Artificial Intelligence in Genomics Market Size to Hit US$ 5,973 Million by 2030

According to Nova one advisor’s latest research report on the global Artificial Intelligence in Genomics market size was estimated at USD 283.42 million in 2021 and is expected to surpass around USD 5,973 million by 2030 and poised to grow at a compound annual growth rate (CAGR) of 40.32% during the forecast period 2022 to 2030.

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Solutions from the global artificial intelligence in genomics market are widely used in precision medicine as well as drug discovery branches of the healthcare and pharmaceutical industries. These solutions use various technologies, such as computer vision as well as machine learning. They can also be used for diagnostics purposes in the healthcare industry. The solutions offered by the players in global artificial intelligence in genomics market, both services as well as software, are used to automate or intelligently manage tedious and time consuming tasks in drug discovery processes. 

The market analysis study on the global artificial intelligence in genomics market offers a closer look at the key brand positioning strategies of foremost industry players, volumes of goods produced as well as investments made in recent tactical moves, and the various emerging opportunities in major areas of the application of leading products and services. The research report on the global artificial intelligence in genomics market takes a closer look at the various end-users, different industry segments, and the technological enhancements in production and manufacturing industries. In addition, the analysts offer detailed data points on the growth prospects of various segments and regional segments.

Report Scope of the Artificial Intelligence in Genomics Market

Driver: Need to control the time and cost of drug discovery and development

Drug discovery is a very costly and lengthy process, owing to which there is a need for alternative tools in discovering new drugs. Drug discovery and development is commonly conducted through in vivo and in vitro methods, which are very costly and time-consuming.

Restraint : Lack of skilled AI workforce and ambiguous regulatory guidelinesFor medical software Healthcare Fraud

An AI is a complex system; to develop, manage, and implement AI systems, companies require a workforce with certain skill sets. For instance, personnel dealing with AI systems should be aware of cognitive computing, ML and machine intelligence, deep learning, and image recognition. Integrating AI solutionsinto existing systems is also a challenging task requiring extensive data processing to replicate humanbrain behavior. Even a minor error can result in system failure or adversely affect the desired result.

Challenge: Laack of curated genomics data

Data is a vital source to train and develop a complete and robust AI system. Earlier, datasets were mostlystructured and entered manually. However, the growing digital footprint and technology adoption, such as IoT in healthcare and life science, has resulted in large data volumes that are unstructured (and in theform of text, voice, or images)

Opportunity: focus on developing human-aware AI systems

The aim of developing AI technologies was to make them human-aware or capable of human thinking patterns. However, creating interactive and scalable machines remains a challenge for the developers of AI machines.

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Offering Insights

Based on the offering, the software segment dominated the global AI in genomics market in 2021. This growth is attributed to the increased adoption of the AI-based software in the research and development phase of the drug discovery and drug development activities. Moreover, the presence of several number of leading pharmaceutical companies along with the numerous contract research organization and the higher adoption of software for collecting, storing, and analyzing data has led to the growth of the software segment in the global AI in genomics market. The rising number of contract research organizations, biotech companies, and healthcare providers coupled with the rising adoption of the AI technology is expected to have a significant and positive impact on the growth of the software segment in the forthcoming years.

On the other hand, the services is expected to be the fastest-growing segment during the forecast period. The lack of availability of the AI skilled workers is a major factor behind the rising demand for the services in the market. The operation of AI-based systems needs special skills and understanding of this latest technology and hence the demand for services is expected to grow significantly during the forecast period.

Application Insights

Based on the application, the drug discovery & development segment dominated the global AI in genomics market in 2021. The rising prevalence of various chronic, infectious, and gene related diseases among the global population is significantly attracting investments towards the drug discovery & development activities. The rising need to control costs and enhance efficiency and provide desired results, the adoption of the AI in genomics significantly fostered in the past decade. Drug discovery and development became the highest adopter of the AI technology in the genomics industry. Moreover, the growing government and corporate efforts to decrease the healthcare costs has resulted in the adoption of the AI in the drug discovery and development activity.

