Jersey City, NJ, March 11, 2024 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Al in Omics Studies Market- (By Offering (Software, Services), By Technology Platform (Sequencing, Epigenomics, Proteomics, Metabolomics, Others), By Application (Oncology, Infectious Diseases, Neurology, Cardiovascular Diseases, Immunology, Others), By End User (Academic and Research Institutes, Biopharmaceutical Company, Others)) Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Al in Omics Studies Market is valued at US$ 633.46 Mn in 2023, and it is expected to reach US$ 5,445.6 Mn by 2031, with a CAGR of 31.2% during the forecast period of 2024-2031.
Artificial intelligence (AI) is a potent tool for resolving challenging issues when it comes to processing, analysing, and interpreting omics data and integrating multi-omics and clinical data. AI has made significant strides in several scientific domains in recent years, including drug development, illness diagnostics, protein structure prediction, and interpretation of genetic variants. The market for artificial intelligence in omics studies is expanding gradually and is anticipated to develop significantly throughout the projected period.
The main factor propelling the use of AI in omics studies is its capacity to evaluate sizable and intricate omics datasets. AI techniques make it easier for researchers to find patterns in omics data, forecast biomarkers, and derive new biological insights. Further accelerating industry growth are investments in AI technology and favourable regulatory frameworks. The future of precision healthcare is being shaped by these variables together, which are driving the rise of AI applications in omics investigations. Thus, AI has the potential to revolutionize omics studies as well as the healthcare sector as a whole, propelling the market for AI in omics studies worldwide.
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Recent Developments:
- In November 2023, biotechnology companies OWKIN and 10x Genomics, Inc., jointly announced that they have reached an agreement to incorporate 10x Genomics' single-cell and spatial omics technologies to their work in tumour investigation for potential therapeutic targets.
- In September 2023, Janssen Global Services, LLC, a pharmaceutical firm, and Intelligent OMICS Ltd., a biotechnology company, agreed to a partnership in AI-driven research. The goal of the partnership with Janssen Global Services, LLC is to identify new biological targets that can be used to treat haematological malignancies.
- in June 2022, the Ultima Genomics firm and Nvidia announced that they are partnering to separate AI at various stages of the DNA sequencing and analysis process. Accelerating variant calling and deep learning in photometry and base calling are two aspects of the relationship.
List of Prominent Players in the Al in Omics Studies Market
- Thermo Fisher Scientific.
- Agilent Technologies
- Illumina
- BGI Genomics
- Dassault Systemes
- Qiagen
- Waters Corporation
- GE Healthcare
- Amazon Web Services, Inc
- Bruker
- Danaher
- Other Prominent Players
Market Dynamics:
Drivers-
One of the main factors propelling AI in the omics studies market is its enormous potential to revolutionise genomics studies and healthcare. The market for omics studies is seeing an increase in AI due to a number of factors. First, as omics data grows in volume and complexity, sophisticated analytics tools are needed. AI is excellent at processing, analysing, and deriving valuable insights from this data. Second, AI-driven methods for omics-based biomarker identification and medication development are required due to the growing need for tailored medicine and focused therapeutics. Thirdly, partnerships between academic, business, and medical facilities encourage creativity and accelerate the use of AI in omics studies.
Challenges:
The primary obstacles that AI in the omics studies sector must overcome are concerns about data privacy and security. The market development may be hampered by the requirement for more qualified Al experts and a strict regulatory environment. The growing need for Al in many industries, such as genomics, presents formidable obstacles due to the scarcity of Al-versed professionals, impeding market expansion. Due to the intricacy of Al technologies and their use in genomics, a certain set of skills still needs to be improved. This scarcity impedes the smooth incorporation of Al into genomics procedures and decelerates the sequence of progress in the area. Adopting and utilising Al in genomics would also be difficult due to the strict laws controlling data security, privacy, and ethical issues.
Regional Trends:
In 2023, due to the presence of several industry participants, such as Google Health, Danone, Abbott, Nestlé, IBM, Targeted Medical Pharma, Inc., LLC, and others, North America held the bulk of the worldwide AI in omics market share of approximately in terms of revenue. Some of the biggest and best-funded research institutes and biotechnology firms in the world are based in North America, and these organisations are actively investing in the development of AI-powered genomics solutions. This helps to fuel AI's expansion in North America's genomics business. It is anticipated that the industry would develop significantly overall in Asia Pacific. The region's enormous population, growing emphasis on precision medicine and genomics technology, and fast rising healthcare costs are driving demand for AI in genomics.
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Segmentation of Al in Omics Studies Market -
By Offering:
- Software
- Services
By Technology Platform:
- Sequencing
- Epigenomics
- Proteomics
- Metabolomics
- Others (Transcriptomics, among others)
By Application:
- Oncology
- Infectious Diseases
- Neurology
- Cardiovascular Diseases
- Immunology
- Others (Pharmacogenomics, among others)
By End User:
- Academic and Research Institutes
- Biopharmaceutical Company
- Others (Contract Research Organizations, among others)
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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