AI In Genomics Market Growth & Trends:
The global AI in genomics market size is expected to reach USD 9.99 billion by 2030 to expand at a CAGR of 46.0% from 2023 to 2030, based on a new report by Grand View Research, Inc. The market growth can be attributed to the rising need for big data management, growing preference for precision medicine, improved accuracy & efficiency, cost-effectiveness, and advancements in AI technology. These factors are creating a demand for innovative software solutions that can help to manage and analyze large amounts of genomic data to advance the genomics industry.
The industry had a significant impact due to the COVID-19 pandemic, leading to increased investments, a focus on personalized medicine, and the growth of telemedicine. The pandemic led to increased investments in the fields of AI and genomics, as governments, organizations, and private companies looking for ways to cope with the impact of the pandemic. These developments helped to accelerate the expansion of new AI tools and technologies in the genomics industry.
AI has nearly endless potential applications in the field of genomics, and it is already starting to revolutionize healthcare. For instance, AI is being used by Freenome, a U.S.-based company, to detect cancer as the technology from Freenome examines a patient's blood sample to detect any indications of cancer. Leading healthcare organizations like the Mayo Clinic use the company's test, and it has raised around USD 100 million from investors.
AI In Genomics Market Report Highlights:
- Based on components, the software segment dominated the market with a revenue share of 40.7% in 2022 owing to the rapid adoption of software solutions in genomics driven by the increasing availability of genomic data, the rise of personalized medicine, the need for cost-effective solutions
- Based on the technology, the machine learning segment dominated the market with a revenue share of 63.5% in 2022 pertaining to the growing demand for machine learning in genomics as it provides new insights, improves accuracy, and enables the development of personalized medicine
- Based on functionality, genomic sequencing held the majority of the market with a revenue share of around 44.2% in 2022. AI-powered software solutions can help to automate many of the manual tasks involved in genomic sequencing, reducing the need for human labor and making the process more cost-effective
- Based on application, the drug discovery and development segment held a majority of the market share of 33.5% in 2022 AI solutions help to manage and analyze big data, enabling researchers to uncover new insights and knowledge that can be used to advance drug discovery and development
- Based on end users, the pharmaceutical and biotech companies segment held a majority of the market share in 2022 as the AI algorithms are used by these companies to analyze large amounts of genomic and chemical data to identify new drug targets and predict the efficacy and safety of potential drugs
- North America held the largest market share of around 29.3% in 2022 owing to the rising demand for AI in genomics driven by several factors such as technology advancements, a large amount of genomic data, a growing focus on personalized medicine, and significant investments in research and development