Redding, California, Sept. 08, 2022 (GLOBE NEWSWIRE) -- 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®, AI in genomics market is expected to grow at a CAGR of 42.8% during the forecast period 2022–2029 to reach $6.22 billion by 2029.
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Artificial intelligence (AI) has tremendous potential in genomics. AI or machine learning (ML) helps to improve understanding of the hidden patterns in complex and large genomics data sets from clinical and research projects. AI in genomics helps identify the genetic disorders and the primary kind of cancer, predict the specific diseases progress in a patient, identify disease-causing genomic variants, and improve the function of gene editing tools.
Impact of COVID-19 on the Artificial Intelligence in Genomics Market
The COVID-19 pandemic has positively impacted the AI in genomics market. The pandemic led to increased investments by pharmaceutical manufacturers to support R&D in COVID-19 vaccine development. In the COVID-19-related research, the integration of AI in genomics plays a significant role in identifying the virus origin, behavior, and structure of SARS-CoV-2, which helps to develop new vaccines or drug therapies. To meet the growing market needs in light of the pandemic, market players developed AI tools to accelerate research on COVID-19. For instance, in May 2020, the NVIDIA Corporation (U.S.) expanded NVIDIA Clara Healthcare Platform offerings to help the medical community better track, treat, and test COVID-19.
The global AI in genomics market study is segmented based on offering (software, services), delivery mode (on-premises, cloud-based/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, research institutes & academics, and other end users), and geography. The study also evaluates industry competitors and analyzes their market share 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. Increased use of AI in genomics software by the pharmaceutical & biotechnology companies for drug discovery and precision medicine is a key factor driving the market. Integrating AI in genomics helps pharmaceutical manufacturers analyze and identify genomic data to reduce the turnaround time for discovery. The rising burden of infectious and non-infectious diseases has increased the responsibility of pharmaceutical manufacturers for new drug development. A large number of molecules in the clinical pipeline are driving the demand for AI in genomics software for drug discovery.
Based on delivery mode, the cloud-based segment is estimated to register the highest CAGR during the forecast period. Advantages offered by cloud-based models, such as high security, affordability, and scalability, are increasing the adoption of cloud-based models in AI in genomics. The adoption of cloud-based models eliminates the need for capital expenditure incurred in creating and maintaining in-house computer clusters. The cloud-based models also offer increased scalability to process large sample data sets.
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 integration of AI in genomics accelerates the speed of genome sequencing to identify genetic patterns. This speeds up the drug discovery process as genome sequencing provides a great understanding of the disease, further ensuring efficacy, safety, and success in drug development. Additionally, the increased demand for genome sequencing during COVID-19 from researchers and medical experts to understand genetic variants has driven the market.
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 key factors attributing to the largest share are the growing demand for new and innovative therapies to combat rising chronic or infectious diseases and growing collaborations among the pharmaceutical/ biotechnology companies and market players offering AI in genomics solutions. The integration of AI in genomics accelerates drug discovery, thereby reducing the turnaround time to get the drug on the market.
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Based on end user, in 2022, the pharmaceutical and biopharmaceutical companies segment is expected to account for the largest share of the global AI in genomics market. Pharmaceutical & biopharmaceutical companies are increasingly relying on AI algorithms to identify disease-causing mutations, design therapeutic targets, and identify appropriate treatment regimens. The increasing pressure on the pharmaceutical companies to reduce the operational cost of drug manufacturing and the subsequent rising prevalence of chronic and infectious diseases are the key factors driving the adoption of AI in the pharmaceutical & biopharmaceutical companies for drug discovery.
Based on geography, in 2022, North America is estimated to account for the largest share of the AI in genomics market, followed by Europe and Asia-Pacific. The U.S. is estimated to account for the largest share of the AI in genomics market in North America in 2022. The market is primarily driven by increasing public and private investment in genomics and the growing adoption of AI solutions in precision medicine to meet the increasing market demand.
The report also includes an extensive assessment of the key strategic developments of leading market participants in the industry over three years (2019–2022). In the last couple of years, the global AI in genomics market has witnessed collaborations and product launches. For instance:
- In January 2022, NVIDIA (U.S.) collaborated with a large long-term biobank study in the U.K., called UK Biobank, to provide scientists access to NVIDIA Clara Parabricks to fuel accelerated genomics and drug discovery.
- In September 2021, Deep Genomics (Canada) collaborated with Mila, the Quebec Artificial Intelligence Institute (Canada), to join Mila's community and take advantage of the recruitment activities offered by Mila.
- In October 2020, Fabric Genomics launched Fabric GEM to accelerate genetic disease diagnosis and provide comprehensive clinical-decision support
Some of the key players operating in the global AI in genomics market are Microsoft Corporation (U.S.), NVIDIA Corporation (U.S.), Deep Genomics (Canada), Fabric Genomics, Inc. (U.S.), Data4Cure, Inc. (U.S.), Predictive Oncology Inc. (U.S.), Emedgene (U.S.), Congenica Ltd. (U.K.), Tempus (U.S.), SOPHiA GENETICS (Switzerland).
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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 Model
- Cloud-based/Web-based Model
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 and 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
- Research Institutes & Academics
- 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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