Rapid Growth Expected in AI for Genomics
According to the report, the global AI in genomics market is expected to grow at an impressive CAGR of 42.8% from 2022 to 2029, reaching a market value of $6.22 billion by 2029. This remarkable growth is being driven by the increasing use of artificial intelligence in healthcare applications such as genomics, rising investments in AI research, and a focus on minimizing the time needed for drug discovery and diagnostics. Additionally, the growing role of machine learning in precision medicine and the emergence of local and regional startups are providing fresh opportunities for market expansion.
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Key Market Segments and Dynamics
The market is segmented based on offering (software, services), delivery mode (on-premises, cloud/web-based), functionality (genome sequencing, gene editing), application (drug discovery, diagnostics, precision medicine), and end-users (pharmaceutical companies, academic institutes). The report also provides insights into the competitive landscape, detailing the market shares of leading players globally and regionally.
Dominance of the Software Segment
By 2022, the software segment is expected to hold the largest market share within the offering category. Software solutions, typically delivered via licensing or subscription models, generate significant revenue, with software costs often surpassing service costs. The ongoing advancement of AI technology continues to drive innovation in genomics software, thereby contributing to market growth.
Cloud Delivery Models to See Fastest Growth
The cloud and web-based delivery mode segment is expected to grow rapidly, as pharmaceutical companies increasingly embrace these models for their flexibility, cost savings, automatic updates, and enhanced data security.
Genome Sequencing in Focus
In 2022, genome sequencing is projected to lead the functionality segment of the AI in genomics market. AI tools have enhanced the ability to process large volumes of genetic data, identifying disease genes and mutations with greater efficiency. This has made genome sequencing a key application of AI in drug discovery.
Drug Discovery and AI
The drug discovery and development segment is expected to capture the largest market share in the AI in genomics application segment. AI has revolutionized the drug discovery process by modeling complex diseases, optimizing drug candidates, and identifying therapeutic targets at a reduced cost and with greater speed.
Pharmaceutical Companies to Dominate End-User Segment
Pharmaceutical and biopharmaceutical companies are projected to be the largest end-users of AI in genomics in 2022. The growing demand for AI-powered tools in drug discovery and precision medicine, combined with AI's ability to reduce drug development time and costs, is driving market growth in this sector.
Geographic Trends: North America Leads
Regionally, North America is expected to dominate the global AI in genomics market, followed by Europe and the Asia-Pacific. The U.S. is anticipated to lead the North American market due to strong public and private investments in genomics and the growing implementation of AI in precision medicine.
Key Players
The key players operating in the global AI in genomics market are Microsoft Corporation (U.S.), NVIDIA Corporation (U.S.), Deep Genomics Incorporated (copyright), Fabric Genomics, Inc. (U.S.), Data4Cure, Inc. (U.S.), Predictive Oncology Inc. (U.S.), Emedgene Technologies LTD (U.S.), Congenica Ltd. (U.K.), Tempus Labs, Inc. (U.S.), SOPHiA GENETICS SA (Switzerland), Illumina Inc. (U.S.), and BenevolentAI Limited. (U.K.).
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Key questions answered in the report-
- Which are the high-growth market segments in terms of offering, delivery mode, functionality, application, end user, and geography?
- What was the historical market for AI in genomics across the globe?
- What are the market forecasts and estimates for the period 2022–2029?
- What are the major drivers, restraints, opportunities, and challenges in the global AI in genomics market?
- Who are the major players in the global Artificial Intelligence in genomics market?
- How is the competitive landscape, and who are the market leaders in the global AI in genomics market?
- What are the recent developments in the AI in genomics market?
- What are the different strategies adopted by the major players in the AI in genomics market?
- What are the geographic trends and high growth regions/countries?
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