AI in Genomics Market
Number of pages: 100 | Report Format: PDF | Published date: April 24, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 446.84 Million |
|
Revenue Forecast in 2031 |
US$ 16,272 Million |
|
CAGR |
49.10% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Component, Technology, Functionality, Application, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global AI in genomics market was valued at US$ 446.84 million in 2022 and is expected to register a revenue CAGR of 49.10% to reach US$ 16,272 million by 2031.
AI in Genomics Market Fundamentals
Artificial Intelligence (AI) in genomics refers to using machine learning, deep learning, and other AI technologies to analyze genomic data and extract meaningful insights. Genomics involves the study of an organism’s genetic material, including DNA and RNA, and how this material affects the organism’s traits and functions. AI in Genomics has the potential to revolutionize the field by enabling researchers and clinicians to analyze vast amounts of genomic data quickly and accurately. Using traditional methods, AI algorithms can identify patterns and associations in genomic data that would be difficult or impossible to detect. This can lead to new insights into the genetic basis of diseases, more personalized treatments for patients, and more efficient drug discovery and development. Key application areas of AI in genomics include genome sequencing, disease diagnosis, drug discovery and development, and many more.
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AI in Genomics Market Dynamics
With the increasing demand for personalized medicine, AI is essential for identifying genetic variations and developing tailored treatments. AI algorithms can quickly analyze large amounts of genomic data, enabling researchers to identify genetic variations linked to specific diseases and develop personalized treatment plans. The genomics industry generates vast amounts of data, and analyzing this data requires sophisticated tools and technologies. AI enables the development of more advanced data analytics tools, making it easier for researchers to analyze genomic data and identify meaningful patterns and relationships, thus boosting the global AI in the genomic market. Moreover, recent advancements in machine learning have enabled the development of more advanced AI algorithms. These algorithms can process complex genomic data, identify patterns and relationships, and make highly accurate predictions. Additionally, governments and private organizations are investing heavily in genomics research, driving the demand for AI technologies and fueling the growth of global AI in the genomic market revenue. These investments focus on developing new treatments, diagnostics, and preventative measures for various diseases.
However, genomic data can be highly complex, making it difficult to standardize and analyze. AI algorithms require high-quality data to produce accurate results, and the lack of standardized data sets can limit the effectiveness of these algorithms. Furthermore, while AI has the potential to revolutionize genomics research, its adoption in clinical settings has been slow. This is due to concerns about accuracy, reliability, and regulatory compliance. Additionally, limited adoption, concerns about data security, and lengthy regulatory procedures are some of the restraints impeding the overall market revenue growth.
AI in Genomics Market Ecosystem
The global AI in genomics market is analyzed from six perspectives: component, technology, functionality, application, end user, and region.
AI in Genomics Market by Component
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Based on the component, the global AI in genomics market is segmented into hardware, software, and services.
The software segment dominated the market with the principal revenue share in 2022, owing to the accelerated uptake of AI-based software for genomics by healthcare organizations, R&D facilities, and patients. It includes various software tools and platforms for processing and analyzing genomic data using AI algorithms. Some of the key software used in AI in genomics include data preprocessing tools, machine learning libraries, visualization tools, clinical decision support tools, and much more. The data preprocessing tools are used for cleaning, filtering, and normalizing genomic data sets to ensure they are suitable for analysis using AI algorithms. They include tools for data cleaning, normalization, and quality control. Similarly, machine learning libraries provide pre-built algorithms and tools for developing and training AI models on genomic data. These libraries include popular machine learning frameworks such as TensorFlow, Keras, and PyTorch.
AI in Genomics Market by Technology
Based on technology, the global AI in genomics market is segmented into computer vision and machine learning.
The machine learning segment dominated the market with the principal revenue share in 2022. Machine learning includes the various machine-learning algorithms and techniques used for processing and analyzing genomic data. Machine learning algorithms enable computers to learn from data and make predictions or decisions without being explicitly programmed. Some of the key machine-learning techniques used in genomics include supervised learning, unsupervised learning, deep learning, and others. The supervised learning algorithms are used to train models on labeled genomic data sets. These algorithms can classify genomic variants or predict disease risk based on genomic data.
