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Artificial Intelligence in Genomics Market by Offering (Software, Services), Functionality (Sequencing, Gene Editing), Application (Diagnostics, Precision Medicine, Drug Discovery and Development), Delivery Mode (On-premise, Cloud), and End User- Global Forecast to 2029
Report ID: MRHC - 104660 Pages: 162 Dec-2022 Formats*: PDF Category: Healthcare Delivery: 2 to 4 Hours Download Free Sample ReportThe Artificial Intelligence in Genomics Market is expected to reach $6.22 billion by 2029, at a CAGR of 42.8% from 2022 to 2029. AI is an intelligent system that performs various human intelligence-based functions such as reasoning, learning, and problem-solving skills in different disciplines such as healthcare, computer science, mathematics, and engineering. The integration of AI into the healthcare ecosystem offers benefits such as automating tasks and analyzing big patient data sets to deliver better care at lower costs. It helps diagnose diseases and identify variations in genes.
AI in genomics includes a set of software and services offered on-premises or cloud & web-based delivery modes. Integration of AI in genomics has played a significant role across functionalities like genome sequencing, genome editing, pharmacogenomics, and gene testing. The adoption of AI has increased genomic applications for speeding the process of drug discovery and development, precision medicine, diagnostics, pharmacology, and animal health.
The AI in genomics market is growing due to the growing adoption of AI across the healthcare sector and the rising focus on reducing turnaround time in drug discovery, development, and diagnostics. Further, the growing trend toward the use of personalized/precision medicine offers opportunities for the growth of this market.
The COVID-19 pandemic has become a global challenge due to the burdening healthcare systems and economies, strict isolation and quarantine protocols, limitations on social activities, restricting travel, closing borders, and shutting of businesses. COVID-19 created significant opportunities for AI in genomics for drug discovery, development, and diagnostics. Without the advancements in genomics and AI, it would have been extremely challenging for researchers to perform a comprehensive potency evaluation of drugs and vaccine candidates.
The emergence of new SARS-CoV-2 variants is hindering disease management. As per the article published in The Hindu, as of January 2022, over 6,000 mutations had occurred in the spike gene of the virus. Viral spike proteins and main proteases are the most prevalent drug discoveries and vaccine development choices. Thus, genomic analysis of COVID-19 using AI is crucial in COVID-19 drug discovery and development. For instance, in April 2020, Western University in Canada researchers used AI to identify an underlying genomic signature for 29 different DNA sequences of the SARS-CoV-2 to aid research in drug discovery and development. Thus, AI significantly boosted drug and vaccine development research for COVID-19.
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Rising Focus on Reducing Turnaround Time in Drug Discovery & Diagnostics
Developing and innovating new drug discovery and diagnostics are time-consuming, costly, and high-risk processes with fewer chances of a successful outcome. The drug discovery process requires 10 -15 years and costs approximately $1 billion to 2 billion. However, factors such as the lack of clinical efficiency, lack of commercial needs, and lack of drug properties reduce the chances of failure and turnaround time. Therefore, pharmaceutical manufacturers are implementing AI in the drug discovery process.
There is an urgent need to discover new drugs during the COVID-19 pandemic. Many pharmaceutical and biotechnology companies are increasingly turning to AI to improve precision and speed up drug discovery. AI has also revolutionized drug discovery processes for complex diseases such as cancer and Alzheimer’s. Therefore, the implementation of AI supports drug discovery.
The key factor influencing pharmaceutical companies to invest in AI is that the integration of AI in genomics can reduce the time required to develop a new drug. It can handle a vast amount of genomic data in addition to its use in patient matching, target identification, and forecasting. Thus, the use of AI in drug discovery can lead to the development of safe and effective drugs by supporting data-driven decision-making.
Based on offering, in 2022, the software segment is estimated to generate a large proportion of revenue
Software is used to capture, operate, and create data received from the hardware and process the data into AI systems to generate an intelligent response. AI genomics plays an important role in precision medicine, drug discovery, and diagnostics. The revenue generated from the software is a steady stream of revenue compared to services, contributing to the largest share of the market.
