Press release
AI in Genomics Market Predicted to Grow at CAGR of 40.6% by 2031, with Revenue $9.8 Billion | BenevolentAI, Microsoft Corporation, Sophia Genetics, Data4Cure
Based on offering, the software segment held the highest market share in 2021, accounting for more than three-fifths of the global AI in genomics market, and is estimated to maintain its leadership status throughout the forecast period, owing to the increase in demand for precision medicine. However, the hardware segment is projected to manifest the highest CAGR of 41.0% from 2022 to 2031. AI hardware has been increasingly used in genomic analysis owing to the reason that AI enables the processing of vast amounts of data generated by genomic sequencing technologies.
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AI in Genomics Market Segmentation:
By Technology:
Machine Learning
Computer Vision
By Offering:
Hardware
Software
Services
By Application:
Drug Discovery and Development
Precision Medicine
Diagnostics
Others
By End User:
Pharmaceutical and Biotech Companies
Healthcare Providers
Research Centers
By Region:
North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
Asia-Pacific (Japan, China, Australia, India, South Korea, Rest of Asia-Pacific)
LAMEA (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
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The analyst's review section provides various opinions of top-level CXOs in the global AI in the genomics market. According to the insights of CXOs, an increase in demand for AI and a rise in investments for research and development to explore more applications of AI in genomics are expected to offer profitable opportunities for the expansion of the AI in Genomics Market Size. In addition, favorable government initiatives and higher spending for AI development, have piqued the interest of several companies to develop AI software and services for genomic applications.
Leading Market Players:
IBM Corporation,
Deep Genomics,
Thermo Fisher Scientific Inc.,
Illumina, Inc.,
Data4Cure, Inc,
BenevolentAI,
Microsoft Corporation,
NVIDIA Corporation (Mellanox Technologies),
Sophia Genetics,
Freenome Holdings, Inc
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly half of the global AI in genomics market, and is likely to dominate the market during the forecast period. This is attributed to a large number of universities and research institutions that are at the forefront of AI research, including Stanford, MIT, Carnegie Mellon University, and the University of California, Berkeley. These institutions attract top talent from around the world and conduct cutting-edge research. Furthermore, The U.S. government and private industry have invested heavily in AI research and development. However, the Asia-Pacific region is expected to witness the fastest CAGR of 46.9% from 2022 to 2031, owing to increase in investments for development of AI and an increase in the number of key players developing AI.
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