Whereas deep learning algorithms are a type of neural network that can learn complex representations of genomic data. These algorithms can classify genomic variants, identify genes or pathways associated with specific diseases, or predict disease risk based on genomic data.
AI in Genomics Market by Functionality
Based on functionality, the global AI in genomics market is segmented into genome sequencing, gene editing, and others.
Genome sequencing dominated the market with the principal revenue share in 2022. In genome sequencing, using AI algorithms involves processing and analyzing genomic data obtained through sequencing. Genome sequencing determines the order of nucleotides in the individual’s DNA. AI algorithms are used to analyze the vast amounts of data generated by genome sequencing and extract meaningful insights. The application of genome sequencing includes functional annotation, which involves identifying the functions of genes and other genomic features. AI algorithms can predict the functions of genes based on their sequence and other features.
Moreover, companies are working together to enhance their existing genome sequencing methods. For instance, in January 2022, PacBio established a research partnership with Google, a renowned provider of high-quality, extremely accurate sequencing technology. PacBio will investigate using Google’s genomic analysis, machine learning, and algorithm development tools to improve PacBio’s already extremely accurate variant calls for HiFi sequencing runs, revealing new insights from PacBio sequencing data.
AI in Genomics Market by Application
Based on application, the global AI in genomics market is segmented into drug discovery & development, precision medicine, diagnostics, and others.
The drug discovery & development segment accounted for a prominent market revenue share, owing to the growth in the demand for innovative treatments to treat infectious and chronic disorders. AI algorithms are used in drug research and development to find and develop new drugs based on genomic data. Drug discovery & development includes the various stages of drug development, including target identification, lead discovery, and preclinical testing. AI algorithms are used to analyze genomic data, identify probable drug targets, and design and optimize drug molecules. These factors contribute to the revenue growth of the drug discovery & development segment.
AI in Genomics Market by End User
Based on end-user, the global AI in genomics market is segmented into pharmaceutical and biotech companies, healthcare providers, research centers, and others.
The pharmaceutical and biotech companies segment is a key player in the AI in genomics market, with the largest revenue share in 2022. Pharmaceutical and biotech companies use AI algorithms to analyze genomic data and develop new drugs and therapies. This segment includes companies that use AI in various stages of drug development, from target identification to clinical trials. AI algorithms can also forecast the toxicity of potential treatments, allowing pharmaceutical corporations to avoid investing in drugs that are likely to fail in clinical trials. These overall factors contribute to the growth of the pharmaceutical and biotech companies segment’s revenue share.
AI in Genomics Market by Region
Based on region, the global AI in genomics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global AI in genomics market with the largest revenue share in 2022, attributed to the presence of some of the world’s largest and most well-funded research institutes and biotechnology firms spending extensively on developing AI-powered genomics solutions. Additionally, companies across the region continuously raise funds and invest in other companies to develop new and innovative technologies, which are also expected to improve AI in the genomics market outlook. For instance, in Feb 2023, Accenture Ventures invested strategically in Ocean Genomics, a technology and artificial intelligence firm that has built powerful computational tools to help biopharma companies find and develop more effective diagnostics and medicines.
AI in Genomics Market Competitive Landscape
The prominent players operating in the global AI in genomics market are:
AI in Genomics Market Strategic Developments
The global AI in genomics market was valued at US$ 446.84 million in 2022.
Artificial Intelligence (AI) in Genomics refers to using machine learning, deep learning, and other AI technologies to analyze genomic data and extract meaningful insights.
The expected size of the global AI in genomics market in 2031 is US$ 16,272 million.
The revenue CAGR of the AI in genomics market during the forecast period is 49.10% from 2023 to 2031.
Some prominent players operating in the global AI in genomics market are SOPHiA GENETICS, FDNA INC., Engine Biosciences Pte. Ltd., Fabric Genomics, and Verge Genomics.
*Insights on financial performance are subject to the availability of information in the public domain
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