The precision medicine is expected to be the most opportunistic segment during the forecast period. The rising advances in the oncology and cancer biologics is driving the growth of the precision medicine segment. The rising adoption of AI in the precision medicine in the prevention and management of cancer is expected to significantly drive the growth of the precision medicine segment in the global AI in genomics market.

End User Insights

Based on the end user, the pharmaceutical and biotech companies segment dominated the global AI in genomics market in 2021. The presence of the leading pharmaceutical companies across the globe is significantly driving the demand for the AI technology for various activities like making precision medicine, drug discovery, drug development, and manufacturing of diagnostic devices using AI technology. Further, the rapidly growing biotechnology companies across the globe is significantly responsible for the growth of the AI in genomics market owing to its rising adoption of the AI technology.

Healthcare providers is expected to be the fastest-growing segment during the forecast period. The growing geriatric population and rising prevalence of diseases is significantly boosting the number of hospital admissions. The healthcare providers are under immense pressure to provide quick and enhanced services to the patients at low cost. Therefore, the healthcare sector is significantly investing in the adoption of the AI-based services and software to reduce healthcare costs, improve care quality, and provide quick treatment services to the patients.

Region Insights

Based on the region, North America dominated the global AI in genomics market in 2021. North America is the home to several leading pharmaceutical and biotechnology companies that has significantly contributed to the growth of the AI in genomics market. The huge investments in the adoption of AI technology in the pharma sector of North America has led to the huge market growth. Further, the presence of huge patient population owing to the presence of high geriatric population and increased prevalence of chronic diseases has resulted in the huge adoption of the AI-based technology in the healthcare sector. It is estimated that more than half of the US population is suffering from one or more chronic diseases. Moreover, by 2060, about 24% of the US population would be of age 65 years or above. Thus the rising demand for innovative medicines and quick treatment services is expected to boost the growth of the North America AI in genomics market.

Asia Pacific is expected to be the fastest-growing market during the forecast period. The surging uses of AI across various application such as agriculture, animal research, diagnostics, and drug discovery is driving the market growth significantly. Moreover, the presence of several top research organizations in the region and rising demand for the AI technology among them is fostering the growth of the AI in genomics market in Asia Pacific region.

Some of the prominent players in the Artificial Intelligence in Genomics Market include:

• IBM
• NVIDIA Corporation
• Benevolent AI
• Verge Genomics
• MolecularMatch, Inc.
• SOPHiA GENETICS
• PrecisionLife Ltd.
• Lifebit
• FDNA, Inc.
• Empiric Logic
• Microsoft
• Deep Genomics
• Fabric Genomics Inc.
• Freenome Holdings, Inc.
• Cambridge Cancer Genomics
• Data4Cure Inc.
• Engine Biosciences Pte. Ltd.
• Genoox Ltd.
• Diploid
• DNAnexus Inc.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Artificial Intelligence in Genomics market

By Offering

• Software
• Services

By Application

• Drug Discovery & Development
• Precision Medicine
• Diagnostics
• Animal Research and Agriculture
• Others

By End User

• Pharmaceutical & Biotech Companies
• Government Organizations
• Research Organizations
• Others

By Technology

• Machine Learning
  • Deep Learning
  • Supervised Learning
  • Reinforcement Learning
  • Unsupervised Learning
  • Other
• Other Technologies

By Functionality

• Genome Sequencing
• Gene Editing
• Clinical Workflows
• Predictive Genetic Testing & Preventive Medicine

Regional Segmentation

• Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
• Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
• North America [United States, Canada, Mexico]
• South America [Brazil, Argentina, Columbia, Chile, Peru]
• Middle East & Africa [GCC, North Africa, South Africa]

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Objectives of the Study

• To define, describe, and forecast the Artificial Intelligence In Genomics market based on type, technology, application, end user, and region
• To provide detailed information regarding the major factors influencing market growth (such as drivers, restraints, opportunities, and challenges)
• To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total market
• To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To forecast the size of the market segments with respect to five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa
• To profile key market players and comprehensively analyze their product portfolios, market shares, and core competencies
• To track and analyze competitive developments, such as product launches, expansions, acquisitions, agreements, and collaborations in the Artificial Intelligence In Genomics market

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