Market Definition
Genomes are a complete set of DNA, including all the genes of a particular individual. The study of genomes of an organism focusing on its evolution, structure, and functioning is known as genomics, and the role of AI (Artificial Intelligence) in it is to aid in the development of drugs for curing rare diseases.
Market Insights
The Global Artificial Intelligence in Genomics Market is poised to grow at a CAGR of around 53% during the forecast period, i.e., 2023-28. The growth of the market is projected to be propelled mainly by the rapidly growing genomic data volume, ever-increasing adoption of precision medicine, significant advancements in AI Technologies, and the integration of multi-omics data, which includes genomic, transcriptomic, proteomic, & epigenomic data. Besides, the mounting demand for efficient drug discovery & development, various partnerships between academic institutes, bio-pharma companies, and technology firms, and the growing supportive regulatory environment are other prominent aspects projected to drive the market in the future.
Report Coverage | Details |
---|---|
Study Period | Historical Data: 2018-21 |
Base Year: 2022 | |
Forecast Period: 2023-28 | |
CAGR | 53% |
Regions Covered | North America: USA, Canada, Mexico |
Europe: Germany, The UK, France, Spain, Italy, and Others | |
Asia-Pacific: China, India, Japan, South Korea and Others | |
South America: Brazil, and others | |
Middle East & Africa: GCC, South Africa and Others | |
Key Companies Profiled | Deep Genomics Inc., IBM, Microsoft Corporation, Fabric Genomics, Inc., Verge Analytics, Inc., FDNA Inc., Benevolent AI, Freenome Holdings, Inc., SOPHIA GENETICS, Ardigen, Congenica Ltd., Lantern Pharma, Inc., MolecularMatch, Inc., Empiric Logic Limited, Lifebit |
Unit Denominations | USD Million/Billion |
Genomics is a rapidly evolving field that is becoming increasingly reliant on AI, as it can identify patterns & connections in genetic data that is otherwise difficult for humans to detect. Consequently, it is leading to remarkable improvements in developing new therapeutics for diseases, as well as more accurate diagnoses and personalized patient care. Additionally, the extensively growing use of AI to create digital models of the human body in order to assess the safety & effectiveness of potential new drugs is another notable contributor to the market growth.
As the traditional drug discovery & development process is time-consuming, costly, and often faces high failure rates, AI-driven genomics approaches are gaining traction as they have the potential to expedite the drug discovery process by leveraging genomic data analysis, target identification, along with the prediction of drug efficacy. Using AI in genomics allows for the efficient identification of drug targets, repositioning of existing drugs, and optimization of clinical trial design. Furthermore, favorable regulations and appropriate data privacy & security measures are also expected to amplify the adoption of AI in genomics research, clinical applications, & commercialization, and, in turn, drive the Global Artificial Intelligence in Genomics Market over the coming years.
Market Dynamics
Key Drivers: Immense Potential of AI to Transform Genomics Research & Healthcare
Genomics research generates massive & complex datasets, which include DNA sequences, gene expression profiles, and epigenetic data, which AI algorithms can handle & analyze at an unprecedented scale & speed by identifying patterns, detecting genomic variants, predicting gene functions, and uncovering hidden relationships within the data in order to provide valuable insights for researchers & clinicians. Moreover, AI algorithms can also analyze genomic variants identified through sequencing to understand their potential impact on health & disease. By classifying variants, predicting their functional consequences, and prioritizing them for further investigation, AI can help identify disease-causing mutations and enable more accurate diagnoses as well as personalized treatment decisions. Hence, in this manner, AI holds enormous potential to transform genomics research and the entire healthcare industry and, consequently, drive the Global Artificial Intelligence in Genomics Market during 2023-28.
Growth Restraint: Lack of Standardization and Data Privacy & Security Concerns
Since genomic data contain sensitive & personal information, its security & privacy are significant concerns. The use of AI in genomics relies on large-scale genomic datasets, which is why ensuring their privacy & security is critical. Currently, concerns regarding data breaches, unauthorized access, & misuse of genomic data are impacting the adoption of AI-based genomics solutions, particularly in healthcare settings where patient data protection is of utmost importance. Moreover, as the field of AI in genomics is still evolving, there is a lack of standardized approaches & methodologies, which are essential to ensure interoperability, comparability, & reproducibility of results across different AI-based genomics tools & platforms, which otherwise could lead to variations in data analysis & interpretation. Hence, these aspects are projected to hamper the Global Artificial Intelligence in Genomics Market through 2028.
Market Segmentation
Based on Functionality:
Of these three, genome sequencing, particularly NGS (Next-generation Sequencing) technologies, is projected to dominate the Global Artificial Intelligence in Genomics Market with the largest revenue share during 2023-28. The use of AI in genomics has sped up the process of sequencing genomes to find genetic patterns. Various companies in this domain are collaborating with AI providers to accelerate such procedures. For instance:
Gene sequencing technologies produce vast amounts of genomic data, including DNA sequences, gene expression profiles, and epigenetic information, which has created the demand for advanced computational techniques, including AI, to handle, analyze, & interpret the massive datasets generated.
