Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "AI in Genomics Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global AI in genomics market has grown exponentially in recent years. It will grow from $0.75 billion in 2023 to $1.08 billion in 2024 at a compound annual growth rate (CAGR) of 43.9%. The growth observed during the historical period in the field of AI in genomics can be attributed to several factors. These include advancements in genomic sequencing technologies, challenges related to the handling and analysis of large genomic datasets, the increasing demand for personalized medicine, a growing focus on understanding and diagnosing diseases through genomics, and the application of AI in drug discovery and development processes. These factors collectively contributed to the development and adoption of AI tools in genomics research during that timeframe.
North America was the largest region in the AI in genomics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the AI in the genomics market report during the forecast period.
The global AI in genomics market is expected to see exponential growth in the next few years. It will grow to $4.58 billion in 2028 at a compound annual growth rate (CAGR) of 43.4%. The anticipated growth in the forecast period for AI in genomics can be attributed to various key factors. These include the expansion of genomic databases, advancements in genomic data security measures, AI-driven biomarker discovery for various applications, integration of genomic data with other 'omics' data types, and a focus on patient empowerment and education in genomics. Major trends expected in the forecast period include the use of AI in cancer genomics, AI-enhanced genomic imaging technologies, continued efforts in AI-driven biomarker discovery across different diseases, the integration of genomic data across healthcare systems, and the application of AI in functional genomics research. These trends collectively reflect the industry's response to technological advancements and the increasing integration of AI in various aspects of genomics research and healthcare.
The burgeoning adoption of AI is poised to drive the expansion of the AI in genomics market in the foreseeable future. Notably, as of May 2022, an International Business Machines Corporation (IBM) report highlighted a significant surge in the global adoption rate of AI, escalating to 35%, a four percent increase from the preceding year. Furthermore, surveys of 7,502 decision-makers from various companies indicated a 13% rise in the expected utilization of AI in 2021 compared to 2020. Approximately 35% of organizations reported employing AI, while 42% contemplate its adoption, and two-thirds (66%) intend to deploy AI to meet their sustainability objectives. Hence, the escalating adoption of AI is a driving force behind the growth of the AI in genomics market.
The escalating adoption of personalized medicine methodologies is projected to propel the advancement of the AI in genomics market in the forthcoming years. For instance, in February 2023, the Personalized Medicine Coalition disclosed that personalized pharmaceuticals accounted for 34% of new medications approved by the US Food and Drug Administration in 2022, maintaining a consistent trend of comprising at least 25% of approvals over the past eight years. Therefore, the increasing utilization of personalized medicine strategies acts as a catalyst for the growth of the AI in genomics market.
Technological advancements constitute a significant and growing trend within the AI in genomics market. Prominent industry players are intensely focused on developing innovative technological solutions to bolster their market standing. For example, in March 2023, Genomic Vision, a France-based biotechnology firm specializing in diagnostic solutions for genetic diseases and cancers, unveiled FiberSmart, an AI-powered software designed for the visualization and high-resolution analysis of lengthy DNA fibers. This groundbreaking technology has the potential to revolutionize the diagnosis and treatment of genetic disorders by enhancing precision and efficacy in diagnosis and treatment. The software analyzes substantial volumes of data to unveil patterns and insights that would otherwise be beyond human capacity to discern independently.
Major players within the AI in genomics market are strategically pursuing partnerships to elevate patient care standards. Strategic partnerships involve companies leveraging each other's strengths and resources to attain mutual advantages and bolster success. For instance, in March 2022, the International Business Machines Corporation (IBM), a prominent US-based technology firm, unveiled a partnership with Genomics England. This collaboration entails IBM working with Genomics England across three key domains such as enhancing the clinical user interface, facilitating swift access to genetic data storage, integrating cloud capabilities within a hybrid cloud environment, and managing services. Genomics England, a UK-based government entity, oversees the 100,000 Genomes Project.
In May 2022, Sema4 Inc., a US-based AI-powered genomic and clinical data intelligence platform company, acquired GeneDx LLC for an approximate sum of $623 million. This strategic acquisition positions Sema4 as one of the foremost and most advanced providers of genomic testing in the United States. Moreover, it fortifies their health information repository, aiming to revolutionize patient care and augment advancements in therapeutic development. This acquisition further expedites Sema4's ability to deliver precision medicine while optimizing platform efficiency. GeneDx LLC, a US-based entity specializing in genetics and genomics, offers AI-enabled testing services to patients, aligning well with Sema4's objectives.
Report Scope
Markets Covered:
- By Component: Hardware; Software; Services
- By Technology: Machine Learning; Computer Vision
- By Functionality: Genome Sequencing; Gene Editing; Other Functionalities
- By Application: Drug Discovery and Development; Precision Medicine; Diagnostics; Other Applications
- By End-use: Pharmaceutical and Biotech Companies; Healthcare Providers; Research Centers; Other End-Users
Key Companies Mentioned: International Business Machines Corporation; Microsoft Corp.; NVIDIA Corporation; Deep Genomics Inc.; BenevolentAI Ltd.
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- International Business Machines Corporation
- Microsoft Corp.
- NVIDIA Corporation
- Deep Genomics Inc.
- BenevolentAI Ltd.
- Fabric Genomics Inc.
- Verge Genomic Inc.
- Freenome Holdings Inc.
- MolecularMatch Inc.
- SOPHiA GENETICS SA
- Data4Cure Inc.
- PrecisionLife Ltd.
- Genoox Ltd.
- Lifebit Ltd.
- Empiric Logic Ltd.
- FDNA Inc.
- DNAnexus Inc.
- Engine Biosciences Pte. Ltd.
- 4baseCare
- Congenica Ltd.
- CytoReason Ltd.
- Emedgene Technologies Ltd.
- Illumina Inc.
- Lifebit Biotech Ltd.
- Mendel.ai
- Predictive Oncology Inc.
- Tempus Labs Inc.
- 10x Genomics Inc.
- Repositive Limited
- Genedata AG
- Global Gene Corp
- Nference Inc.
- Bluebee Holding B.V.
- Genomenon Inc.
For more information about this report visit https://www.researchandmarkets.com/r/j25o2t
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