Meticulous Research®—a leading global market research company—published a research report titled, ‘AI 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.’
According to this latest publication from Meticulous Research®, the global artificial intelligence in genomics market is slated to register a CAGR of 42.8% during the forecast period 2022–2029 to reach $6.22 billion by 2029. The increasing use of AI in healthcare, particularly genomics, growing investments in genomic research and AI, and rising focus on reducing the turnaround time in drug discovery and diagnostics are the factors driving the market growth. The rising adoption of machine learning (ML) in personalized/precision medicine, and the emergence of local and regional start-ups in AI and genomics are creating opportunities for the growth of this market.
AI in Genomics Market: Future Outlook
The global AI in genomics market study is segmented by offering (software, services), delivery mode (on-premises model, cloud-based/web-based model), functionality (genome sequencing, gene editing, other functionalities), application (drug discovery and development, precision medicine, diagnostics, and other applications), end user (pharmaceutical & biopharmaceutical companies, research institutes & academics, and other end users), and geography. The study also evaluates industry competitors and analyzes their market shares at global and regional levels.
Based on offering, in 2022, the software segment is estimated to account for the largest share of the global AI in genomics market. The software is usually provided based on subscription, licensed models, and software as a service, which generates recurring revenue. Furthermore, software pricing is far more than services, contributing to a high revenue share. Additionally, the technological developments in AI in genomics drive innovations in the related software, thereby driving the market.
Based on delivery mode, the cloud-based/web-based segment is estimated to register the fastest growth. Increasing advantages of the cloud-based/web-based offerings like cost saving, flexibility, automatic software updates, and high data security are the factors driving the pharmaceutical & biopharmaceutical companies to adopt cloud-based/web-based models.
Based on functionality, in 2022, the genome sequencing segment is estimated to account for the largest share of the global AI in genomics market. The large market share of this segment is attributed to the increased flexibility and effectiveness offered by AI in genomics software for genome sequencing. Genome sequencing can effectively identify the gene patterns within the high volume of genetic data sets. Genome sequencing also helps identify disease genes and their mutations. Thus, the increasing significance of AI in genomic sequencing for drug discovery is driving the market growth.
Based on application, in 2022, the drug discovery and development segment is estimated to account for the largest share of the global AI in genomics market. AI is used in drug discovery to model disease heterogeneity, design and optimize drug candidates based on genomes, and identify therapeutic targets. The integration of AI in genomics has achieved efficiency in the drug development process at a cheaper cost. Thus, the rise in the penetration of AI in genomics is driving the market.
Based on end user, in 2022, the pharmaceutical & biopharmaceutical companies segment is estimated to account for the largest share of the global AI in genomics market. The largest market share of this segment is attributed to the growing demand for AI in genomics in pharmaceutical companies for drug discovery and development and precision medicine. With the integration of AI in genomics, pharmaceutical companies are able to speed up the drug discovery process and reduce the cost associated with drug discovery.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Rest of Latin America) and Middle East & Africa.
Based on geography, in 2022, North America is estimated to account for the largest share of the artificial intelligence in genomics market, followed by Europe and Asia-Pacific. The U.S. is estimated to account for the largest share of the AI in genomics market in North America in 2022. The market is primarily driven by increasing public and private investment in genomics and the growing adoption of AI solutions in precision medicine to meet the increasing market demand.
The key players operating in the global AI in genomics market are Microsoft Corporation (U.S.), NVIDIA Corporation (U.S.), Deep Genomics (Canada), Fabric Genomics, Inc. (U.S.), Data4Cure, Inc. (U.S.), Predictive Oncology Inc. (U.S.), Emedgene (U.S.), Congenica Ltd. (U.K.), Tempus (U.S.), SOPHiA GENETICS (Switzerland).
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