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Artificial Intelligence in Genomics Market Experiencing Rapid Growth, with a 50.2% CAGR Expected from 2022 to 2030

02-23-2024 07:54 AM CET | IT, New Media & Software

Press release from: Acumen Research and Consulting

Artificial Intelligence in Genomics Market Experiencing Rapid

Introduction:
What exactly is Artificial Intelligence in Genomics? It's the integration of AI technologies, especially machine learning, into the field of genomics to enhance the understanding and interpretation of vast genomic datasets. The global Artificial Intelligence in Genomics Market was valued at approximately USD 471 Million in 2021 and is projected to reach a staggering USD 18,213 Million by 2030. The AI in Genomics market is deeply intertwined with various healthcare applications, emphasizing the use of AI to interpret and analyze genomic data. This sector is witnessing exponential growth due to the increasing genomic datasets and the rising prevalence of chronic diseases like cancer and diabetes. As the healthcare industry increasingly adopts AI in genomics, the potential for this market continues to soar, aiming for enhanced precision in diagnostics and treatment. However, challenges such as a lack of skilled AI workforce and ambiguous regulatory guidelines for medical software pose hurdles. Yet, the demand remains robust as AI in genomics becomes essential for researchers and healthcare professionals. Leading players like IBM, NVIDIA Corporation, and Deep Genomics are at the forefront of this transformation.

Key Points and Statistics on the AI in Genomics Market:
● The global AI in Genomics market size is projected to expand to USD 18,213 Million by 2030, growing at a CAGR of 50.2% from 2022 to 2030.
● AI in Genomics is predominantly utilized in diagnostics, precision medicine, and drug discovery & development.
● With the increasing genomic datasets, the market is attracting more competitors. However, staying ahead requires innovative R&D to enhance the efficiency and precision of AI applications in genomics.
● Prominent players in the market include IBM, NVIDIA Corporation, Deep Genomics, and many more.

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AI in Genomics Market Overview and Analysis:
AI in Genomics might seem specialized, but its impact is profound. This technology is transforming healthcare, from diagnostics to drug development. The AI in Genomics Market is dedicated to harnessing AI to interpret vast genomic datasets, leading to better patient outcomes and more efficient research. However, challenges such as a lack of skilled AI professionals and regulatory hurdles persist. Despite these challenges, the market is poised for significant growth, driven by technological advancements and increasing investments in AI research.

Latest AI in Genomics Market Trends and Innovations:
Technological advancements are leading to more precise and efficient genomic interpretations. For instance, machine learning techniques are enabling faster and more accurate genomic sequencing, gene editing, and predictive genetic testing. Continuous R&D is introducing innovative AI solutions for various applications in genomics, from disease prediction to personalized medicine.

Major Growth Drivers of the AI in Genomics Market:
Driving this growth is the increasing adoption of AI in precision medicine and the need to control the time and costs of drug development. The continuous evolution of AI technology, coupled with the growing genomic datasets, is propelling the market's growth.

Key Challenges Facing the AI in Genomics Industry:
Challenges such as a lack of skilled AI professionals, ambiguous regulatory guidelines, and concerns about data privacy can impact the growth trajectory of the AI in Genomics market.

Market Segmentation Insights:

● Based on Offering:
○ Services
○ Software

● Based on Technology:
○ Deep Learning
○ Machine Learning (ML)
○ Other

● Based on Application:
○ Precision Medicine
○ Drug Discovery & Development
○ Diagnostics

● Based on End-User:
○ Healthcare Providers
○ Research Centers
○ Pharmaceutical & Biotech Companies

Overview by Region of the AI in Genomics Market:
North America dominates the AI in Genomics market due to increasing medical research and adoption of AI in genomics. However, regions like Asia-Pacific are expected to witness rapid growth in the coming years.

Artificial Intelligence in Genomics Market Table of Content:

CHAPTER 1. Industry Overview of Artificial Intelligence in Genomics Market

CHAPTER 2. Research Approach

CHAPTER 3. Market Dynamics And Competition Analysis

CHAPTER 4. Artificial Intelligence in Genomics Market By Offering

CHAPTER 5. Artificial Intelligence in Genomics Market By Technology

CHAPTER 6. Artificial Intelligence in Genomics Market By Application

CHAPTER 7. Artificial Intelligence in Genomics Market By Functionality

CHAPTER 8. Artificial Intelligence in Genomics Market By End-User

CHAPTER 9. North America Artificial Intelligence in Genomics Market By Country

CHAPTER 10. Europe Artificial Intelligence in Genomics Market By Country

CHAPTER 11. Asia Pacific Artificial Intelligence in Genomics Market By Country

CHAPTER 12. Latin America Artificial Intelligence in Genomics Market By Country

CHAPTER 13. Middle East & Africa Artificial Intelligence in Genomics Market By Country

CHAPTER 14. Player Analysis Of Artificial Intelligence in Genomics Market

CHAPTER 15. Company Profile

List of Key Players in the Global Market:
The leading companies include IBM, NVIDIA Corporation, Deep Genomics, and many others.

Footnote:
The AI in Genomics market is transforming healthcare research and treatment. With its potential to revolutionize diagnostics, drug development, and personalized medicine, the market is set for robust growth in the coming decade.

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Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

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