Artificial Intelligence in Genomics Market to Reach $6.22 Billion by 2029 - Exclusive Report by Meticulous Research®

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Dec 07, 2022, 08:30 ET

REDDING, Calif., Dec. 7, 2022 /PRNewswire/ -- According to a new market research report titled, '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, " published by Meticulous Research^®, the global AI in genomics market is expected to reach $6.22 billion by 2029 at a CAGR of 42.8% during the forecast period 2022–2029.

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The application of artificial intelligence (AI) or machine learning has been widely increasing in genomics studies, requiring production of complex and large amounts of data. The integration of AI has been used in the discovery of cell morphology and spatial organization, prediction of DNA regulatory regions, cancer diagnosis, and identification of associations between phenotypes and genotypes. Drug discovery and precision medicine are the areas in pharmaceuticals largely impacted by the integration of AI in genomics. To accelerate precision medicine, AI is being used to convert genomic data into actionable clinical information.

In addition to accelerated drug discovery and precision medicines, technological advancements in AI capabilities in genomics and rising funding for genomics studies are driving the global AI in genomics market. Additionally, improving infrastructure for AI and genomics research in emerging economies offers market growth opportunities. However, ambiguous regulatory guidelines for genomics software and poor security & storage of large volumes of genome sequencing data pose a challenge for the market.

The artificial intelligence in genomics market is segmented by offering (software, services), delivery mode (on-premises, cloud & web-based), functionality (genome sequencing, gene editing, other functionalities), application (drug discovery and development, precision medicine, diagnostics, and other applications), end user (pharmaceutical & biopharmaceutical companies, academic & research institutes, and other end users), and geography. The study also evaluates industry competitors and analyzes their market shares at global and regional levels.

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Based on offering, in 2022, the software segment is estimated to account for the largest share of the global AI in genomics market. Software is the set of data or programs and instructions used to operate specific tasks. AI genomic software plays an important role in drug discovery, precision medicine, and diagnostics. The market players offer AI in genomics software-as-a-service, license-based, or subscription-based, which generates more revenue due to repeat purchases. The prices of these software offerings are high compared to the prices of services. Thus, the revenue generated by software is more compared to the services.

Based on delivery mode, the cloud & web-based segment is estimated to register the highest CAGR during the forecast period. The cloud & web-based models provide easy accessibility and increased scalability at lower costs. Furthermore, using cloud-based models, researchers can securely store, process, explore, and share large genomic datasets.

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 increasing adoption of AI in genome sequencing studies and the growing implementation of COVID-19-related R&D are contributing to the large market share of this segment. For instance, in January 2022, a research initiative led by scientists at Stanford University (U.S.), NVIDIA Corporation (U.S.), Oxford Nanopore Technologies Limited (U.K.), Google (U.S.), University of California (U.S.), and Baylor College of Medicine (U.S.) entered the Guinness World Record for fastest DNA sequencing technique using AI. The researchers used AI for sequencing a human genome in 5 hours and 2 minutes to ultimately use the findings in the diagnosis of rare genetic diseases in an average of eight hours.

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. The growing adoption of AI algorithms for drug discovery and rising collaboration between pharmaceutical/biopharmaceutical companies and AI solutions provider companies are driving the market.

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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 adoption of AI in genomics is relatively high in drug discovery and development and precision medicine compared to diagnostics or animal health. Pharmaceutical & biopharmaceutical companies use AI algorithms to speed up the process of drug discovery. Thus, pharmaceutical & biopharmaceutical companies are the highest revenue contributors to the market.

Based on geography, the artificial intelligence in genomics market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with a further analysis of major countries in these regions. In 2022, North America is estimated to account for the largest share of the global AI in genomics market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The key factors contributing to the large market share of this segment are the availability of infrastructure for genomic research and AI, the presence of key players in this region, and increasing research initiatives in genomics.

Some of the key players operating in the 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.).

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Scope of the Report:

Artificial Intelligence in Genomics Market, by Offering

Software
Services

Artificial Intelligence in Genomics Market, by Delivery Mode

On-premises
Cloud & Web-based

Artificial Intelligence in Genomics Market, by Functionality

Genome Sequencing
Gene Editing
Other Functionalities

Note: Other functionalities include pharmacogenomics and predictive gene testing.

Artificial Intelligence in Genomics Market, by Application

Drug Discovery & Development
Precision Medicine
Diagnostics
Other Applications

Note: Other applications include agriculture, pharmacology, and animal health.

Artificial Intelligence in Genomics Market, by End User

Pharmaceutical & Biopharmaceutical Companies
Academic & Research Institutes
Other End Users

Note: Other end users include contract research organizations and agriculture companies.

Artificial Intelligence in Genomics Market, by Geography

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain
Rest of Europe (RoE)

Asia-Pacific (APAC)

China
Japan
India
Rest of APAC (RoAPAC)

Latin America

Brazil
Mexico
Rest of Latin America (RoLATAM)

Middle East & Africa

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