Meticulous Research®, a premier market research company, has released a new report titled, Artificial Intelligence in Genomics Market by Offering (Software, Services), Functionality (Sequencing, Gene Editing), Application (Diagnostics, Precision Medicine, Drug Discovery and Development), Delivery Mode (On-premises, Cloud) and End User—Global Forecast to 2029.
Market Growth Projections
The AI in genomics market is expected to grow at an extraordinary compound annual growth rate (CAGR) of 42.8% during the forecast period from 2022 to 2029, reaching $6.22 billion by 2029. The rapid integration of AI in genomics, increasing investments in genomic research, and the growing demand for faster drug discovery processes are driving this substantial growth. The rising use of machine learning (ML) in precision medicine and the emergence of startups specializing in AI and genomics are further creating new opportunities in this market.
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Detailed Market Segmentation
This research divides the AI in genomics market into various segments, including 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). It also evaluates market leaders and their regional presence.
Software as a Key Market Driver
By 2022, the software segment is anticipated to hold the largest share of the market. Software products, often sold through subscription or licensing models, generate significant recurring revenue. Moreover, continued technological advancements in AI are enhancing genomics software, which is expected to fuel further market growth.
Cloud-based Solutions on the Rise
Cloud and web-based delivery modes are expected to experience the fastest growth, offering cost-saving benefits, flexibility, automatic software updates, and better data security, which makes them increasingly popular among pharmaceutical companies.
Genome Sequencing Dominates Functionality
Genome sequencing is projected to lead the functionality category by 2022, as AI helps analyze large genetic datasets more efficiently, accelerating disease gene identification and making it essential for drug discovery.
AI's Impact on Drug Discovery and Development
The drug discovery and development application segment is forecasted to hold the largest market share in 2022. AI’s ability to optimize drug discovery by modeling diseases, identifying targets, and optimizing drug candidates more cost-effectively and efficiently is revolutionizing the industry.
Pharmaceutical Sector Driving AI Adoption
Pharmaceutical and biopharmaceutical companies are predicted to be the largest end-users of AI in genomics by 2022. AI-powered genomics solutions enable these companies to enhance drug discovery processes, lower costs, and improve the development of precision medicine.
Regional Market Insights: North America Leads
North America is expected to dominate the global AI in genomics market, followed by Europe and the Asia-Pacific. The United States is set to hold the largest share of the market in North America due to strong investment in genomics and the growing implementation of AI in healthcare.
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 (Canada), 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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