AI in Genomics Market Size (2023 – 2030)

The AI in Genomics Market was valued at USD 235.64 million in 2022 and is projected to reach USD 4759.27 million by 2030. The market is anticipated to expand with a stellar CAGR of 45.6% over the forecast period. Artificial intelligence can speed up and reduce the risk of pharmaceutical production, making it easier for physicians to study intricate illnesses at the genetic level. The AI in the genomics market is predicted to rise further due to the advent of novel and effective solutions for illness diagnosis and monitoring.

INDUSTRY OVERVIEW

Genomics is a field of science that studies genes and their functions, as well as the structure, evolution, and mapping of genomes in living creatures. The genetic test is used to learn about illness susceptibility, drug response, and human biology in general. Analysis of structure and function, DNA sequencing, bioinformatics for sequencing, and recombinant DNA are all part of genomics research. In genomics, artificial intelligence (AI) is used to construct computer systems that can execute tasks like genome mapping. Furthermore, AI aids in the quicker study of the structure, evolution, and function of genetic material than human interaction allows. AI algorithms are utilised in clinical genomics to undertake genomic analysis such as genome annotation, variant calling, and phenotype-to-genotype correlation. Additionally, AI approaches can aid in the accurate prediction of protein structure or DNA data with minimum feature handcrafting.

Precision medicine and drug discovery departments of the healthcare and pharmaceutical industries employ services from the worldwide artificial intelligence in the genomics industry. These solutions make use of a range of technologies, including computer vision and machine learning. They can also be employed in the healthcare business for diagnostic purposes. The services and software provided by participants in the worldwide artificial intelligence in the genomics market are used to automate or intelligently manage arduous and time-consuming procedures in the drug development process.

The necessity to keep pharmaceutical research and development costs and timelines under control is propelling artificial intelligence in the genomics industry forward. The Global Artificial Intelligence in Genomics Market is expected to grow during the projected period as the demand to limit discovery costs and time during new medication development grows. Drug development is a time-consuming, complicated, and costly process that necessitates the application of several technologies in the quest for innovative medicines. However, a scarcity of experienced workers with expertise in AI technologies, as well as ambiguous and strict rules and norms governing the creation and deployment of medical software tools and platforms, may limit the worldwide artificial intelligence in genomics market growth in the next years.

COVD-19 IMPACT ON AI IN THE GENOMICS MARKET

The outbreak of COVID-19 had a favourable influence on the healthcare industry growth. In the foreseeable future, technological advancements, the need for controlling costs, and improved accessibility to medical systems are expected to be key parts of healthcare reforms. Amid the continuing pandemic, digital health and telemedicine have come to the forefront. The relevance of remote diagnosis, care, and consultation was re-emphasized during COVID-19. Regulatory and behavioural constraints have hindered telehealth's growth in recent years. The category is expected to increase over the next two years since many healthcare providers are actively focusing on video conferencing and telephone conversations. Furthermore, individuals with mild symptoms were required to consult online as part of the social distancing procedures. Furthermore, it alleviated the strain on hospitals that were already overburdened with COVID-19 patient counts. At-home medical IoT devices are currently being utilised to optimise outpatient therapy and reduce recurrent visits, and they may even be employed in a crisis. The epidemic put a strain on available resources. This is projected to lead to the development of competitive pricing and value-based pricing structures, boosting the AI in the genomics market.

MARKET DRIVERS: 

The burgeoning Need to Reduce the Cost and Time of Drug Development is acting as a market driver for the AI in Genomics market

In drug discovery and development, in vivo and in vitro techniques, which are both costly and time-consuming, are widely employed. Artificial intelligence is playing an increasingly important role in drug discovery, with the potential to save a significant amount of time and money. As a result, AI in genomics is gaining traction as a viable option for drug discovery; it examines large datasets to find novel therapies in less time than traditional approaches which are eventually fueling the market expansion.

