The global Artificial Intelligence (AI) in Genomics Market is estimated to be valued at US$ 1.15 Bn in 2022 and is expected to exhibit a 50.1% CAGR over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Artificial intelligence (AI) in genomics involves the application of AI algorithms and machine learning to analyze vast amounts of genomic data to derive insights. Genomic data refers to DNA/RNA sequence data obtained from methods such as next-generation sequencing. AI helps accelerate genomic research by automating time-consuming tasks such as variant calling and interpretation of sequencing results. It also aids in drug discovery and precision medicine applications by identifying patterns in genomic data that can help predict disease risk, prognosis, or drug response for individual patients. The growing generation of large genomic datasets and the need for advanced analytics to uncover meaningful insights from these datasets is expected to drive the demand for AI solutions in genomics over the forecast period.
Market key trends:
One of the major trends in the AI in genomics market is the rising focus on developing deep learning models for genomic data analysis. Deep learning allows AI algorithms to learn complex patterns in high-dimensional genomic data without being explicitly programmed. Several companies are developing deep learning models that can predict disease risks, drug responses, and even suggest new therapeutic strategies by analyzing genomic variations, gene expression patterns as well as multi-omics datasets. Deep learning is also being used for automating tasks like variant calling from sequencing data. The increasing ability of deep learning models to generate clinically relevant insights from genomic data is expected to boost their adoption in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as AI in genomics is a niche market requiring substantial R&D investment and availability of vast amounts of genomic and clinical data.
Bargaining power of buyers: The bargaining power of buyers is moderate given the specialized nature of products and services in this domain. However, the presence of several players limits buyers’ options.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many solution and service providers in this market.
Threat of new substitutes: The threat of new substitutes is low as AI and machine learning tools are constantly advancing with no direct substitutes available currently.
Competitive rivalry: Competition in the AI in genomics market is high due to the presence of major global players.
Key Takeaways
The global Artificial Intelligence (AI) in Genomics Market is expected to witness high growth, exhibiting CAGR of 50.1% over the forecast period 2023 to 2030, due to increasing demand for personalized medicine. The market was valued at US$ 1.15 Bn in 2023.
Regional analysis:
North America dominated the global AI in genomics market in 2023 and is expected to maintain its dominance during the forecast period. This is attributed to the increasing R&D expenditures and growing adoption of personalized medicine in the region. Asia Pacific is anticipated to be the fastest growing market due to rising healthcare expenditure and growing awareness about precision medicine in the region.
Key players:
Key players operating in the AI in genomics market are Fabric Genomics, International Business Machines, MICROSOFT, NVIDIA, AI Therapeutics, Ares Genetics, Benevolent AI, Deep Genomics, DIPLOID and among others. IBM offers Watson Genomics to help identify treatment insights by combining a patient’s clinical information and comprehensive genomic data using advanced AI and machine learning techniques.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
