AI In Genomics Market Size, Share, Opportunities And Trends By Offering (Software Tools, Services), By Application (Precision Medicine, Diagnosis And Prognosis, Drug Discovery And Development, Agriculture And Animal Breeding, Others), By End-User (Pharmaceutical And Biotechnology Companies, Academic And Research Institutes, Hospitals And Diagnostic Centers, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Feb 2023
- Report Code : KSI061614431
- Pages : 140
The market for artificial intelligence (AI) in genomics is anticipated to expand considerably during the forecasted period. The use of AI in genomics has the capacity to radically change the domain and make health coverage more customized and accurate. In the upcoming years, the market for artificial intelligence in genomics is anticipated to expand quickly as a result of the growing application of AI technology and increasing requirements for specific and detailed treatment.
This market is expanding as a result of factors like the rising desire for precision medicine, the expansion of genomics research initiatives, and the expanding demand for effective and efficient data administration and analysis. Numerous uses of AI in genomics exist, such as medicine development, ailment detection, and medication strategy. AI can speed up drug research by identifying possible drug receptors and boosting therapeutic effectiveness during drug discovery. AI is able to evaluate vast amounts of genomic data for disease diagnosis and find indicators for premature illness recognition. With the aid of AI, therapy results can be optimized by modifying clinical guidelines based on a patient's genome sequencing.
The AI in genomics market is driven by the rising need for precision medicine as well as due to growing investment to incorporate AI in healthcare.
The market for artificial intelligence (AI) in genomics is expanding as a result of precision medicine. In order to create more customized and expedient remedies, precision medicine considers a person's distinctive genetic structure, external circumstances, and habits. The development of personalized treatments depends on the aptitude of AI technology to analyze vast concentrations of genomic information and determine connections and similarities. Healthcare and treatment has been significantly impacted by the application of AI to precision medicine, especially in the area of cancer. AI can examine genomic data to find specific mutations in cancer and align patients with the most ideal therapies. AI can also be used to detect individuals who are at high odds of contracting particular cancers, enabling early detection and more focused medication. As such, the rising number of cancer cases has favorably impacted the AI in genomics market. According to data from the global cancer observatory, there were almost 19.3 million new cancer cases in 2020, including all types.
Furthermore, investments to incorporate AI in genomics and healthcare have benefitted the market. For instance, WhiteLab Genomics, a French company that provides gene and cell treatment though predictive computer programs, revealed the conclusion of a $10 million funding round in September 2022. The round was co-led by Debiopharm, a Swiss-based biopharmaceutical business with a venture arm that specializes in online healthcare, and French venture capital firm Omnes Capital. According to WhiteLab Genomics, it intends to use this investment to advance the advancement of genomic therapies by implementing both public and private data as well as internal AI algorithms. The business is assisting its customers so that they can develop reference sequences and carriers quickly and deliver genomic-based therapies to market more quickly.
- In March 2022, an investment round worth $200 million was secured by DNAnexus, an American business that offers cloud-based data processing and administration system for DNA sequence data. They were able to expedite their solution plan due to the funding in order to address the rising need for technologies that use biological data to advance precision medicine. The company intends to use this funding to enhance its platform for genomic data analytics and give medication and diagnostic manufacturers a significant benefit. The platform employs a number of technologies to quickly scan through enormous collections of epidemiological, genomic, translational, physicochemical, and proteomic data. It is provided to biopharmaceutical, and diagnosis and treatment test producers, so that they can use the studies that result to expand their research programs and, as a result, generate improved customized healthcare solutions.
- In May 2022, Sema4, an AI-driven genomic and medical database analytics platform firm, announced the acquisition of GeneDx, LLC, a specialist in genetic analysis and testing for chronic illnesses. The deal reinforced Sema4's health information database and made it one of the biggest and most sophisticated genomic testing providers in the United States, which enhanced patient care and accelerated the development of new treatments. The acquisition increased Sema4's platform's efficiency while advancing the delivery of precision medicine. The company intends to use the acquisition to speed up the application of genomics and make use of substantial medical data to improve the effectiveness of treatment through precision medicine services.
Based on end-user, AI in genomics market is expected to witness positive growth in pharmaceuticals and biotechnology companies.
Since pharmaceutical and biotechnology companies are extensively investing in the creation of individualized medicines, which demand the analysis and interpretation of genome data, they are significant end-users of AI in genomics. Pharmaceutical and biotechnology businesses are expanding their investments in genomics research since the cost of genomic sequencing is falling and the availability of genetic data is rising. These businesses can benefit from the effective analysis and interpretation of vast amounts of genomics data provided by AI-based tools and services, which is expected to facilitate quicker and more precise research.
Asia Pacific and North America accounted for major shares of the AI in genomics market.
Based on geography, the AI in genomics market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. North America is a significant market for AI in genomics due to the presence of numerous genomics firms, significant financing in genomics research, and a developed healthcare system. Additionally, the advancement of AI-based genomics products and applications as well as the rising demand for personalized treatment are propelling market expansion in this area. The Asia Pacific market for AI genomics is anticipated to experience considerable growth due to the growing use of AI in healthcare, increased investments in genomics studies, and the presence of a sizable patient base. It is anticipated that nations like China, Japan, and India will aid in the market expansion of this region.
Key Market Segments
- By Offering
- By Application
- By End-User
- By Geography
- North America
- South America
- United Kingdom
- Middle East And Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. AI IN GENOMICS MARKET, BY OFFERING
5.2. Software tools
6. AI IN GENOMICS MARKET, BY APPLICATION
6.2. Precision medicine
6.3. Drug discovery and development
6.4. Diagnosis and prognosis
6.5. Agriculture and animal breeding
7. AI IN GENOMICS MARKET, BY END-USER
7.2. Pharmaceutical and biotechnology companies
7.3. Academic and research institutes
7.4. Hospitals and diagnostic centers
8. AI IN GENOMICS MARKET, BY GEOGRAPHY
8.2. North America
8.3. South America
8.4.1. United Kingdom
8.5. Middle East And Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.4. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.2. Sophia Genetics SA
10.3. QIAGEN N.V.
10.4. Fabric Genomics, Inc.
10.5. Congenica Ltd.
10.6. Illumina, Inc.
10.7. Freenome Holdings, Inc.
10.8. Data4cure, Inc.
10.9. Tempus Labs, Inc.
10.10. NVDIA Corporation
Fabric Genomics, Inc.
Freenome Holdings, Inc.
Tempus Labs, Inc.
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