Increasing incidences of diseases such as cancer, diabetes and the rising adoption of AI solutions in precision medicine are propelling the market growth

Genome testing increases public awareness of genetic disorders and can give individualised information on health, disease risk, and other factors. New technology developments and the increased frequency of several genetic illnesses such as diabetes, cancer, cystic fibrosis, and Alzheimer's disease are driving worldwide growth. Real-time drug discovery, cutting-edge diagnostic technologies, and enhanced therapies are projected to drive business expansion. Consumers may be able to adopt a more proactive approach to their health as a result of this technology. DNA samples are routinely collected in an easy and non-invasive manner, and the results are usually available quickly. Other factors driving market expansion include increased user awareness, disposable income, and healthcare spending, as well as rising acceptance of tailored medicine to treat genetic illnesses.

MARKET RESTRAINTS:

Stringent rules and regulations by authorities in the development and deployment of medical software tools and platforms may hamper the growth of artificial intelligence in the genomics market

The slow approval rate by the concerned authorities and strict rules and regulation regarding the development and deployment of medical software tools and platforms across the world is acting as a major hindrance to market growth. The genomics market is a very specialized field. The product has to undergo certain standardization and quality test. The authorities follow strict regulations and parameters in approving any product or drugs. The quality check and standardization process sometimes take a longer duration which affects the overall market growth.

The lack of a skilled workforce in the genomics market is projected to hamper the market growth

As the AI in the genomic industry grows, it may face major hiring problems, especially for developing industry segments like regenerative medicine. Overall, the steady growth of the genomics market will be negatively affected by a lack of skilled workers. The need for trained staff, and expertise has remained the basic requirement over years. That problem is likely to worsen and act as a major restraint to the market growth.

AI in Genomics Market Report Coverage:

This research report on AI in Genomics Market has been segmented and sub-segmented based on Offering, By Technology, By Application, By End - User and By Region.

AI IN THE GENOMICS MARKET- BY OFFERING

• Software
• Services
• Consumables

Based on offering, the AI in the genomics market is segmented into Software, Services and Consumables. Among these, the consumables segment captured the majority of the market share in 2021. Owing to the factor that consumables are widely utilised in genomic systems, their use will continue to expand as the number of genetic tests done throughout the world increases and is the key reason driving the segment growth. The software segment is also projected to expand exponentially over the forecast period. This market growth can be attributed to the reason that AI may be deployed as software that can replicate and even surpass human intellect in some situations. As the complexity of genetic data grows, researchers are turning to artificial intelligence and machine learning to uncover important correlations which are eventually driving the use of AI in the genomics market.

AI IN GENOMICS MARKET- BY TECHNOLOGY

• Machine Learning
• Computer Vision

Based on Technology, the AI in the genomics market is segmented into Machine learning and Computer Vision. Among these, the Machine learning segment dominated the worldwide AI in genomics market in 2021. The machine learning segment is anticipated to expand at a higher CAGR during the forecast period. The market dominance of this segment is due to the reason that genomics generates large amounts of data, most bioinformatics algorithms employ machine learning approaches to discover patterns and forecast outcomes. Furthermore, pharmaceutical and biotechnology businesses are increasingly using machine learning for drug-genomic applications since it retrieves useful information from large data sets and complements genomic research which is consequently influencing the market towards a positive trend.

AI IN THE GENOMICS MARKET- BY APPLICATION

• Genome Sequencing
• Gene Editing
• Gene Mapping

Based on application, the AI in the genomics market is divided into Genome Sequencing, Gene Editing and Gene Mapping. Among these, the genome sequencing category held the greatest proportion of the genomics market in 2021. The benefits of sequencing technologies, such as ultra-high throughput, scalability, and speed, allow researchers to execute a wide range of tasks, including animal breeding, agriculture, and human genomics acting as one of the segment's main driving forces. Gene editing is also poised to capture a significant market share shortly. Conventional operations and medications are projected to be replaced by advances in gene therapy. This will allow doctors to treat a disease by putting a gene into their patients' cells. Gene editing is a delicate and powerful breakthrough in the genomics market. It has been a source of debate, discussion, and, despite flaws, excitement and innovation for a long time.

