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Meticulous Research® Forecasts Explosive Growth in Global AI in Genomics Market, Projected to Reach $6.22 Billion by 2029
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Driving Forces Behind Market Expansion
The rapid integration of artificial intelligence (AI) in genomics is reshaping the landscape of healthcare, particularly through advancements in drug discovery and diagnostics. Key factors contributing to the market's robust growth include:
• Increased Adoption of AI in Healthcare: AI's application in genomics is enhancing precision medicine and accelerating drug discovery processes.
• Rising Investments: Significant financial investments in genomic research and AI technologies are fueling market expansion.
• Innovation in Machine Learning: The integration of machine learning in personalized medicine is creating new opportunities within the genomics sector.
• Emergence of Start-Ups: Local and regional start-ups specializing in AI and genomics are driving innovation and competition in the market.
Market Segmentation and Future Outlook
The comprehensive study segments the AI in genomics market by offering, delivery mode, functionality, application, end user, and geography. Each segment offers unique insights into the market's trajectory:
• Offerings: In 2022, the software segment is expected to dominate the market. The prevalence of subscription models, licensed software, and software-as-a-service solutions are contributing to the substantial revenue share of this segment. Technological advancements in AI-driven genomics software are further propelling market growth.
• Delivery Modes: The cloud and web-based delivery modes are anticipated to experience the fastest growth. These models offer cost savings, flexibility, automatic updates, and enhanced data security, making them increasingly attractive to pharmaceutical and biopharmaceutical companies.
• Functionalities: Genome sequencing is projected to hold the largest market share in 2022. AI's ability to process and analyze extensive genetic data sets with increased accuracy is driving the demand for advanced sequencing solutions, which play a critical role in identifying disease genes and mutations.
• Applications: The drug discovery and development segment is expected to be the largest contributor to market growth. AI's role in modeling disease heterogeneity, optimizing drug candidates, and identifying therapeutic targets is revolutionizing the drug development process, making it more efficient and cost-effective.
• End Users: Pharmaceutical and biopharmaceutical companies are forecasted to dominate the market. The integration of AI in genomics enables these companies to expedite drug discovery and enhance precision medicine, addressing growing market demands effectively.
Geographic Insights
Geographically, North America is predicted to capture the largest share of the AI in genomics market in 2022, with the United States leading the region. The region's substantial investment in genomics and AI technologies, coupled with increasing adoption of precision medicine solutions, underscores its dominant position. Europe and Asia-Pacific are also expected to show significant growth, driven by rising investments and technological advancements.
Key Players
The key players operating in the global AI in genomics market are Microsoft Corporation (U.S.), NVIDIA Corporation (U.S.), Deep Genomics Incorporated (Canada), Fabric Genomics, Inc. (U.S.), Data4Cure, Inc. (U.S.), Predictive Oncology Inc. (U.S.), Emedgene Technologies LTD (U.S.), Congenica Ltd. (U.K.), Tempus Labs, Inc. (U.S.), SOPHiA GENETICS SA (Switzerland), Illumina Inc. (U.S.), and BenevolentAI Limited. (U.K.).
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Key questions answered in the report-
• Which are the high-growth market segments in terms of offering, delivery mode, functionality, application, end user, and geography?
• What was the historical market for AI in genomics across the globe?
• What are the market forecasts and estimates for the period 2022-2029?
• What are the major drivers, restraints, opportunities, and challenges in the global AI in genomics market?
• Who are the major players in the global Artificial Intelligence in genomics market?
• How is the competitive landscape, and who are the market leaders in the global AI in genomics market?
• What are the recent developments in the AI in genomics market?
• What are the different strategies adopted by the major players in the AI in genomics market?
• What are the geographic trends and high growth regions/countries?
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RELATED REPORTS :
1. Artificial Intelligence in Drug Discovery Market : https://www.meticulousresearch.com/product/artificial-intelligence-in-drug-discovery-market-5429
2. Genomics Market : https://www.meticulousresearch.com/product/genomics-market-1262
3. Artificial Intelligence in Medical Diagnostics Market : https://www.meticulousresearch.com/product/artificial-intelligence-in-medical-diagnostics-market-5312
4. Molecular Cytogenetics Market : https://www.meticulousresearch.com/product/molecular-cytogenetics-market-3067
5. Spatial Genomics Market : https://www.meticulousresearch.com/product/spatial-genomics-market-5763
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