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Growing Adoption Of Ai Drives The AI In Genomics Market : Key Factor Driving The Growth In The AI In Genomics Market
AI In Genomics
What Is the Expected AI In Genomics Market Size During the Forecast Period?
The market size for AI in genomics has seen a significant increase lately. It's projected to rise from $1.06 billion in 2024 to $1.52 billion in 2025, bearing a compound annual growth rate (CAGR) of 42.8%. The expansion during the historical phase may be credited to advancements in genome sequencing, issues related to data handling, the need for personalized healthcare, comprehension of diseases and their diagnosis, and progression in drug invention and development.
The market for AI in genomics is projected to experience remarkable growth in the upcoming years, swelling to $6.64 billion by 2029, with a compound annual growth rate (CAGR) of 44.6%. This substantial growth during the anticipated period can be credited to aspects such as the broadening of genomic databases, the improvement of genomic data security, the discovery of biomarkers driven by AI, the amalgamation with other 'omics' data, and the empowerment and education of patients. Major trends to be noted during this projected period are the application of AI in cancer genomics, the enhancement of genomic imaging by AI, the discovery of biomarkers powered by AI, the integration of genomic data throughout healthcare systems, and the use of AI in researching functional genomics.
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What Are the High-Growth Segments in the AI In Genomics Market?
The AI in genomics market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Technology: Machine Learning, Computer Vision
3) By Functionality: Genome Sequencing, Gene Editing, Other Functionalities
4) By Application: Drug Discovery And Development, Precision Medicine, Diagnostics, Other Applications
5) By End-Use: Pharmaceutical And Biotech Companies, Healthcare Providers, Research Centers, Other End-Users
Subsegments:
1) By Hardware: Servers, Storage Devices, Networking Equipment
2) By Software: Data Analysis Software, Machine Learning Algorithms, Visualization Tools, Genomic Data Management Software
3) By Services: Consulting Services, Integration Services, Support And Maintenance, Data Analytics Services
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What Key Drivers Are Expected to Influence Future AI In Genomics Market Growth?
The increase in AI use is projected to drive the expansion of the AI in genomics sector in future. The realm of artificial intelligence employs computer science and vast datasets to address complex issues and includes machine learning and deep learning divisions, often associated with AI. AI is instrumental in genomics for detecting genetic diseases and the prime category of cancer, predicting disease progression in individuals, identifying genomic variations that cause diseases, and enhancing the efficiency of gene editing tools. Due to such advantages, there has been a surge in demand for AI in genomics. As an example, a report released by IBM, a US-based tech company, in May 2022 stated that the worldwide AI adoption rate soared to 35%, marking a four percent rise from the previous year. Moreover, in May 2023, according to a report issued by the Commonwealth Scientific and Industrial Research Organization (CSIRO), an Australia-based government agency, 68% of Australian firms have already integrated AI technologies, and an additional 23% plan to do so within the following year. Hence, the escalating adoption of AI is fuelling the expansion of the AI in genomics market.
Which Companies Hold the Largest Share Across Different AI In Genomics Market Segments?
Major companies operating in the AI in genomics market include International Business Machines Corporation, Microsoft Corp., NVIDIA Corporation, Deep Genomics Inc., BenevolentAI Ltd., Fabric Genomics Inc., Verge Genomic Inc., Freenome Holdings Inc., MolecularMatch Inc., SOPHiA GENETICS SA, Data4Cure Inc., PrecisionLife Ltd., Genoox Ltd., Lifebit Ltd., Empiric Logic Ltd., FDNA Inc., DNAnexus Inc., Engine Biosciences Pte Ltd., 4baseCare, Congenica Ltd., CytoReason Ltd., Emedgene Technologies LTD, Illumina Inc., Lifebit Biotech Ltd., Mendel.ai, Predictive Oncology Inc., Tempus Labs Inc., 10x Genomics Inc., Repositive Limited, Genedata AG, Global Gene Corp, Nference Inc., Bluebee Holding B.V., Genomenon Inc.
What Trends Are Driving Growth in The AI In Genomics Market?
The rise of technological innovations is a significant trend being observed in the AI in genomics market. Major players within this industry are concentrating on creating cutting-edge technological solutions to bolster their market position. For example, in March 2023, Genomic Vision, a French biotechnology firm specializing in genetic disease and cancer diagnostic solutions, introduced FiberSmart, an AI-powered tool for high-resolution visualization and analysis of lengthy DNA fibers. This software could potentially revolutionize the diagnosis and treatment of genetic disorders. It was designed to enhance the precision and efficiency of detecting and managing genetic diseases. This technology harnesses large data volumes to identify patterns and insights that would be otherwise undetectable by humans.
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What Are the Emerging Geographies for The AI In Genomics Market Growth?
North America was the largest region in the AI in genomics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the AI in the genomics market report during the forecast period. The regions covered in the AI in genomics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the AI In Genomics Market?
2. What is the CAGR expected in the AI In Genomics Market?
3. What Are the Key Innovations Transforming the AI In Genomics Industry?
4. Which Region Is Leading the AI In Genomics Market?
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