Artificial intelligence (AI) has the potential to address key challenges in genomics by leveraging vast amounts of complex health data. AI applications such as machine learning and deep learning are being used for analyzing genomes, developing risk assessments and predictive models for certain diseases. AI is also helping in personalized disease diagnosis and treatment through precision medicine approaches.
The global Artificial Intelligence (AI) in Genomics Market is estimated to be valued at US$ 1.2 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: Increased adoption of AI-powered precision medicine is one of the key trends driving the growth of the AI in Genomics market. Precision medicine is an emerging approach for disease treatment and prevention that takes into account individual variability in genetics, environment, and lifestyle for each person. AI algorithms can analyze complex genomic and other health-related data to identify genomic variations specific to an individual that affect disease risk, and help develop customized treatment and prevention strategies. This is expected to significantly improve treatment outcomes. AI is also helping in developing effective targeted therapies and personalized treatment regimens. The increasing demand for these precision medicine approaches is expected to boost the adoption of AI solutions in genomics, thereby propelling the market growth over the forecast period.
Segment Analysis
The global Artificial Intelligence (AI) in Genomics Market can be segmented based on offering, technology, application, end-use industry and region. In terms of offering, the services segment dominated the market in 2022 due to the growing demand for AI-driven precision medicine. Organizations are widely adopting various AI-enabled genomics services to modernize healthcare infrastructure and offer personalized treatment to patients.
Key Takeaways
The global Artificial Intelligence (AI) in Genomics market analysis is expected to witness high growth over the forecast period of 2023 to 2030. The global Artificial Intelligence (AI) in Genomics Market is estimated to be valued at US$ 1.2 Billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030.
Regional analysis related content comprises: North America dominated the global market in 2022 due to heavy investments by leading AI and genomics companies as well as research institutes in countries like the United States and Canada. Growing adoption of precision medicine and rapidly increasing genomics research initiatives have further accelerated the regional market growth.
Key players related content comprises: Key players operating in the Artificial Intelligence (AI) in Genomics market are IBM, Microsoft, NVIDIA Corporation, Deep Genomics, BenevolentAI, Fabric Genomics, Inc., MolecularMatch, Inc., Cambridge Cancer Genomics, Freenome Holdings, Inc., Data4Cure, Inc., PrecisionLife Ltd, Lifebit Biotech, Ltd, Anthropic, and Tempus Labs, Inc.
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Among other salient features of the report, the study also incorporates client’s demands as well as insinuates future progress of the market across global regions.The analysts have distributed the global Artificial Intelligence (AI) In Genomics Market Size into several regions such as North America, Latin America, Asia-Pacific, Africa, and India for a detailed market study.
The financial aspects of the business are also meticulously studied referring to several attributes such as price, profit margins and sales by regions during the forecast period (2021-2030).Browse the Full Information of this report: https://www.absolutemarketsinsights.com/reports/Artificial-Intelligence-AI-in-Genomics-Market-2021---2029-896The report also includes information on significant market players in order to deliver penetrative insights into the businesses with regards to successful strategies of top-notch companies.
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According to the new market research report Artificial Intelligence In Genomics Market is projected to reach USD 1,671 million by 2025 from USD 202 million in 2020, at a CAGR of 52.7% between 2020 and 2025Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=36649899The need to control drug development and discovery costs and time, increasing public and private investments in AI in genomics, and the adoption of AI solutions in precision medicine are driving the growth of this market.
However, the lack of a skilled AI workforce and ambiguous regulatory guidelines for medical software are expected to restrain the market growth during the forecast period.
Based on offering, the Artificial Intelligence In Genomics Market is segmented into software and services.
The software and services segment accounted for largest share of the global AI in genomics market in 2019.
Software is needed to generate new insights from large-scale datasets and help understand genomic variations, thus enhancing the search for disease-causing variants and reducing clinical analysis times.
The benefits offered by AI in software are driving its adoption among end users.Based on functionality, the AI in genomics market is segmented into genome sequencing, gene editing, clinical workflows, and predictive genetic testing & preventive medicine.
