The global Artificial Intelligence In Digital Genome Market 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.
Market Overview:
Artificial Intelligence in Digital Genome refers to the application of AI techniques to analyze large amounts of genomic and associated patient data to discover new treatments for various diseases. It helps analyze huge amounts of genomic data in a fraction of time required by humans to identify meaningful correlations that can accelerate development of precision medicines.
Market key trends:
One of the major trends in the Artificial Intelligence In Digital Genome Market is growing investments from key players to develop products and platforms for advanced genome analysis. For instance, in 2021, Fabric Genomics Inc. which develops an AI-powered platform for genomic data analysis, raised $80 million in series B funding round led by Khosla Ventures and Addition. Similarly, Verge Genomics which offers an AI-powered platform to analyze and interpret genomic data, raised $90 million in Series C funding to accelerate product development. This trend is expected to continue as more players enter the market and focus on utilizing AI to unleash the potential of genomic data for precision medicine applications.
Segment Analysis
The global artificial intelligence in digital genome market is segmented based on offering, technology, application, end-user, and geography. Based on offering, the market is bifurcated into software and services. The services segment dominated the market in 2022 and is projected to register the highest CAGR over the forecast period owing to the continuous demand for consulting, integration, and support services for genomic data storage and analysis.
By technology, the market is categorized into machine learning and deep learning, natural language processing, and others. The machine learning and deep learning segment accounted for the largest share of the market in 2022 due to its wide applications in precision medicine, drug discovery, biomarker development, and medical imaging.
Based on application, the market is classified into precision medicine, drug discovery & repurposing, agricultural & veterinary, and cell therapy. The precision medicine segment dominated the market in 2022 as AI tools help analyze the genomic data of various diseases along with patient's electronic health records. This customized treatment aids in better diagnosis and prognosis.
Key Takeaways
The global artificial intelligence in digital genome market size was valued at US$ 565.69 Mn in 2023 and is expected to reach US$ 8,137.23 Mn by 2030, expanding at a formidable CAGR of 44% during the forecast period. The burgeoning demand for precision medicine and integration of AI with genomic data is catalyzing market growth.
On the regional front, North America captured the largest market share in 2023 driven by the presence of prominent AI technology providers and genomic testing companies in the US and Canada. Furthermore, increasing R&D investments by government and private organizations are fueling technological advancements.
Europe occupied the second position in terms of revenue backed by rising healthcare expenditure and growing adoption of personalized medicine in countries like Germany, the UK, and France. Asia Pacific is anticipated to witness the fastest growth over the forecast period propelled by improving diagnostics infrastructure and expanding patient pool in China, India, and Japan.
Key players operating in the artificial intelligence in digital genome market include NVIDIA Corporation, IBM, Microsoft, Fabric Genomics Inc., Verge Genomics, MolecularMatch Inc., SOPHiA GENETICS, PrecisionLife Ltd, BenevolentAI, and Deep Genomics. These companies are focusing on new product launches, partnerships, and acquisitions to strengthen their market position.
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