Artificial Intelligence (AI) in Genomics Market Size USD 5,972 MN By 2030

Ottawa, Dec. 05, 2022 (GLOBE NEWSWIRE) — According to Precedence Research, the global artificial intelligence in genomics market size was estimated at USD 397.64 million in 2022. The rapidly growing biotechnology and pharmaceutical industry across the globe owing to the rising demand for various medicines and diagnostic solutions due to the rising prevalence of various chronic diseases among the among the population. The rising investments in the drug discovery & development is significantly driving the growth of the global AI in genomics market.

The drug discovery is a time consuming and very expensive affair. Therefore, to control costs, enhance operations, boost efficiency in work, and derive desired results are some of the major factors for which the demand for the AI in genomics is increasing at a significant rate.

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Moreover, the rising applications of the AI in genomics across various applications such as agriculture, drug discovery, drug development, and animal research is expected to boost the growth of the global AI in genomics market during the forecast period. Moreover, the rapidly growing prevalence of diseases and rising geriatric population is boosting the number of hospital admissions and hence the demand for the AI in genomics among the healthcare service providers is rising rapidly.

According to the United Nations, the geriatric population is expected to reach 1.5 billion by 2050. Moreover, the rising adoption of the AI in the precision medicine is expected to boost the growth of the Ai in genomics market in the forthcoming future.

Why North America region has dominated the AI in genomic market?

• North America was the leading market in the global AI in genomic market in 2021. North America is characterized with the presence of top global pharmaceutical and biopharmaceutical companies. Moreover, the increased government initiatives to boost the research and development in the healthcare and pharmaceutical sector has led to the rapid adoption of the AI in genomics sector.
• The rising investments in the drug discovery and drug development especially by the biotechnology companies has led to the adoption of the AI technology. Moreover, the healthcare service providers in US are increasing deploying the AI-based software and services to improve their work efficiency and increase profits.

Why Asia Pacific region is expected to witness highest growth rate in the AI in genomic market?

• Asia Pacific is expected to witness the highest growth rate during the forecast period. This growth can be attributed to the rising government investments in the development of sophisticated healthcare infrastructure.
• Moreover, the presence of several well-known research organizations is increasing booting their investments in the adoption of the AI technology to control costs and boost the research activities.
• The rising prevalence of disease in the region is boosting the demand for the AI-based diagnostic devices, which is another major factor behind the significantly growing AI in genomics market in Asia Pacific region.

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Scope of the Report

Market Dynamics

Driver

Growing adoption of the AI in genomics in the precision medicine

The rising prevalence of cancer among the global population is significantly boosting the demand for the precision medicine. According to the GLOBOCAN report by the International Agency for Research on Cancer, around 19.3 million new cases of cancer were diagnosed in 2020 and this number is estimated to rise by 47% from 2020 to 2040. The rising adoption of AI in the precision medicine coupled with the rising cases of cancer is expected to significantly boost the growth of the global artificial intelligence in genomics market during the forecast period.

Restraint

Lack of AI skilled workforce

There is a lack of adequate number of AI skilled workforce across the globe. This is a major factor which is boosting the services segment in the AI in genomics market. The lack of the skilled workers who has complete knowledge of AI technology results in increased costs for the users and hence this may restrict the market growth in the upcoming years.

Opportunity

Increasing adoption of the cloud based AI solutions in the genomic research

The demand for the cloud based AI solutions in the genomics research is rising rapidly. The cloud based AI solutions offers easy data storage, data compilation, storage, and analytics in a single location, which significantly eases the process and increases efficiency. Moreover, the human genome sequencing generates a huge amount of data which is of around 200 Gigabytes. The surging number of studies on human genome sequencing and rising awareness regarding the benefits of cloud based AI solutions is expected to offer lucrative growth prospects to the market players in the foreseeable future.

Challenge

Huge initial capital investments

A huge capital investment is required in the deployment of the AI solutions in the pharma and health sector. The limited financial capabilities of the small and medium size enterprises may restrict them is adopt the AI technologies in the early stages and this is expected to hamper the market growth.

Report Highlights

• Based on the offering, the software segment dominated the market in 2021. The rising adoption of software across the healthcare providers, research organizations, and pharmaceutical companies has led to the dominance of the software segment in the market. The Ai based software enhances the operation related to data storage and analysis.
• Based on application, the drug discovery & development was the leading segment in 2021. This is attributed to the rising need for controlling costs involved in the each phase of the drug discovery and drug development. The rising investments in the new drug development is boosting the growth of this segment.
• Based on end user, healthcare providers are the fastest-growing segment. The rising number of patients and rising healthcare costs is stimulating the healthcare providers to adopt AI technology to increase their profitability and offer quick and enhanced care services to the patients.

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Recent Developments

• In February 2020, IBM Watson Health entered into a partnership with the Broad Institute of MIT and Harvard to explore and analyze genomics data to analyze and understand the intrinsic susceptibility.

Market Segmentation

By Offering

• Software
• Services

By Application

• Drug Discovery & Development
• Precision Medicine
• Diagnostics
• Animal Research and Agriculture
• Others

By End User

• Pharmaceutical & Biotech Companies
• Government Organizations
• Research Organizations
• Others

By Technology

• Machine Learning
  • Deep Learning
  • Supervised Learning
  • Reinforcement Learning
  • Unsupervised Learning
  • Other
• Other Technologies

By Functionality

• Genome Sequencing
• Gene Editing
• Clinical Workflows
• Predictive Genetic Testing & Preventive Medicine

 By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

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