Market Overview:
The Artificial Intelligence In Digital Genome Market involves application of AI techniques like machine learning and deep learning for analysis of genome sequences and other ‘omics’ data to derive biological insights. AI is helping speed up drug discovery by enabling analysis of large datasets and identifying disease subtypes and drug targets. It allows researchers to analyze huge volumes of genomic and other biological data that would otherwise take enormous time through conventional means. Advantages include improved prediction of diseases, better patient stratification for clinical trials, and accelerated discovery of new drug targets.
Market key trends:
One of the key trends in the market is growing integration of AI with genomic and clinical data. Several companies are combining genomic information with electronic health records, medical imaging, and other clinical data to develop more accurate disease models. This helps gain deeper biological insights compared to analyzing genomics data alone. Another trend is the increasing use of AI for precision medicine. AI tools are being used to match patients to clinical trials, predict drug responses, and develop personalized treatment plans based on an individual’s genetic profile and other attributes. This is expected to transform healthcare by making it more predictive, preemptive, personalized and participatory.
The global Artificial Intelligence In Digital Genome Market Share is estimated to be valued at US$ 565.69 Mn in 2023 and is expected to exhibit a CAGR of 44.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high capital requirements for R&D and data management infrastructures. However, presence of few key players controlling majority of market share poses challenges for new players.
Bargaining power of buyers: Bargaining power of buyers is high as genomic data and demand comes from finite number of pharmaceutical/life science companies and research organizations. Buyers can negotiate on price and demand customized solutions.
Bargaining power of suppliers: Suppliers of genome sequencing data have moderate to high bargaining power due to diverse mix of supplier base and lack of standardization in data. Suppliers can influence prices based on data type, quality and volume.
Threat of new substitutes: Threat from substitutes is low as Artificial Intelligence is core to applications involving high throughput genomic data analysis. No products yet identified that can substitute core AI capabilities.
Competitive rivalry: The artificial intelligence in digital genome market is moderately competitive due to presence of large well-funded established players and growing number of startups.
Key Takeaways
The global Artificial Intelligence In Digital Genome Market is expected to witness high growth, exhibiting CAGR of 44.% over the forecast period, due to increasing focus on integrated solutions for precision medicine and drug discovery.
Regional analysis: North America dominates the market currently due to presence of leading lifescience companies and government funding for precision medicine initiatives in the US. Asia Pacific is expected to grow at fastest pace due to increasing R&D expenditure and focus on genomics research in China and India.
Key players operating in the Artificial Intelligence In Digital Genome market are NVIDIA Corporation, IBM, Microsoft, Fabric Genomics Inc., Verge Genomics, MolecularMatch Inc., SOPHiA GENETICS, PrecisionLife Ltd, BenevolentAI, and Deep Genomics. Key players are focusing on collaborations with research institutes and hospitals to gain clinical validation and real-world usage of their platforms.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
