Artificial intelligence in genomics uses machine learning and deep learning to analyze the massive amount of genomics data generated through next-generation sequencing technologies. It helps identify disease subtypes and predicts the risk, onset, and progression of diseases like cancer at individual levels. This enables doctors to provide personalized treatment and healthcare.
The global Artificial Intelligence (AI) in Genomics Market is estimated to be valued at US$ 2.3 billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Predictive and personalized medicine is propelling the Global AI in genomics market size. Artificial intelligence analyzes genomic and other health data of individuals to make personalized predictions about diseases and treatment response. It helps identify individuals who are at high risk of developing specific diseases. This enables doctors to recommend preventive measures. AI also assists in selecting the most effective treatments based on genomic profiles of patients and likelihood of responses. It is thus accelerating the shift from reactive to predictive and preventive healthcare.
SWOT Analysis
Strength: AI in genomics helps in interpretation of sequencing data and identification of disease-causing genetic variants faster than traditional methods. It also improves accuracy of diagnosis.
Weakness: Lack of standards and interpretability are major challenges. Integration of AI technologies into clinical practice is also difficult.
Opportunity: AI can be used for drug discovery and precision medicine. It also helps in analysis of large genomic and health data to understand disease etiology better.
Threats: Data privacy and security concerns exist. Reliability and accountability of AI systems are also open challenges. Lack of skilled workforce and high initial investment are other threats.
Key Takeaways
The global Artificial Intelligence (AI) in Genomics Market is expected to witness high growth. The global Artificial Intelligence (AI) in Genomics Market is estimated to be valued at US$ 2.3 billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.
North America dominates the global market currently due to strong research infrastructure and high adoption of AI tools among healthcare providers and researchers. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to rising healthcare expenditure, increasing digitization, and growing focus on precision medicine in countries like China and India.
Key players operating in the Artificial Intelligence (AI) in Genomics Market are IBM, Microsoft, NVIDIA Corporation, Deep Genomics, BenevolentAI, Fabric Genomics, Inc., Molecular Match, Cambridge Cancer Genomics, Swiss Institute of Bioinformatics, and others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it