Artificial Intelligence in Genomics Market Size Will Hit USD 18.92 Billion by 2032
Page Contents
Market Overview
“Artificial Intelligence in Genomics Market size was valued at USD 0.45 Billion in 2022 and is projected to reach USD 18.92 Billion by 2032, growing at a CAGR of 45.60% from 2022 to 2032.”
AI in genomics is an emerging field with numerous applications, such as drug discovery, diagnostics and personalized medical care. AI algorithms are capable of quickly analyzing large amounts of genomic data, improving gene sequencing accuracy and creating predictive models for diseases like cancer. Furthermore, these AI-powered tools are beneficial when developing precision treatments by providing insights into drug interactions with specific genes.
Additionally, AI is being used to identify biomarkers that indicate disease risk and help make precision therapies more effective. Finally, AI-enabled systems are increasingly being used for personalized health screening and medical decision support. With its potential to improve healthcare outcomes and reduce costs, the application of AI in genomics is expected to have an increasingly significant impact on the healthcare industry in the coming years.
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Key Takeaways
- Growing Demand: The AI market in genomics is experiencing rapid expansion due to rising demands for personalized medicine and efficient data analysis. Furthermore, there are an increasing number of genomic research projects underway.
- AI in Healthcare: AI can be utilized to enhance diagnosis accuracy, develop tailored therapies and enhance patient care.
- Key Players: IBM, Microsoft, NVIDIA Corporation, Deep Genomics, BenevolentAI Ltd., Fabric Genomics Inc., Verge Genomics, Freenome Holdings Inc., MolecularMatch Inc., Cambridge Cancer Genomics, SOPHiA GENETICS, Data4Cure Inc., PrecisionLife Ltd., Genoox Ltd., Lifebit, Diploid, FDNA Inc., DNAnexus Inc., Empiric Logic, Engine Biosciences Pte. Ltd.
- Technological Advances: The AI in the genomics market is rapidly expanding due to advances in machine learning, deep learning and natural language processing.
- Government Support: Government funding and encouragement of genomic research is what propels the growth of the AI market in genomics.
- The Challenges: Despite its potential growth, the AI market in genomics faces numerous obstacles such as data security and privacy worries, as well as a lack of expertise and awareness.
Regional Snapshot
- North America: North America is the leading market for AI in genomics, with the United States as its largest market. This region's growth can be attributed to an increasing number of genomic research projects, key players and government support for genomics.
- Europe: Europe ranks second in the market for AI-based genomics, with the United Kingdom, Germany and France being its three largest markets. This region's growth can be attributed to an increasing demand for personalized medicine as well as increased adoption of AI technology within healthcare facilities.
- Asia Pacific: Asia Pacific is the fastest growing market for AI in genomics. China, Japan and India are the three largest markets within this region due to a rising focus on precision medicine, improved healthcare infrastructure and an increase in genomic research projects.
- Rest of World: This includes countries such as Latin America, the Middle East and Africa. These regions are experiencing market growth due to increasing government support for genomic research, an increasing demand for personalized medicine and increasing adoption of AI technology in healthcare.
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Drivers
- There is an increasing demand for personalized medicine. AI in genomics is increasingly being employed to develop tailored treatment plans for patients based on their genetic makeup, fuelling the market growth in this space.
- AI technology is being increasingly adopted in healthcare to enhance diagnosis and develop targeted therapies, ultimately fuelling growth in the AI in genomics market.
- An exponential rise in genomic research projects: Genomic projects are creating vast amounts of data that requires advanced technologies like AI to analyse and effectively fuel this market's expansion.
- Technological Developments: The AI in genomics market is expanding due to the advancements of advanced AI technologies like machine learning, deep learning and natural language processing.
- Government Support for Genomic Research: Governments provide funding and encouragement to genomic research, which is fuelling the growth in the AI-in-genomics market.
Restraints
- Privacy and data security concerns: AI in genomics raises privacy and security concerns, which could limit the growth of this market.
- Inadequacy of knowledge and expertise: A lack of expertise and awareness in AI technology, genomics research and other related areas could limit market growth.
- Regulatory issues: The growth of the AI market in genomics could be hampered by regulatory challenges, such as data sharing and approval processes.
- Technology at a high price: High costs of AI technology and genomic research may limit adoption of AI in genomics in low- and medium-income countries.
- The market's drivers outweigh any restraints and is expected to grow in the future. To ensure the market's continued growth, it is important to address the restraints.
Opportunities
- Precision medicine is on the rise, offering AI in genomics a chance to make an impact. Genomics data needs to be mined extensively in order to create tailored treatment plans based on individual genetic profiles.
- Demand for AI-Powered Diagnosis: AI technology holds the potential to enhance accuracy and speed when diagnosing disease, creating a market opportunity for AI in genomics.
- Research Highlight: There is a market opportunity in the AI in Genomics space due to an increasing level of investment and increasing number of projects.
Challenges
- Biobank security poses a substantial obstacle.
Global market players are facing a number of pressing obstacles. Biobanks must install and maintain robust security measures to ward off cyberattacks since they store highly valuable samples and information – especially digital data storage. Hospitals generally advise against biobanks due to potential data breaches that could increase operating expenses significantly.
Recent Developments
- The Quebec Artificial Intelligence Institute (Mila) and Deep Genomics established a relationship in September 2021. Deep Genomics will join Mila's community and will benefit from the research institute's recruitment efforts as a result of this partnership.
- The debut of InfiniSEEK, a creative and economical solution for whole-genome sequencing and tailored SNP analysis, was announced by NEOGEN Corporation and Gencove in May 2022.
Market Segmentation
By Offering
- Software
- Services
By Technology
- Machine Learning
- Computer Vision
By Functionality
- Genome Sequencing
- Gene Editing
By Application
- Diagnostics
By End-User
- Pharma
- Research
Key players
- IBM
- Microsoft
- NVIDIA Corporation
- Deep Genomics
- BenevolentAI Ltd.
- Fabric Genomics Inc.
- Verge Genomics
- Freenome Holdings Inc.
- MolecularMatch Inc.
- Cambridge Cancer Genomics
- SOPHiA GENETICS
- Data4Cure Inc.
- PrecisionLife Ltd.
- Genoox Ltd.
- Lifebit
- Diploid
- FDNA Inc.
- DNAnexus Inc.
- Empiric Logic
- Engine Biosciences Pte. Ltd.
Report Scope
| Report Attribute | Details |
| The market size value in 2022 | USD 0.45 Bn |
| Revenue forecast by 2032 | USD 18.92 Bn |
| Growth Rate | CAGR Of 45.60% |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World |
| Historical Years | 2017-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
| Long-Term Projected Year | 2032 |
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FAQ.
Artificial Intelligence in Genomics Market size was valued at USD 0.67 Billion in 2022 and is projected to reach USD 18.93 Billion by 2032, growing at a CAGR of 45.60% from 2022 to 2032.
Some key applications of AI in genomics include Diagnostics.
IBM, Microsoft, NVIDIA Corporation, Deep Genomics, BenevolentAI Ltd., Fabric Genomics Inc., Verge Genomics, Freenome Holdings Inc., MolecularMatch Inc., Cambridge Cancer Genomics, SOPHiA GENETICS, Data4Cure Inc., PrecisionLife Ltd., Genoox Ltd., Lifebit, Diploid, FDNA Inc., DNAnexus Inc., Empiric Logic, Engine Biosciences Pte. Ltd.
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