The Artificial Intelligence In Digital Genome Market is estimated to be valued at US$ 269.8 million in 2023 and is expected to exhibit a CAGR of 44.8% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Artificial intelligence in digital genome offers capabilities like genome mapping and DNA sequencing which helps analyze genome data more accurately. It has applications in precision medicine, genetic disease diagnosis, drug discovery among others.
Market Dynamics:
Advancing Technology – Rapid advancements in technologies like machine learning and deep learning have enabled AI to analyze vast genomic data efficiently and uncover novel insights at an unprecedented scale and speed. This is a major factor driving the growth of artificial intelligence in digital genome market.
Increased Funding – Continuous funding and investments by governments as well as private players in AI and genomics start-ups are fueling research and development activities. For instance, the U.S. announced an investment of over $1.5 billion in precision medicine initiative. This is positively impacting the adoption of AI in digital genome.
Market Key Trends:
The Artificial Intelligence in Digital Genome market is witnessing substantial growth owing to the increasing adoption of Deep Learning and Machine Learning technologies by key players. AI algorithms are assisting in faster and more cost-effective genome sequencing and analysis. Also, AI tools are helping researchers discover new genomic patterns, accelerating the discovery of disease-causing genes and drug targets. Machine Learning is being utilized for large-scale detection of disease-associated genomic variations using electronic health records.
SWOT Analysis:
Strengths: Growing investment by companies and government organizations in AI for genomics. Rapid evolution of data processing capabilities.
Weaknesses: Lack of curated data. Regulatory and ethical issues related to data privacy and security.
Opportunities: Improving clinical diagnostics and drug discovery. Development of new business models in personalized medicine.
Threats: Algorithmic bias in AI systems. Growing competition from startups. Dependence on third party data.
Key Takeaways:
The Global Artificial Intelligence In Digital Genome Market is expected to witness high growth, exhibiting CAGR of 44.8% over the forecast period, due to increasing investments in AI by biotech and pharmaceutical companies. In 2021, the market size was valued at US$ 269.8 million and is projected to reach over US$ 4 billion by 2028.
Regional analysis: North America dominated the market with highest market share in 2021 due to growing AI adoption and significant funding in the region. Asia-Pacific is expected to grow at the fastest pace during the forecast period supported by increasing research activities in countries like China and India.
Key players: Key players operating in the Artificial Intelligence in Digital Genome market include NVIDIA Corporation, IBM, Microsoft, Fabric Genomics Inc., Verge Genomics, MolecularMatch Inc., SOPHiA GENETICS, PrecisionLife Ltd, BenevolentAI, and Deep Genomics. These players are developing advanced AI platforms and partnering with regional players to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
