The AI in Genomics Market is estimated to be valued at US$ 1.15 Bn in 2022 and is expected to exhibit a CAGR of 50.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Artificial intelligence (AI) in genomics leverages machine learning and deep learning techniques to analyze large datasets in genomics. It helps in sequence alignment, variant calling, predicting protein structure, and interaction of proteins. AI tools are used for precision medicine and drug development in genomics. The increasing investments by biotechnology and pharmaceutical companies in genomics and rising adoption of AI in healthcare is fueling the growth of the AI in genomics market.
Market Dynamics:
The AI in genomics market is driven by increasing investments in genomics and rising adoption of AI in healthcare. According to CMI analysis, the global genomics market witnessed investments worth US$ 8.6 billion in 2020 and is expected to attract investments of over US$ 25 billion by 2025. The increasing funding is encouraging key players to develop novel AI-powered genomic tools. Moreover, AI tools help in analyzing large and complex genomic datasets, accelerating drug discovery processes and precision medicine applications. They identify patterns, reveals insights and predict disease outcomes more accurately. However, data privacy & security concerns and lack of skilled workforce for developing and implementing advanced AI solutions are some of the factors that may hinder the market growth.
SWOT Analysis
Strength: Explain in three sentence explanation
- Artificial intelligence can analyze genetic information faster and more accurately than humans. It can help reduce genomic test turnaround times and improve diagnoses. AI techniques like machine learning can uncover patterns in massive genetic datasets that humans wouldn't see.
Weakness: Explain two weakness in three sentence long explanation
- Lack of data is a challenge as genomics datasets are still limited which hinders the ability of AI algorithms to learn effectively. Regulatory hurdles around data privacy and security also need to be addressed as genetic information is highly sensitive.
Opportunity: Explain two opportunity in three sentence long explanation
- The declining costs of genomic sequencing is increasing availability of genetic data, providing valuable data that AI can utilize to enhance capabilities. Personalized medicine approaches relying on a patient's genomic information provides opportunities for AI to help deliver tailored treatment options.
Threats: Explain two threats two sentence explanation
- Concerns around AI being unable to match human intuition and factors like environmental influences could limit how much AI can contribute to understanding disease. Lack of standards around the use of genetic and health data raises privacy and ethical concerns that may hamper market growth.
Key Takeaways
The global Artificial Intelligence (AI) in Genomics Market is expected to witness high growth, exhibiting CAGR of 50.1% over the forecast period, due to increasing focus on integrating AI capabilities for crucial genomics applications and the declining costs of genetic sequencing.
Regional analysis shows North America currently dominates the market, accounting for around 40% share due to considerable investments in AI and genomic research. However, Asia Pacific is emerging as the fastest growing region due to rising genomics initiatives, healthcare spending and focus on precision medicine in countries like China, Japan and India.
Key players operating in the AI in genomics market are Fabric Genomics, International Business Machines, MICROSOFT, NVIDIA, AI Therapeutics, Ares Genetics, Benevolent AI, Deep Genomics, DIPLOID and among others. These major players are focusing on partnerships, new product launches and expanding access to genetic datasets to strengthen their market position.
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