Artificial Intelligence in Genomics Market Size to Reach Revenues of USD 5724.45 Million by 2027 – GlobeNewswire
Chicago, Feb. 07, 2022 (GLOBE NEWSWIRE) — The artificial intelligence in genomics market is expected to grow at a CAGR of over 48.44% during the period 2021−2027.
Key Highlights Offered in the Report:
The growth of the global AI in genomics market is mostly driven by factors such as the increasing use of technology in healthcare sector, the preva…….
Chicago, Feb. 07, 2022 (GLOBE NEWSWIRE) — The artificial intelligence in genomics market is expected to grow at a CAGR of over 48.44% during the period 2021−2027.
Key Highlights Offered in the Report:
- The growth of the global AI in genomics market is mostly driven by factors such as the increasing use of technology in healthcare sector, the prevalence of cancer, rare, and other genetic diseases, the growing acceptance of precision medicine in emerging economies, and increased in genomic and biomedical data.
- Additionally, developing economics and the use of AI in precision medicine is providing immense growth opportunities for players who are operating in the AI in genomics market.
- North America region dominated the geography segment with the highest incremental growth of USD 2.8 billion and highest growing CAGR of 52.57% during the forecast period because of growing prevalence of cancer, rare, genetic diseases, and accelerating pace of digital transformation in the region.
- Genome sequencing segment dominated the functionality type segment in the market. The growth of segment is driven by growing research on the relationship between diseases and particular gene forms which is allowing early detection and treatment.
- Pharmaceutical and biotechnological companies are widely applying AI in genomics in order to perform clinical trials and preclinical experiments.
- The key players in the global AI in genomics market such as Fabric Genomics and NVIDIA are focusing on delivering innovative products which is accelerating imaging, genomics, patient monitoring, and drug discovery.
Key Offerings:
- Market Size & Forecast by Revenue | 2021−2027
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by delivery mode, application, end-user, and geography
- Competitive Landscape – 4 key vendors and 18 other vendors
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Artificial Intelligence in Genomics Market – Segmentation
- The on-premises segment accounted for 61.77% of the global AI in genomics market in 2021. The revolution of data in healthcare is fueling the demand for healthcare data storage opportunities, which support the security of data while allowing access to the data and driving innovation from the same.
- Next-Generation Sequencing had appeared as a catchword that incorporates modern DNA sequencing techniques, allowing researchers to sequence a whole human genome in one day compared with the classic Sanger sequencing technology that required over a decade for completion when the human genome was first sequenced.
- Precision medicine methods identify phenotypes of patients with less-common responses to treatment or unique healthcare needs. AI leverages sophisticated computation and inference to generate insights, enables the system to reason and learn, and empowers clinician decision-making using augmented intelligence.
Segmentation by Delivery Mode
Segmentation by Functionality
- Genome Sequencing
- Gene Editing
- Others
Segmentation by Application
- Translational Precision Medicine
- Clinical & Genomic Diagnostics
- Others
Segmentation by End User
- Pharma & Biotech Companies
- Public & Consumer Genomic Centers
- Others
Artificial Intelligence in Genomics Market – Dynamics
More recently, the formation of DNA biobanks, which are collaborative repositories of genome sequences, and the growth of direct-to-consumer genetics testing companies such as 23andMe have increased the explosion of genomic data. Top healthcare investors, such as Sequoia Capital and Deerfield Management, acknowledge that data has unlocked considerable commercial opportunities across healthcare verticals. In 2017, liquid biopsy company GRAIL raised USD 914 million in its Series B round led by Smart Money VC ARCH Venture Partners and including Johnson & Johnson to continue product development and validation for its early-stage cancer detection blood tests. A number of genomic-focused companies have shown favorable returns. This can be exemplified by the MSCI ACWI Genomic Innovation Index, which has overtaken the standard by nearly 50% since 2013.
Key Drivers and Trends fueling Market Growth:
- Emergence of Local and Regional Start-ups
- Collaborations of Pharmaceutical and Software Companies
- Rising Focus on Reducing Turnaround Time in Drugs Discovery & Diagnostics
- Growing Adoption of AI-Based Solutions
Artificial Intelligence in Genomics Market – Geography
North America accounted for a share of 45.19% in the global AI in genomics market in 2021. Post the human genome project, and multiple initiatives have been made across countries such as the US to sequence numerous patients with new targeted diseases. Also, with technological advances the cost of sequencing has been reduced in the market. This has increased patient interest in personal genomic sequencing for future personalized treatments, lifestyle, nutritional study, and other genomics studies. North America is one of the largest AI markets across the globe and is leading the way for other countries to increase the use of AI in the field of genomics and diagnosis in the medical sector. Countries such as Canada and the US are the major revenue contributors in North America. The AI in genomics market is expected to increase in North America due to the growing adoption of AI in genome sequencing and rising awareness among the regional pharma and biotech companies.
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Segmentation by Geography
- North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- APAC
- Japan
- China
- India
- Australia
- South Korea
- Latin America
- Middle East & Africa
- Turkey
- Saudi Arabia
- South Africa
Major Vendors
- Fabric Genomics
- International Business Machines
- Microsoft
- NVIDIA
Other Prominent Vendors
- AI Therapeutics
- Ares Genetics
- BenevolentAI
- Deep Genomics
- Diploid
- DNAnexus
- Emedgene
- Empiric Logic
- Engine Biosciences
- FDNA
- Freenome Holdings
- Genuity Science
- Lifebit
- MolecularMatch
- Predictive Oncology
- SOPHiA GENETICS
- Verge Genomics
- WhiteLab Genomics
Explore our healthcare and lifesciences profile to know more about the industry.
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