By leveraging large-scale genomic datasets, AI models can learn patterns, identify genomic variants, and predict functional elements within the genome, thereby enabling the development of AI-based tools that can automatically analyze & interpret genomic data with improved accuracy & efficiency.
Moreover, AI algorithms are being employed increasingly to analyze genomic variants (based on their potential pathogenicity) identified through gene sequencing, predict their functional impact, and prioritize them for further investigation. In addition, they can further identify disease-causing mutations, guide personalized treatment decisions, and accelerate the discovery of novel therapeutic targets.
Based on End-User:
Here, pharmaceutical companies hold a prominent market share owing to various initiatives & investments. These companies generate massive amounts of genomic data through their R&D activities, clinical trials, & collaborations and leverage AI algorithms & tools to analyze this data, extract meaningful insights, and discover new drug targets, biomarkers, & therapeutic approaches.
AI is being used increasingly by pharma companies to accelerate the drug discovery & development process, screen large libraries of compounds, predict their potential efficacy & toxicity, and prioritize the most promising drug candidates for further investigation, mainly in order to reduce the time & cost involved in bringing new drugs to the market.
Moreover, AI algorithms are also being utilized for analyzing genomic & clinical data to identify patient subgroups with specific genetic profiles that may respond differently to a particular treatment, i.e., enabling the development of personalized treatment plans & targeted therapies in order to improve patient outcomes and minimize healthcare costs.
Furthermore, the growing application of AI techniques to identify & validate genomic biomarkers associated with disease diagnosis, progression, as well as response to treatment is another prominent contributor to the growth of the Global Artificial Intelligence in Genomics Market as pharmaceutical companies leverage these biomarkers to develop companion diagnostics that can aid in patient selection for clinical trials and optimizing treatment decisions in clinical practice.
Regional Projection
Geographically, the Global Artificial Intelligence in Genomics Market expands across:
Of all regions globally, North America dominates the Artificial Intelligence in Genomics Market. It owes to various aspects like the strong presence of pharma & biotech companies, favorable regulations for genomics & AI innovations, state-of-the-art research infrastructure, as well as massive funding in the field of genomics & AI. Besides, the presence of vast genomic data resources, increasing collaborations among industry participants, academic institutions, & technology companies, and the early adoption of advanced technologies like AI & their integration into genomics research & clinical applications are other prominent aspects driving the regional market.
In the region, the US possesses a robust research infrastructure in the field of AI & genomics, and the presence of well-renowned academic institutions, research centers, & healthcare facilities in the country are significantly contributing to the same by driving remarkable innovations. Besides, substantial investments in this field by the leading pharmaceutical & biotechnology firms, which have the expertise, financial resources, and world-class infrastructure to develop & implement AI technologies in genomics applications, are also boding well for the regional market growth.
Moreover, the US also has a supportive regulatory environment for companies to mark innovations in genomics & AI. Regulatory bodies have been proactively providing guidance & streamlining the approval processes for AI-based genomics applications, i.e., encouraging various organizations to invest in AI-driven genomics technologies. Additionally, venture capital firms, private investors, and government agencies also actively support startups & companies involved in AI-driven genomics R&D to fuel innovations and speed-up product development. Hence, all these aspects, coupled with the robust ecosystem of collaborations among industry players, contribute to the dominance of North America in the Artificial Intelligence in Genomics Market.
Recent Developments in the Global Artificial Intelligence in Genomics Market
Do You Require Further Assistance?
Frequently Asked Questions
A. The Artificial Intelligence in Genomics Market is expected to record around 53% CAGR during 2023-28.
A. The growing acceptance of AI-based genomics solutions worldwide is the prime factor projected to drive the Artificial Intelligence in Genomics Market during 2023-28.
A. Deep Genomics Inc., IBM, Microsoft Corporation, Fabric Genomics, Inc., Verge Analytics, Inc., FDNA Inc., Benevolent AI, Freenome Holdings, Inc., SOPHIA GENETICS, Ardigen, Congenica Ltd., Lantern Pharma, Inc., MolecularMatch, Inc., Empiric Logic Limited, and Lifebit are the key players operating in the Global Artificial Intelligence in Genomics Market.
A. Lack of standardization and data privacy & security concerns are the major aspects projected to hinder the growth of the Artificial Intelligence in Genomics Market through 2028.
A. Genome Sequencing is projected to provide profitable prospects to the major companies in the Global Artificial Intelligence in Genomics Market during 2023-28.
A. North America would continue creating new avenues for the Aloe Vera Extract Market to expand at a considerable growth rate in the years ahead.