Meticulous Research® has announced the release of a 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.”
The report indicates that the global AI in genomics market is set to grow at a CAGR of 42.8% from 2022 to 2029, reaching $6.22 billion by the end of the forecast period.
Factors such as the increasing application of AI in healthcare, growing investments in genomic research and AI, and a focus on reducing turnaround times in drug discovery and diagnostics are driving this growth. Additionally, the rising use of machine learning (ML) in personalized/precision medicine and the emergence of AI and genomics startups are creating new market opportunities.
AI in Genomics Market: Outlook and Segmentation
The market is segmented by offering (software, services), delivery mode (on-premises, cloud & web-based), functionality (genome sequencing, gene editing, other functionalities), application (drug discovery and development, precision medicine, diagnostics, and other applications), end user (pharmaceutical & biopharmaceutical companies, academic & research institutes, and other end users), and geography. The study also reviews industry competitors and their market shares at both global and regional levels.
In terms of offering, the software segment is anticipated to lead the market in 2022. Software offerings typically generate recurring revenue through subscription, licensed models, and software as a service (SaaS), and ongoing technological advancements in AI for genomics are further driving this segment.
The cloud & web-based segment is forecasted to experience the fastest growth in delivery mode. The benefits of cloud-based/web-based models, including cost savings, flexibility, automatic updates, and enhanced data security, are encouraging adoption among pharmaceutical & biopharmaceutical companies.
For functionality, genome sequencing is expected to hold the largest market share in 2022. AI in genomics software provides increased flexibility and effectiveness for genome sequencing, helping to identify disease genes and mutations, which supports market growth.
The drug discovery and development segment is projected to dominate the market based on application in 2022. AI applications in drug discovery, such as modeling disease heterogeneity and optimizing drug candidates based on genomes, are making the drug development process more efficient and cost-effective.
Among end users, pharmaceutical & biopharmaceutical companies are expected to account for the largest market share in 2022. The integration of AI in genomics for drug discovery and precision medicine is driving demand, enabling these companies to accelerate the drug discovery process and reduce costs.
The report provides a detailed analysis of major regions, including North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and Middle East & Africa.
North America is projected to lead the global AI in genomics market in 2022, with the U.S. accounting for the largest share due to significant public and private investment in genomics and the increasing use of AI in precision medicine.
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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