AI IN THE GENOMICS MARKET- BY END-USER

• Pharmaceutical Companies
• Research Bodies

Based on end-user, the AI in the genomics market is divided into pharmaceutical companies and research bodies. Among these, the pharmaceutical company segment contributed the maximum to the market share. The market growth is primarily driven by the fact that Artificial intelligence can expedite the development process and also aids in reducing the risk of pharmaceutical production, making it easier for physicians to study intricate illnesses at the genetic level. The AI in the genomics market is predicted to rise further due to the advent of novel and effective solutions for illness diagnosis and monitoring. Data is an important aspect of medication research for pharmaceutical firms since it provides proof of safety and efficacy. As a result, AI assists in the efficient and secure analysis of this data. The increased frequency of illnesses such as cancer and genetic disorders, as well as the growing need to cut medication development time and costs, are anticipated to promote this segment growth.

AI IN GENOMICS MARKET- BY REGION

• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East
• Africa

By region, the AI in the genomics market is grouped into North America, Europe, Asia Pacific and the rest of the world. North America emerged as the largest regional market in AI in the genomics market in 2021 and contributed the largest to the market share of 45.19% and is anticipated to continue with the trend during the forecast period. This anticipated trend might be linked to increased financing as well as government measures targeted at increasing industrial research. Furthermore, government efforts and expenditures intended at boosting precision medical practices in the United States are likely to aid the market's growth trajectory in North America throughout the forecast period. In addition, technical advancements have lowered the cost of sequencing on the market. This has piqued patients' interest in personal genome sequencing for future individualised medicines, lifestyle, dietary studies, and other genomics research. North America is one of the world's top AI marketplaces, and it is paving the way for other nations to apply AI in genomics and diagnostics in the medical profession. Because of the increased usage of AI in genome sequencing and raising awareness among local pharma and biotech organisations, the AI in the genomics market is predicted to develop in North America.

Due to increased awareness of genetics and the availability of financing for long-term research programmes, the market for consumer genomics in the Asia Pacific has significant development potential and is anticipated to expand at a higher CAGR in the coming years. The expansion of the regional market is also boosted by the entrance of new market participants.

AI IN GENOMICS MARKET- BY COMPANIES

Some of the major players operating in the AI in genomics market include

• DNAnexus Inc.
• Lifebit
• Empiric Logic
• Microsoft
• MolecularMatch Inc.
• Sophia GENETICS
• Cambridge Cancer Genomics
• Data4Cure Inc.
• Genoox Ltd.
• Diploid
• Engine Biosciences Pte. Ltd.,
• IBM
• NVIDIA Corporation, Benevolent AI
• Verge Genomics.

NOTABLE HAPPENING IN AI IN THE GENOMICS MARKET

FUNDING- In March 2022, To develop a genetic data analytics platform, DNAnexus received $200 million in investment from Perceptive Advisors, Innovatus Capital Partners, Foresite Capital, and Northpond Ventures, and Alphabet's venture arm GV.

COLLABORATION- In October 2021, Eurofins Genomics and Poolbeg Pharma collaborated to complete next-generation RNA sequencing of RSV (respiratory syncytial virus) illness progression samples from human viral challenge experiments.

COLLABORATION- In July 2021, Verge Genomics and Eli Lily entered into a collaboration for three years. The purpose of this collaboration is to conduct research and development for novel medications to treat amyotrophic lateral sclerosis (ALS), a motor neuron disease. Eli Lily would leverage Verge's all-in-human platform to uncover and create novel ALS targets as part of this collaboration.

COLLABORATION- In October of 2020, NVIDIA Corporation announced a collaboration with GSK, a prominent participant in the global healthcare market. This cooperation was formed with GSK's AI department, and it was utilised to assist their team in the United Kingdom in improving their vaccination and drug discovery processes by utilising the NVIDIA platform.