Trends
AI in genomics market to reach USD 16,757.95M by 2032
A latest research report titled “AI in genomics market share, size, trends, industry analysis report, by offering (Software, services), by technology, by functionality, by application, by end user, by region, segment forecast, 2023 – 2032” published by Polaris Market Research in its research repository.
“According to research report, the global AI in genomics market size/share was valued at USD 484.69 Million in 2022 and is expected to touch USD 16,757.95 Million By 2032, growing at a CAGR of 42.5% during the forecast period.”
Developments in genome sequencing have fueled a revolution in digital biology. Recently developed AI systems significantly enhance the accuracy of therapeutic and diagnostic predictions. According the research, Artificial Intelligence is expected to make data analysis of genomic data more accurate. Genomics is the study of genes and their functions. AI in genomics incorporates advanced machine learning and computational techniques to assess, explain, and gain insights from genomic data.
New computing techniques are essential to reduce the cost of data analysis and improve the throughput and accuracy of reads in genomes. However, using AI in genomics will require ensuring that AI systems are completely trustworthy and approved by the scientific community and society. The adoption of AI solutions in precision medicine is driving the AI in genomics market size growth. Also, rising developments in AI technology is fueling the industry growth.
Some of the top market players covered are:
- Google DeepMind
- IBM Watson Health
- BenevolentAI
- Tempus
- Freenome
- Sophia Genetics
- 23andMe
- DNAnexus
- Recursion Pharmaceuticals
- Verge Genomics
- PathAI
- GNS Healthcare
- Freenome
- Fabric Genomics
- Foundation Medicine
- SOPHiA GENETICS
- Nebula Genomics
- CytoReason
- Genoox
- Genalice
- Deep Genomics
- Owkin
- Genialis
- Gencove
- Helix
- QIAGEN Bioinformatics
- SOPHiA DDM
- WuXi NextCODE
- Genuity Science
- Lifebit
- Envisagenics
- ZS Genetics
- MedGenome
- Cypher Genomics
- PierianDx
- Bluebee
- Repositive
- Precision for Medicine
- Shivom
- Bluegnome
Recent trends influencing the market
Growing demand for AI in genomics: AI technologies such as machine learning and deep learning algorithms are utilized to manage and assess huge amounts of data. AI-driven genomics allows researchers to bring out key insights and speed-up findings in genomics research. Therefore, surging demand for AI in genomics for managing and interpreting the ever-expanding volume of genomic data is one of the key AI in genomics market trends accelerating the industry growth.
Software segment is expected to grow at the fastest rate during the forecast period
Based on offering AI in genomics market segmentation, software category is predicted to grow rapidly because AI-powered software is necessary for processing, analyzing, and interpreting the huge amount of data generated by genomics research. The rising complexity and size of genomic data need the latest algorithms and software tools to reveal valuable insights. AI technology is continuously advancing, and software firms are making more smart algorithms and techniques adapted for genomics.
The machine learning segment is likely to capture a major revenue share
In terms of technology, machine learning is anticipated to hold the largest AI in the genomics market share during the foreseen period. The sub-segment of machine learning, that is, deep learning, is boosting market growth. Deep learning employs artificial neural networks with different layers to assess and run complex data. Machine learning algorithms have the ability to handle and manage massive amounts of data, such as DNA sequencing, gene expression profiles, and clinical data generated by genomics. This helps in understanding diseases, recognizing biomarkers, and personalizing treatments.
Genome sequencing segment is anticipated to register the highest revenue share
By functionality, genome sequencing is estimated to generate a major market share in AI in genomics market throughout the forecast period. It entails figuring out a person’s genome’s entire DNA sequence. Technologies for DNA sequencing, such as next-generation sequencing (NGS) and single-molecule sequencing, have significantly advanced in the field of genomics.
Precision medicine is projected to grow at the highest rate
Precision medicine is expected to account for the greatest share in the coming years, based on application. Precision medicine identifies people who are more likely to develop certain diseases and executes preventive measures. AI-driven genomics analysis can help in anticipating how patients will react to drugs based on their genetic profile. Pharmacogenomics is a key component of precision medicine that provides the study of how a person’s genetic composition affects their response to medications. Artificial intelligence (AI) algorithms can be used by scientists and medical professionals to recognize genetic markers that affect therapeutic efficacy, metabolism, and side effects, allowing for the selection and dosing of customized drug. Polaris Market Research
