AI in Genomics Market Size to Grow USD 9,859.7 Million by 2031 Registering a CAGR of 40.6% | Valuates Reports
BANGALORE, India, Sept. 20, 2023 /PRNewswire/ -- The Global AI in Genomics Market is Segmented by Offering (Hardware, Software, Services), by Technology (Machine Learning, Computer Vision), by Application (Drug Discovery and Development, Precision Medicine, Diagnostics, Others), by End User (Pharmaceutical and Biotech Companies, Healthcare Providers, Research Centers): Global Opportunity Analysis and Industry Forecast, 2021-2031.
The AI in Genomics market size was valued at USD 346.3 Million in 2021 and is projected to reach USD 9,859.7 Million by 2031, registering a CAGR of 40.6% from 2022 to 2031.
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Major Factors Driving the Growth of AI in Genomics Market:
The demand for cost and time management in drug research and development, rising public and private investments in genomics AI, and the acceptance of AI solutions in precision medicine are the factors propelling the expansion of this AI in the Genomics Market.
The need to speed up procedures and timelines, save costs associated with drug development and discovery, increase player alliances and collaborations, and increase investments in AI and genomics are the main factors driving AI in Genomics Market growth. Additionally, factors including increasing AI adoption in precision medicine, falling hardware costs, and the explosion of bioinformatics and genomic databases are all boosting market growth.
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TRENDS INFLUENCING THE GROWTH OF AI IN GENOMICS MARKET:
Drug development is an expensive and drawn-out process, necessitating the use of different techniques. In vivo and in vitro techniques are frequently used for drug discovery and development, although they are expensive and time-consuming. The majority of the medication candidates chosen during the discovery phase fall short during the latter phases of development as a result of toxicity or other pharmacokinetic traits. By foreseeing a drug compound's outcome during the discovery phase and removing compounds with no potential during the early discovery phase itself, machine learning technology can be helpful at this time. By doing this, the time and money spent looking for possible drug candidates will be greatly reduced.
Numerous research studies have been conducted as a result of the strong stakeholder interest in the potential for time and cost savings in this process. This is expected to drive the growth of AI in the Genomics Market.
To find genetic variations in a human genome, a complex and computationally costly process called sequencing analysis is needed. With the use of RNN- and CNN-based models, deep learning is becoming more crucial for base calling within the genomic instrument. Neural networks decipher the 3 billion nucleotide pairs of the human genome by analyzing picture and signal data produced by devices. This is guaranteeing that base calling happens more quickly and boosts read accuracy, which accelerates the entire genomics workflow from sample to variant call format to final report. This is expected to drive the growth of AI in the Genomics Market.
The scientific community and society must fully trust and accept AI systems in order for genetic medicine to be successful. A considerable deal of attention must be taken to ensure the quality and correctness of the data utilized for the analysis because an AI system's data analysis is only as good as the data supplied. Data sharing between different companies, hospitals, and governmental agencies may be necessary to gain access to sufficiently complete and high-quality data. Therefore, in order to successfully develop AI-driven genomic medicine that is regarded and embraced by the scientific community and society, private enterprises and the government will need to work together. This is expected to drive the growth of AI in the Genomics Market.
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AI IN GENOMICS MARKET SHARE
The market is divided into software, services, and hardware segments based on what each offers. The largest contributor to the AI in Genomics Market Size in 2021 was the software sector. But during the projected period, the hardware segment is expected to increase at the highest CAGR. Because AI enables the processing of enormous volumes of data produced by genomic sequencing methods, AI hardware has been used more and more in genomic analysis.
The market is divided into machine learning and computer vision based on technology.
In terms of revenue, the machine learning category led the market in 2021 and is anticipated to expand at a quicker CAGR over the projected period. This is explained by the popularity of numerous applications in precision medicine, drug development, and genetic data processing.
The market is divided into diagnostics, precision medicine, drug research & development, and others based on application. Due to the streamlined drug discovery process that reduced the time and cost needed to produce new treatments while also enhancing the success rate, the drug discovery segment contributed the most to the market in 2021. The application of AI in genomics has substantially improved the accuracy and speed of diagnostic tests, but the diagnostics category is predicted to increase at the highest CAGR throughout the forecasted period.
The market is divided into pharmaceutical and biotech firms, healthcare organizations, and research facilities based on the end user. In 2021, the segment of pharmaceutical and biotech companies contributed the most to the market. However, due to the huge rise in the usage of AI for illness detection in hospitals by healthcare providers, it is predicted that the sector of healthcare providers would expand at the highest CAGR throughout the forecasted period.
The market share of AI in genomics is examined by region, including North America, Europe, Asia-Pacific, and LAMEA. In 2021, North America was the region that contributed the most revenue to the market. This is credited to numerous academic institutions, including Stanford, MIT, Carnegie Mellon University, and the University of California, Berkeley, which are at the forefront of AI research. These organizations perform cutting-edge research and entice top people from around the globe. Additionally, the American government and the commercial sector have made significant investments in the study and advancement of AI.
However, Asia-Pacific is anticipated to experience the quickest CAGR growth throughout the forecast period for the market for artificial intelligence in genomics. This is due to an increase in the number of major players investing in the development of AI as well as an increase in the number of key players themselves.
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Key Players:
- Microsoft Corporation
- Freenome Holdings, Inc
- Thermo Fisher Scientific Inc
- Illumina, Inc
- NVIDIA Corporation (Mellanox Technologies)
- Sophia Genetics
- IBM Corporation
- Deep Genomics
- Data4Cure, Inc
- BenevolentAI
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SIMILAR REPORTS
- Genomics market size is projected to reach USD 31240 Million by 2027, from USD 15120 Million in 2020, at a CAGR of 10.8% during 2021-2027.
- Pharmacogenomics (PGx) market size is projected to reach USD 14590 Million by 2028, from USD 7757.9 Million in 2021, at a CAGR of 9.3% during 2022-2028.
- Genome Editing market size is projected to reach USD 6739.8 Million by 2028, from USD 3513 Million in 2021, at a CAGR of 9.3% during 2022-2028.
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