Based on delivery mode, the cloud-based segment is projected to register the highest CAGR over the forecast period
The growing adoption of cloud & web-based platforms and the advantages offered by the cloud-based models pertaining to security and scalability, high-capacity data storage, easy accessibility, and cost-effectiveness increase the preference for cloud-based/web-based platforms, thereby driving the market growth.
Based on functionality, in 2022, the genome sequencing segment is estimated to account for the largest share
Genome sequencing helps in the drug discovery process by accurately describing diseases and remedies associated with genetic modifications. Genome sequencing helps researchers and medical experts to understand the genetic variants and to identify the virus origin, behavior, and structure, which might help in producing vaccines, antiviral drugs, and efficient preventive strategies.
Based on application, in 2022, the drug discovery and development segment is estimated to account for the largest share
Based on application, the market is segmented into drug discovery and development, precision medicine, diagnostics, and other applications. The growing demand for innovative and new therapies for infectious or chronic diseases and the growing emphasis on quickly developing new therapies are driving the market. The integration of AI in genomics accelerates the drug discovery process and reduces the turnaround time, further offering opportunities for market growth.
Based on end user, in 2022, the pharmaceutical and biotechnological companies’ segment is estimated to account for the largest share
Pharmaceutical and biopharmaceutical companies are using AI for drug discovery and precision medicine. The pharmaceutical and biopharmaceutical companies have constant pressure to reduce the operational cost of drug manufacturing and get the therapies faster to the market. The increasing burden of chronic and infectious diseases pressurizes pharmaceutical companies for drug discovery. Thus, pharmaceutical and biopharmaceutical companies have turned to integrate AI in genomics for drug discovery by reducing development time and cost and improving efficiency.
Asia-Pacific: Fastest growing regional market
The growth in this market is attributed to factors such as the growing integration of AI in genomics across the countries like China, India, Singapore, and South Korea, increasing research initiatives in genomics, and developing infrastructure for genomic research and AI. Additionally, emerging startups and increasing funding for genomics and AI contribute to market growth in this region.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategic developments that led market participants to adopt over the past three years. The key players profiled in the global AI in genomics market report 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.).
Scope of the Report:
Artificial Intelligence in Genomics Market, by Offering
Artificial Intelligence in Genomics Market, by Delivery Mode
Artificial Intelligence in Genomics Market, by Functionality
Artificial Intelligence in Genomics Market, by Application
Artificial Intelligence in Genomics Market, by End User
Artificial Intelligence in Genomics Market, by Geography
Key questions answered in the report:
This study offers a detailed assessment of the AI in genomics market, including the market size & forecast for various segmentations such as offering, delivery mode, functionality, application, and end user. The AI in genomics market study also involves the value analysis of various segments of the AI in genomics market at regional and country levels.
The global AI in genomics market is projected to reach $6.22 billion by 2029, at a CAGR of 42.8% during the forecast period.
The software segment is estimated to hold the largest share in 2022. Recurring revenue from the companies owing to the subscription-based or licensing models offered by the software companies contributes to the largest market share.
The cloud & web-based segment is expected to grow at the highest CAGR over the forecast period. Growing preference for the cloud-based and web-based models owing to their advantages is a key factor for the market growth.
The growth of this market is attributed to the increasing use of AI in healthcare/genomics, growing investments, and a rising focus on reducing turnaround time in drug discovery and diagnostics. Moreover, emerging start-ups and the rising adoption of ML in personalized/precision medicine offer significant opportunities for market growth.
The key players profiled 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.).
Emerging economies like China and India are projected to offer significant growth opportunities to the market players due to the availability of infrastructure for genomics research and the growing adoption of AI in genomics in these countries.
Published Date: Feb-2024
Published Date: Aug-2017
Published Date: Jan-2024
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