Meticulous Research®, a top-tier global market research firm, has recently unveiled a detailed report titled, Artificial Intelligence in Genomics Market by Offering (Software, Services), Functionality (Sequencing, Gene Editing), Application (Diagnostics, Precision Medicine, Drug Discovery and Development), Delivery Mode (On-premises, Cloud) and End User—Global Forecast to 2029.
Projected Market Growth
According to the report, the AI in genomics market is set to grow at a remarkable CAGR of 42.8% between 2022 and 2029, reaching a total market size of $6.22 billion by 2029. Several factors are driving this rapid growth, including the expanding use of AI in healthcare, specifically genomics, increasing investments in genomics research, and the rising need to shorten the time required for drug discovery and diagnostics. The growing application of machine learning in personalized medicine and the emergence of startups in AI and genomics are also contributing to market expansion.
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Breakdown of Market Segmentation
The market report categorizes AI in genomics by offering (software, services), delivery mode (on-premises, cloud/web-based), functionality (genome sequencing, gene editing), application (drug discovery, diagnostics, precision medicine), and end-user (pharmaceutical companies, academic research institutions). The competitive landscape is also analyzed, providing insights into market shares at both global and regional levels.
Software to Lead the Market in Offerings
The software segment is projected to dominate the market by 2022, as software products are usually sold through subscription or licensing models that generate steady revenue. Software innovations, spurred by advances in AI technology, are further fueling market growth in genomics.
Cloud-based Delivery Models Surge
Cloud and web-based delivery modes are expected to see the fastest growth, as pharmaceutical companies continue to adopt these models for their cost-saving benefits, flexibility, automatic updates, and strong data security measures.
Genome Sequencing in the Lead for Functionality
By 2022, genome sequencing is anticipated to be the largest segment within the functionality category. AI technologies have significantly improved genome sequencing, allowing researchers to identify genetic markers and disease-causing mutations faster and more accurately, which is driving demand for these solutions.
AI’s Impact on Drug Discovery
AI in drug discovery and development is forecasted to hold the largest market share among applications in 2022. The integration of AI enables faster identification of disease models, optimization of drug candidates, and identification of new therapeutic targets, all while reducing costs.
Pharmaceutical Companies Drive Market Growth
Pharmaceutical and biopharmaceutical companies are expected to be the largest users of AI in genomics by 2022, driven by the need for faster drug discovery processes and the ability to use AI for precision medicine applications. AI tools allow companies to accelerate development timelines and cut down on research costs.
Regional Market Insights
Geographically, North America is set to dominate the global AI in genomics market in 2022, followed by Europe and the Asia-Pacific. The U.S. will likely lead the North American market due to increasing public and private investments in genomics research and the expanding use of AI in precision medicine applications.
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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