping. Genetic testing plays a pivotal role in understanding susceptibility to diseases, drug responses, and overall human biology. Key components of genomics research encompass structural and functional analysis, DNA sequencing, bioinformatics for sequencing, and recombinant DNA technology. Artificial intelligence (AI) integration in genomics facilitates the development of computer systems for tasks like genome mapping, enabling faster exploration of genetic material structure, evolution, and function compared to human efforts. AI algorithms are applied in clinical genomics for tasks such as genome annotation, variant calling, and correlating phenotypes with genotypes. Additionally, AI methodologies contribute to precise predictions of protein structures and DNA data with minimal manual feature crafting.

The healthcare and pharmaceutical sectors, particularly in precision medicine and drug discovery, leverage global AI in the genomics industry. These solutions, utilizing technologies like computer vision and machine learning, find applications in diagnostics within the healthcare domain. The software and services offered by participants in the global AI in genomics market streamline and intelligently manage complex and time-consuming procedures in drug development.

The imperative to control costs and timelines in pharmaceutical research and development is propelling the AI in genomics industry forward. The Global Artificial Intelligence in Genomics Market anticipates growth, driven by the increasing demand to reduce discovery costs and time in new medication development. Despite the promising trajectory, challenges include a shortage of skilled personnel proficient in AI technologies and unclear, stringent regulations governing the creation and deployment of medical software tools and platforms, which may impede market growth in the coming years.

Covid-19 Impact on AI in Genomics Market

The onset of the COVID-19 pandemic positively influenced healthcare industry growth, emphasizing technological advancements, cost control, and enhanced access to medical systems in future healthcare reforms. Amid the ongoing pandemic, digital health and telemedicine gained prominence, emphasizing the importance of remote diagnosis, care, and consultation. Regulatory and behavioral constraints that hindered telehealth growth in the past are expected to ease, with a surge in video conferencing and telephone consultations. The pandemic underscored the relevance of at-home medical IoT devices for optimizing outpatient therapy, reducing recurrent visits, and crisis management, contributing to the AI in genomics market's growth.

Global AI in Genomics Market Drivers:

Demand to Reduce Drug Development Costs and Time:

The pressing need to minimize drug development costs and time serves as a driving force for the AI in Genomics market. The adoption of artificial intelligence in drug discovery, capable of swiftly analyzing large datasets, offers a time and cost-efficient alternative to traditional approaches, contributing to market expansion.

Rising Incidences of Diseases and Adoption of AI in Precision Medicine:

The increasing prevalence of diseases such as cancer and diabetes, coupled with the growing acceptance of AI solutions in precision medicine, propels market growth. Genome testing enhances awareness of genetic disorders, providing personalized information on health and disease risks, fostering the adoption of AI solutions for improved therapies.

Global AI in Genomics Market Challenges:

Stringent Regulations Governing Medical Software:

Stringent rules and regulations imposed by authorities on the development and deployment of medical software tools and platforms pose a significant obstacle to the growth of artificial intelligence in the genomics market. Approval delays and adherence to strict standards impact the market's overall expansion.

Lack of Skilled Workforce:

The projected shortage of skilled workers in the genomics market, exacerbated by the growing AI industry, may hinder market growth. The continual need for trained personnel and expertise poses a challenge, potentially impeding the steady progress of the genomics market.

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Market Segmentation are:
Segmentation by Offering (Software, Services, and Consumables); Technology (Machine Learning, Computer Vision); Application (Genome Sequencing, Gene Editing, Gene Mapping); End-User (Pharmaceutical Companies, Research Bodies); Region Size, Share, Growth Analysis | Forecast (2024 2030)

AI in Genomics 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 Genomics 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 Genomics market.
-The detailed study of business strategies for the growth of the AI in Genomics market-leading players.
-Conclusive study about the growth plot of the AI in Genomics market for forthcoming years.
-In-depth understanding of AI in Genomics market-particular drivers, constraints, and major micro markets.
-Favorable impression inside vital technological and market latest trends striking the AI in Genomics market.

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What AI in Genomics Market report offers:
1.AI in Genomics Market share assessments for the regional and country-level segments
2.Market share analysis of the top industry players
3.AI in Genomics 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 Genomics market.

Competitive Rivalry:
The report highlights vital details based on the leading players in the global Industrial AI in Genomics 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 Genomics 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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