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. Now, the role of Artificial intelligence in genomics is to help developing drugs for curing rare diseases.
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 around 53% during (2021-26). The market growth is primarily due to the rising need to analyze the patients' data using AI to discover novel methods for improving the overall healthcare quality.
The increase in the volume of data and rising dataset sophistication fuels the demand for AI in genomics. Additionally, the combination of AI in genomics helps to diagnose diseases, such as cancer, diabetes, and Attention deficit hyperactivity disorder (ADHD) by analyzing a significant amount of data points in less time.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|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||IBM., Nvidia, Deep Genomics, BenevolentAI limited, Verge Genomics, Molecularmatch, Sophia Genetics, Genoox, FDNA, Empiric Logic, etc.|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19
The outbreak of the COVID-19 has accelerated the use of AI technology in various end-user industries. Healthcare professionals have tried to diagnose the severity of coronavirus infection with the help of research and existing genetic databases.
With AI in genomics, the data derived from genomes can identify Covid-19 complications. Further, the adoption of AI in genomics is primarily for diagnosis & drug development, thereby providing a lucrative opportunity to drive the market growth in the forthcoming period.
Pharmaceutical and Biotech Company Accounted for the Largest Market Share
Based on the End-User, the market classifies into Pharmaceutical & Biotech Companies, Healthcare Providers, Research Centers, Academic Institutes, Government Organizations, and Other End Users. In 2019, the Pharmaceutical and Biotech companies acquired the largest share in the Global Artificial Intelligence in Genomics Market. Data is an essential part of pharmaceutical companies for drug development as it is evidence of safety and efficacy. Thus, the AI helps in analyzing this data efficiently and safely.
The surge in prevalence of diseases like cancer & genetic disorders and the rising demand to reduce time & costs of drug development are likely to support this segment's growth, tells MarkNtel Advisors in their research report, "Global Artificial Intelligence in Genomics Market Analysis, 2021."
Machine Learning Grabbed the Highest Share
Based on the Technology, the Machine Learning segment dominated the Global Artificial Intelligence in Genomics Market in 2019. It is because genomics produces massive data; therefore, most bioinformatics algorithms work on the methodologies of machine learning to identify patterns & make predictions.
Additionally, there is a surge in the adoption of machine learning for drug-genomic applications by pharmaceutical and biotechnology companies because it extracts meaningful insights from the data sets and augments genomic research.
North America Acquired the Largest Market Share
Globally, North America has accounted for the largest share in the Global Artificial Intelligence in Genomics Market in 2019 and is likely to maintain its dominance over the forecast period due to an increase in R&D funding and rising government initiatives to promote precision medicine in the region.
Furthermore, the presence of key players, developing infrastructure to support advanced technology, and incredible strategies by market players to offer efficient solutions are the factors rendering growth opportunities to Artificial Intelligence in the genomics market.
Burgeoning Need to Reduce the Cost and Time of Drug Development
Generally, drug discovery & development happens through 'In Vivo' and 'In Vitro' methods, which are costly and consume a significant amount of time to complete the process. Hence, AI in genomics is rising as an alternative approach for discovering drugs; it analyzes the massive datasets for developing new therapeutics in less time than traditional methods.
According to MarkNtel Advisors, the major leading players in the global Artificial Intelligence in Genomics market are IBM., Nvidia, Deep Genomics, BenevolentAI limited, Verge Genomics, Molecularmatch, Sophia Genetics, Genoox, FDNA, Empiric Logic, etc.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
A. The historical data has been provided since 2016, while the base year is 2020, and the data forecast is up to 2026.
A. The market size/industry size or the market value is measured in terms of USD Million.
A. The Global Artificial Intelligence in Genomics Market is forecast to grow at a CAGR of 53% during 2021-26.
A. IBM, NVidia, Deep Genomics, BenevolentAI limited, Verge Genomics, Molecularmatch, Sophia Genetics, Genoox, FDNA, Empiric Logic are a few of the leading players in the Global Artificial Intelligence in Genomics Market.
A. Pharmaceutical and Biotech companies are likely to attain the highest CAGR during the forecast period and maintain their significant market share.
A. North America continues to grow at the highest CAGR during 2021-26, thereby rendering immense opportunities for market players of Global Artificial Intelligence in the Genomics Market.