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Newark, New Castle, USA, May 08, 2023 (GLOBE NEWSWIRE) — According to a new Growth Plus Reports study, the AI In Genomics Market is estimated to hit US$ 16,272 million by 2031, with a revenue CAGR of 49.70%. The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.
- The increasing demand for novel and personalized medicine will drive market revenue growth.
- Increasing funding for genomics research will drive demand for AI in Genomics.
- North America dominates the global AI in Genomics market.
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AI in Genomics Market Scope
|Market Size Value in 2022||US$ 446.84 Million|
|Revenue Forecast in 2031||US$ 16,272 Million|
|Base Year for Estimation||2022|
|Forecast Period||2023 to 2031|
|Segments Covered||Component, Technology, Functionality, Application, End User, and Region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa|
The increased demand for personalized medicine will drive the revenue growth of AI in Genomics market. Furthermore, advancements in machine learning and increased adoption of AI in Genomics are expected to boost the market revenue growth rate. Additionally, increased funding for genomics research is expected to support the market’s revenue growth.
Growth Plus Reports has analyzed global AI in Genomics market from six perspectives: Component, Technology, Functionality, Application, End User, and Region.
Component Segmentation: Based on the component, the AI in Genomics market is segmented into hardware, software, and services. The software segment dominates the market with the largest revenue share because of the rising usage of AI-based software for genomics by healthcare companies, R&D centers, and patients.
Technology Segmentation: Based on the technology, the AI in Genomics market is segmented into computer vision and machine learning. The machine learning segment dominates the market because machine learning techniques allow computers to learn from data and make predictions or choices.
Functionality Segmentation: Based on the functionality, the global AI in Genomics market is segmented into genome sequencing, gene editing, and others. The genome sequencing segment dominates the market because AI algorithms extract valuable insights from the massive volumes of data generated by genome sequencing.
Application Segmentation: Based on the application, the AI in Genomics market is segmented into drug discovery & development, precision medicine, diagnostics, and others. The drug discovery & development segment dominates the market because of the increased demand for pharmaceuticals and the high usage of AI algorithms in drug research and development to create new therapies based on genetic data.
End User Segmentation: Based on the end user, the AI in Genomics market is segmented into pharmaceutical and biotech companies, healthcare providers, research centers, and others. The pharmaceutical and biotech companies segment dominates the market because they employ AI algorithms extensively to analyze genetic data and produce novel medications and cures.
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Regional Growth Dynamics
Based on the region, the global AI in Genomics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominates the AI in Genomics market with the largest revenue share. The presence of prosperous research institutes and biotechnology companies and increased investment in developing new and innovative technologies are the responsible for North America’s lrevenue share in the global market.
The key players in the global AI in Genomics market are:
· Microsoft Corporation
· NVIDIA Corporation
· Data4Cure, Inc.
· Thermo Fisher Scientific
· SOPHiA GENETICS
· FDNA INC.
· Engine Biosciences Pte. Ltd.
· Fabric Genomics
· Verge Genomics
· Lifebit Biotech Ltd.
The market for AI in Genomics is moderately competitive, with several multinational companies. Major competitors engage in technological advancements, R&D, and mergers and acquisitions to enhance their market position.
- Zurich researchers developed a new tool in February 2023 that uses artificial intelligence to predict the effectiveness of various genome-editing repair methods. Unintentional errors in the repair of genetic illness DNA mutations can therefore be avoided.
- WhiteLab Genomics, a Y-Combinator-backed AI-powered predictive software simulation platform for researching gene and cell therapies, received $10 million in funding in September 2022.
Table of Content
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2021
- Base Year – 2022
- Forecast Years – 2023 to 2031
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2022)
- MARKET DYNAMICS
- GLOBAL AI IN GENOMICS MARKET – ANALYSIS & FORECAST, BY COMPONENT
- GLOBAL AI IN GENOMICS MARKET – ANALYSIS & FORECAST, BY TECHNOLOGY
- Machine Learning
- Supervised Learning
- Unsupervised Learning
- Deep Learning
- Computer Vision
- Machine Learning
- GLOBAL AI IN GENOMICS MARKET – ANALYSIS & FORECAST, BY FUNCTIONALITY
- Genome Sequencing
- Gene Editing
- GLOBAL AI IN GENOMICS MARKET – ANALYSIS & FORECAST, BY APPLICATION
- Drug Discovery & Development
- Precision Medicine
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- Winning imperatives
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- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- ‘Business Profile’ of Key Players
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