Genomics utilizes AI to analyze vast amounts of genomic and health data to advance precision medicine. Genomic data combined with AI helps to accelerate the discovery of disease-causing genetic variations and develop personalized treatment strategies. AI algorithms can also analyze a person’s full genome sequence and clinical information to predict disease risks, optimize drug therapies based on a person’s genetic makeup, and assist in clinical decision-making. For example, AI is able help analyze a patient’s genomic data and medical history to develop a tailored screening and treatment plan for cancer. Various AI tools are being developed to support precision oncology by improving diagnostic accuracy, developing more targeted therapies, and monitoring treatment effectiveness.
The global Artificial Intelligence (AI) in Genomics Market is estimated to be valued at US$ 543.6 million 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 Dynamics:
The increasing integration of AI and genomics as outlined in the heading, will revolutionize disease diagnosis and treatment through precise evaluation of genomic data and health records. This is expected to drive significant growth in the AI in genomics market over the forecast period. In addition, the growing demand for precision medicine and personalized healthcare is also fueling the development and adoption of AI-based genomic technologies. AI algorithms aid in the discovery of disease subtypes and biomarkers, which enables targeted therapies tailored to a patient’s unique molecular profile. They also support drug development by accelerating clinical trials and expanding treatment options. These factors are contributing to the growing uptake of AI applications in genomic research and clinical settings. Furthermore, the reducing costs of genome sequencing and computing power is making AI-driven precision genomics more accessible. This is expected to support market growth going forward.
Segment Analysis
The artificial intelligence (AI) in genomics market can be segmented into software, services and hardware. The software segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. AI software tools offer capabilities for genetic interpretation, clinical variant filtering and drug discovery among others which is driving the adoption of these tools in genomics.
PEST Analysis
Political: Governments worldwide are investing heavily in genomics research to gain insights for various diseases. Favorable regulations regarding use of AI and patient data are also boosting the market.
Economic: The rising healthcare expenditure coupled with reducing genomics analysis cost is fueling the adoption of AI-based solutions in genomics. AI tools help in quick clinical diagnosis and drug discovery reducing the overall cost for payers.
Social: Increasing awareness about precision medicine and growing focus on early disease detection is driving individuals towards preventive healthcare measures involving genomics. This is positively impacting the AI adoption.
Technological: Significant advancements in omics data generation, computational power, deep learning algorithms and cloud computing are facilitating drug design and disease risk prediction using AI techniques in genomics.
Key Takeaways
The global artificial intelligence (AI) in genomics market share is expected to witness high growth during the forecast period. The global Artificial Intelligence (AI) in Genomics Market is estimated to be valued at US$ 543.6 million in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.
Regional analysis:
North America held the largest share of over 40% of the global AI in genomics market in 2022 due to high acceptance of advanced technologies and availability of funding for genomics and precision medicine related research projects in the region. The U.S. dominated the regional market.
Key players:
Key players operating in the AI in genomics market are IBM, Microsoft, NVIDIA Corporation, Deep Genomics, BenevolentAI, Fabric Genomics, Inc., Molecular Match, Inc., Cambridge Cancer Genomics, Freenome Holdings, Inc., Intel Corporation and others
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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