PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238838
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238838
Artificial Intelligence in Genomics Market size was valued at USD 380.7 Million in 2022, expanding at a CAGR of 49.8% from 2023 to 2030.
A fast-developing subject, genomics is becoming more and more dependent on artificial intelligence. Artificial intelligence (AI) has the ability to discover correlations and patterns in genetic data that are challenging for humans to recognize, which advances the creation of innovative treatments for diseases, more precise diagnosis, and individualized patient care. AI is also being utilized to develop digital representations of the human body that may be used to evaluate the efficacy and safety of prospective new medications.
The growth of AI in the genomics market is mainly driven by the increased demand for custom pharmaceuticals and expanding R&D spending. The rapid breakthroughs in AI technology and its affordability are the main drivers influencing the need for AI in the genomics sector. New AI-powered software solutions are being created with the rapid breakthroughs in AI technology and are being tailored for the genomics sector. These more advanced and effective methods make it possible for researchers to handle and interpret genetic data more successfully than ever. Several manual processes involved in genetic research can be automated with the help of AI algorithms and software programs, requiring less human labor and increasing the efficiency of the procedure.
The COVID-19 pandemic had a positive effect on the market because it speeds up the creation of computing solutions that made it easier to comprehend the breadth, depth, and severity of the pandemic. Major market participants in the healthcare industry worked together to develop innovative computer solutions that will significantly speed up the development of vaccines and medications. For instance, to help researchers track and manage COVID-19 cases, NVIDIA developed new tools for genomic sequencing and artificial intelligence. With the aid of potent artificial intelligence (AI) techniques and genome sequence analysis, scientists and medical experts were able to comprehend the COVID-19 genetic variants better. These initiatives are expected to bolster the market growth.
The Global Artificial Intelligence in Genomics Market is segmented on the basis of Component, Technology, Application, and Region.
The market is divided into three categories based on Component: hardware, software, and services. The software segment dominates the market. The increasing adoption of AI-based software solutions are contributing to segment growth.
The market is divided into two categories based on Technology: machine learning and computer vision. The machine learning segment dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to an increase in the need for genomics research and growing adoption of machine learning tools is boosting the segment growth.
The market is divided into four categories based on Application: drug discovery, precision medicine, diagnostics, and others. The drug discovery segment dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to an increase in the demand for novel medicines to treat chronic diseases.
Regionally, the overall industry is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America held the largest market share in 2022 and is projected to continue its dominance during the forecast period. Presence of large number of market players in AI genomics and increasing demand from genomics research are contributing to market growth.
Due to the continued development in artificial intelligence in Genomics technology in the coming years, the worldwide market for Artificial Intelligence in Genomics is made of both international and local producers, making it one of the most competitive sectors in the world. Companies sell their Components through a variety of channels, including corporate websites, e-commerce websites, retailers, distributors, and end consumers. Component makers compete on a variety of aspects, including Component costs, performance, Component making, Application, reputation, and availability. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new Component launches, distribution network development, R&D spending, and mergers and acquisitions. For instance, in May 2021, AdventHealth partnered with Sema4 to utilize company's software and tools to merge genomic and clinical data.
This proposed research study on Artificial Intelligence in Genomics market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Artificial Intelligence in Genomics market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Artificial Intelligence in Genomics market
Impact of COVID-19 on Artificial Intelligence in Genomics market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Artificial Intelligence in Genomics market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Artificial Intelligence in Genomics market, we have also included competitive landscape and key innovator analysis for the Artificial Intelligence in Genomics market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Artificial Intelligence in Genomics market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Artificial Intelligence in Genomics market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows: