The AI in genomics market is expected to reach $19,596.2 million by 2030 from an estimated $519.0 million in 2021, at a CAGR of 49.7% from 2021 to 2030. The key factors leading to the market growth include the emergence of startups in the field and advancing size of genomics research data sets due to the extensive R&D activities. As per predictions, genomics research will generate an astonishing 2 to 40 exabytes of data in the coming 10 years.
Thus, key players in the AI in genomics market are actively collaborating for R&D on new areas, to analyze different versions of datasets, for identifying rare genetic diseases. Such organizations include Microsoft Corporation, IBM Corporation, NVIDIA Corporation, Deep Genomics, BenevolentAI, Fabric Genomics Inc., Verge Genomics, MolecularMatch Inc., LIfebit, and DNAexus Inc.
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Key Findings of AI in Genomics Market Report
- Most genetic disease treatments require gene correction, rather than disruption. The technology developed so far for the same is clustered regularly interspaced short palindromic repeats (CRISPR), which slices the DNA. Its systemic delivery in the human body was first demonstrated in a clinical trial in June 2021.
- As per a study conducted in 2021, 62% of the healthcare organizations were thinking of investing in AI, and 50% planned to implement it by 2025. Moreover, 72% of the companies believed AI would be crucial to how they do business in the future.
- For example, in March 2022, the CDC published a new competitive cooperative agreement that would sanction funding to establish the Pathogen Genomics Centers of Excellence (PGCoE) in the U.S. Additionally, in April 2021, the U.S. government earmarked about $1.7 billion for genome sequencing studies, with a focus on monitoring, detecting, and mitigating SARS-CoV-2 variants.
- In 2022, SeqOne Genomics, a key AI in genomics market player specializing in genome analysis solutions for personalized medicine, raised $21.86 million (EUR 20 million) in funding.
- Pharma firms are acknowledging the potential of AI in the investigation of large databases, cost savings, R&D, and effective decision-making. Big companies, such as Pfizer, Johnson and Johnson, and AstraZeneca, have been incorporating AI in genome studies to create effective pharmaceuticals.
- Moreover, in 2021, Verge Genomics developed a research partnership with the Sheffield Institute for Translational Neuroscience, to speed up the biological confirmation of novel drug targets and the screening of the new drug combinations being developed by Verge for the treatment of Parkinson’s disease.
Pharma and biotech companies have garnered the highest AI in genomics market revenue till now, and these end users are expected to retain their position in the coming years. They are using AI for enhancing decision-making and the efficiency of research and clinical trials, along with optimizing inventions and developing new tools for regulators, insurers, physicians, and consumers.
Browse detailed report on Global Artificial Intelligence In Genomics Market Size and Growth Forecast to 2030
The pandemic led to the expansion of the overall AI industry all over the world; however, sectors connected to COVID-19 saw a rather powerful growth in investments, of 44% in 2020, compared to the 12% growth of 2019. This was because AI-driven genomics had become instrumental in identifying the strains of the virus initially, which helped the healthcare community predict mutations.
AI in Genomics Market Segmentation Analysis
By Delivery Mode
- On-Premises
- Cloud-Based
By Functionality
- Genome Sequencing
- Gene Editing
By Application
- Translational Precision Medicine
- Clinical Diagnostics & Research
By End User
- Pharma & Biotech Companies
- Genome Centers
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Italy
- France
- Spain
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Turkey
- Saudi Arabia
- South Africa
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