According to the MarkNtel Advisors' research report, "Global Artificial Intelligence in Genomics Market Analysis, 2021," the market is expected to grow at a CAGR of 53% during 2021-26.
The mounting need to control drug development costs and time and rising investments in AI in genomics have aided the market. Burgeoning adoption of artificial intelligence by the healthcare industry due to a large amount of biological and clinical data.
AI analysis this large pool of data to discover and develop new therapeutics globally. Further, the surge in demand for minimizing the soaring healthcare costs has boosted Global Artificial intelligence in the genomics market. However, the lack of a skilled workforce to deal with artificial intelligence could hinder the market growth to a certain extent.
Key questions answered in the study
Diagnostic Segment Dominates the Market
Within Application, the market is into Diagnostics, Drug Discovery & Development, Precision Medicine, Agriculture & Animal Research, and Other Applications. In 2019, the diagnostic segment acquired the largest share in the Global Artificial Intelligence in Genomics Market owing to the rising adoption of advanced technologies like AI to diagnose diseases such as cancer and diabetes. The snowballing research activities for the diagnosis of diseases and to decrease the cost of sequencing are the key propellers over the forecast period.
"Global Artificial Intelligence in Genomics Market Analysis, 2021" offers comprehensive qualitative and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Artificial Intelligence in Genomics providers across the globe.
Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing measuring competitors' capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Asia-Pacific Exhibits Fastest Growth
The Asia-Pacific market is likely to register the fastest growth in the Global Artificial Intelligence in Genomics market during 2021-26 due to rapid economic growth and an increase in private & public funding to improvise the healthcare infrastructure in emerging countries like China and India.
Further, the surging adoption of AI in precision medicine is backing the market growth. Thereby, the region can contribute to Global Artificial Intelligence in the Genomics market in the forecast period, says MarkNtel Advisors in their research report on "Global Artificial Intelligence in Genomics Market Analysis, 2021."
According to MarkNtel Advisors, the major leading players in the global Artificial Intelligence in the Genomics market are IBM., Nvidia, Deep Genomics, BenevolentAI limited, Verge Genomics, Molecularmatch, Sophia Genetics, Genoox, FDNA, Empiric Logic, etc.