What are the Historical Developments and Current Growth Metrics of the AI In Genomics Market?
The ai in genomics market has seen considerable growth due to a variety of factors.
• The market size for AI in genomics has seen a dramatic increase in recent times. The value is forecasted to rise from $1.06 billion in 2024 to $1.52 billion in 2025, depicting a compound annual growth rate (CAGR) of 42.8%. Progress in genomic sequencing, coping mechanisms for data handling, demand for personalized medicine, enhancement in disease comprehension and diagnosis, as well as advancements in drug discovery and development, have all contributed to the growth during the historical period.
What is the Forecasted Market Size and CAGR for the AI In Genomics Market?
The AI In Genomics market is expected to maintain its strong growth trajectory in upcoming years.
• In the ensuing years, the AI in genomics market is predicted to experience profound growth. The market is set to expand to $6.64 billion by 2029 at a compound annual growth rate (CAGR) of 44.6%.
The heightened expansion anticipated during the forecast period can be traced back to the proliferation of genomic databases, improved genomic data protection, AI-incited discovery of biomarkers, consolidation with other 'omics' data, and increased patient engagement and education. The striking trends expected during the forecast timeline encompass the use of AI in cancer genomics, AI-led enhancements in genomic imaging, AI-orchestrated biomarker discovery, integration of genomic data across medical systems, and the application of AI in functional genomics research.
What Key Factors and Trends Are Driving The Growth AI In Genomics Market?
The expansion of the AI in genomics market is likely to be fuelled by the rising implementation of AI. Artificial intelligence, a field that leverages computer science and significant datasets to address challenges, encompasses machine learning and deep learning, often discussed within the realm of artificial intelligence. AI's role in genomics extends to detecting genetic diseases and identifying the predominant cancer type, predicting disease progression in patients, pinpointing genomic variations that cause diseases, and enhancing the performance of gene editing tools. Such advantages have led to an increasing demand for AI in genomics. To illustrate, a report published by the US technology corporation, International Business Machines Corporation (IBM), in May 2022 revealed a dramatic spike in the worldwide AI adoption rate, reaching 35%, a four percent increase from the year before. Moreover, a report released by the Australian government agency, the Commonwealth Scientific and Industrial Research Organization (CSIRO), in May 2023 indicated that 68% of Australian businesses have incorporated artificial intelligence technologies, and an extra 23% plan to do so over the forthcoming year. As such, the escalating adoption of AI acts as a catalyst for the AI in genomics market's growth.
What Are The Market Segments In The AI In Genomics Market?
The AI in genomics market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Machine Learning, Computer Vision
3) By Functionality: Genome Sequencing, Gene Editing, Other Functionalities
4) By Application: Drug Discovery And Development, Precision Medicine, Diagnostics, Other Applications
5) By End-Use: Pharmaceutical And Biotech Companies, Healthcare Providers, Research Centers, Other End-Users
Subsegments:
1) By Hardware: Servers, Storage Devices, Networking Equipment
2) By Software: Data Analysis Software, Machine Learning Algorithms, Visualization Tools, Genomic Data Management Software
3) By Services: Consulting Services, Integration Services, Support And Maintenance, Data Analytics Services
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What Trends Are Shaping The AI In Genomics Market?
Progress in technology is becoming a significant trend in the AI in genomics industry. Most prime businesses in this market are concentrating on creating cutting-edge technological solutions to enhance their market status. For instance, Genomic Vision, a biotechnology firm from France that primarily deals in the development of diagnostic applications for genetic disorders and cancers, debuted an AI-based software named FiberSmart, in March 2023. This tool promotes high-resolution visualization and analysis of long strands of DNA. It carries the potential to revolutionize the detection and cure of genetic diseases. Its inception aimed at elevating the accuracy and efficacy of genetic disease diagnosis and therapy. Large data volumes are evaluated using this technology to discover patterns and insights that human analysis would fail to identify.
Who Are the Key Players In The AI In Genomics Market?
Major companies operating in the AI in genomics market include:
• International Business Machines Corporation
• Microsoft Corp.
• NVIDIA Corporation
• Deep Genomics Inc.
• BenevolentAI Ltd.
• Fabric Genomics Inc.
• Verge Genomic Inc.
• Freenome Holdings Inc.
• MolecularMatch Inc.
• SOPHiA GENETICS SA
• Data4Cure Inc.
• PrecisionLife Ltd.
• Genoox Ltd.
• Lifebit Ltd.
• Empiric Logic Ltd.
• FDNA Inc.
• DNAnexus Inc.
• Engine Biosciences Pte Ltd.
• 4baseCare
• Congenica Ltd.
• CytoReason Ltd.
• Emedgene Technologies LTD
• Illumina Inc.
• Lifebit Biotech Ltd.
• Mendel.ai
• Predictive Oncology Inc.
• Tempus Labs Inc.
• 10x Genomics Inc.
• Repositive Limited
• Genedata AG
• Global Gene Corp
• Nference Inc.
• Bluebee Holding B.V.
• Genomenon Inc.
What Are The Regional Insights Into The AI In Genomics Market?
North America was the largest region in the AI in genomics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the AI in the genomics market report during the forecast period. The regions covered in the AI in genomics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
