AI in Genomics Market Set to Reach $6.22 Billion by 2029: Meticulous Research® Reveals Exclusive Insights

[Redding, California,22-03-2024] - Meticulous Research®, a leading provider of market intelligence and advisory services, has unveiled its latest report forecasting the trajectory of the AI in Genomics Market. Titled "AI in Genomics Market by Offering (Software, Services), Functionality (Sequencing, Gene Editing), Application (Diagnostics, Precision Medicine, Drug Discovery and Development), Delivery Mode (On-premise, Cloud), and End User-Global Forecast to 2029," the report projects a remarkable CAGR of 42.8% during the forecast period, culminating in a market value of $6.22 billion by 2029.

The intersection of artificial intelligence (AI) and genomics heralds a new era of advancement in healthcare. Leveraging machine learning (ML) algorithms, AI unlocks hidden insights within vast genomic datasets, revolutionizing clinical and research endeavors. From identifying genetic anomalies to predicting disease progression and enhancing gene editing capabilities, AI empowers precision healthcare like never before.

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Navigating the Impact of COVID-19

The COVID-19 pandemic has catalyzed growth in the AI in Genomics market. Heightened investments from pharmaceutical giants in COVID-19 vaccine development spurred an unprecedented surge in AI integration within genomics. AI played a pivotal role in decoding the origins, behavior, and structure of SARS-CoV-2, accelerating vaccine and therapy development. Notably, market players swiftly responded to the pandemic, with NVIDIA Corporation expanding its Clara Healthcare Platform to aid COVID-19 research efforts.

Segmentation and Market Dynamics

The comprehensive report segments the global AI in Genomics market based on offerings, delivery modes, functionalities, applications, end-users, and geography. Noteworthy trends include:

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Offering: In 2022, software dominates the market share, driven by its adoption in drug discovery and precision medicine by pharmaceutical and biotechnology firms.

Delivery Mode: Cloud-based models are poised for significant growth, offering enhanced security, scalability, and affordability, thereby eliminating the need for extensive capital expenditure.

Functionality: Genome sequencing emerges as the frontrunner, facilitating rapid identification of genetic patterns and expediting drug discovery processes.

Application: Drug discovery and development witness the largest share, fueled by the demand for innovative therapies and burgeoning collaborations among industry players.

End User: Pharmaceutical and biopharmaceutical companies lead in market share, leveraging AI to identify disease-causing mutations and optimize treatment regimens.

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Key Strategic Developments

The report scrutinizes key strategic developments among market leaders from 2020 to 2022, including collaborations and product launches. Notable instances include NVIDIA's collaboration with the UK Biobank and Fabric Genomics' launch of Fabric GEM for genetic disease diagnosis.

Leading Players

Some of the prominent players in the global AI in Genomics market include Microsoft Corporation, NVIDIA Corporation, Deep Genomics Incorporated, Fabric Genomics, Inc., and BenevolentAI Limited, among others.

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