Artificial Intelligence to Shape Genomics Industry Valued at $6.22 Billion by 2029
A new report from Meticulous Research®, a global market research firm, 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-premises, Cloud) and End User—Global Forecast to 2029, has been published.
Anticipated Growth of AI in Genomics
The report projects the global AI in genomics market to achieve a CAGR of 42.8% between 2022 and 2029, reaching a market value of $6.22 billion by the end of the forecast period. The market's rapid growth is driven by increasing adoption of AI technologies in genomics for healthcare, rising investments in AI-based genomics research, and the need to reduce the time taken for diagnostics and drug discovery. Furthermore, machine learning’s growing role in precision medicine and the emergence of startups focusing on AI and genomics will create new market opportunities.
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AI in Genomics Market Structure
The AI in genomics market is segmented based on offering (software and services), delivery mode (on-premises, cloud/web-based), functionality (genome sequencing, gene editing), application (drug discovery, diagnostics, precision medicine), and end-users (pharmaceutical companies, academic institutions). The report also includes an in-depth competitive analysis and regional breakdown of market shares.
Software Segment Leads Offering Category
In terms of offerings, the software segment is expected to dominate in 2022, generating significant revenue through subscription and licensing models. Ongoing AI advancements continue to enhance genomics software, driving further market expansion.
Cloud-based Models Experience Growth
The cloud/web-based segment is projected to see the fastest growth in the delivery mode category, as these models offer pharmaceutical companies cost-saving advantages, flexibility, and superior data security.
Genome Sequencing at the Forefront
Genome sequencing is expected to dominate the functionality segment by 2022, as AI-driven tools significantly improve data analysis, aiding in the discovery of disease-related genes and accelerating drug development processes.
AI's Role in Drug Discovery
The drug discovery and development segment is anticipated to hold the largest share in the application category. AI's integration into drug discovery enables researchers to model disease heterogeneity, optimize drug candidates, and identify therapeutic targets at reduced costs.
Pharmaceutical Companies Leading AI Adoption
Pharmaceutical and biopharmaceutical companies are projected to be the largest end-users by 2022, with AI solutions helping streamline drug discovery processes, reduce costs, and improve precision medicine applications.
Geographical Focus: North America Dominates
North America is expected to hold the largest market share, followed by Europe and the Asia-Pacific. In particular, the U.S. is forecasted to dominate the North American market due to significant investment in genomics and the growing use of AI in personalized medicine.
Key Players
The key players operating in the global 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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Key questions answered in the report-
- Which are the high-growth market segments in terms of offering, delivery mode, functionality, application, end user, and geography?
- What was the historical market for AI in genomics across the globe?
- What are the market forecasts and estimates for the period 2022–2029?
- What are the major drivers, restraints, opportunities, and challenges in the global AI in genomics market?
- Who are the major players in the global Artificial Intelligence in genomics market?
- How is the competitive landscape, and who are the market leaders in the global AI in genomics market?
- What are the recent developments in the AI in genomics market?
- What are the different strategies adopted by the major players in the AI in genomics market?
- What are the geographic trends and high growth regions/countries?
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