AI in Genetics Market Size (2024 – 2030)

In 2023, the AI in Genetics Market was valued at $35835.13 Million, and is projected to reach a market size of $112,536.54 Million by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 17.76%. The rising prevalence of epilepsy among the older population will be a prominent driver in the AI in genetics market.

Market Overview

Human genetics is the study of how genes are passed down through the generations. A little portion of a mutation caused by a change in the genome may lead to the illness phenotype. Different inheritance patterns, such as X-linked recessive, autosomal recessive, and autosomal dominant, are passed down from the parents to the children, and genetic illnesses can be monogenic, multifactorial, and chromosomal. The AI in the genetics market is likely to benefit from the increased use of genetic data in healthcare and technical advancements in genetic testing.

The increased focus of governments throughout the world on regulating and raising knowledge about genetic tests has resulted in a speedier acceptance of these tests around the world. Increased R&D expenditure, along with a strong market presence by established businesses, has created a high barrier to entry for new entrants. To maintain a competitive edge in the market, product design innovation, quality improvement, and strong distribution relationships are critical. Ricoh Company Ltd. and DNA Chip Research Inc., for example, launched RICOH Standard DNA Series EGFR mutation Type001, a reference DNA plate to be used in blood-based genetic testing in the diagnosis of lung cancer, in August 2021.

In nations such as the United States, China, and Japan, the use of direct-to-consumer genetic testing kits is fast increasing. The market for DTC-GT (Direct-to-Consumer Genetic Testing) kits is expected to grow significantly during the projected period, thanks to rising technological usage, more awareness initiatives, and lower pricing. Furthermore, underdeveloped countries such as India and other developing countries are likely to provide a profitable opportunity for firms seeking to establish a foothold in the genetic testing industry.

Covid-19 Impact on AI in Genetics Market

The COVID-19 pandemic has impacted the lives of many people all around the world. To combat the spread of the Coronavirus, government agencies have been obliged to institute lockdown and social separation policies. However, the pandemic has benefited the healthcare and life sciences industries substantially. Companies are rapidly producing solutions that aid in the microscopic study of human genetics, and artificial intelligence technologies are increasingly being employed for this purpose. Pharmaceutical companies can also develop personalized treatments for patients using genomics. Healthcare institutions, on the other hand, can use the notion of genetics to analyze an individual's genetic composition and develop a relevant diagnostic and therapeutic model, especially with advances in machine learning Furthermore, public health organizations are increasingly focusing on disease detection and prevention. Researchers are concentrating their efforts on using artificial intelligence approaches to learn more about the COVID-19 genomic sequences. For example, the sequential pattern mining (SPM) technique is used to analyze patterns in a corpus of COVID-19 genomic sequences that can be comprehended by a computer. As a result, the pandemic crisis has hastened the implementation of artificial intelligence in genetics, particularly for understanding patient genetic composition and the COVID-19 virus. As a result, in the future years, the pandemic is predicted to have a favorable impact on the global artificial intelligence (AI) in the genetics industry.

MARKET DRIVERS

Genetic testing is becoming more popular which is driving the market growth.

A genetic test is a form of medical examination that examines genes, chromosomes, or proteins for mutations. To conduct genetic tests, a sample of blood, hair, skin, amniotic fluid, or other tissue is needed. The sample is sent to a laboratory, where technicians look for specific abnormalities in chromosomes, DNA, or proteins, depending on the suspected condition. If necessary, the laboratory provides test findings to a doctor or the patient directly. Predictive and pre-symptomatic testing, carrier testing, prenatal and neonatal testing, diagnostic testing, pharmacogenomic testing, and other genetic tests can help establish whether a person has a genetic condition or is at risk of developing one.

Genetic data is becoming more widely used in healthcare, and genetic testing is becoming more advanced propelling the market growth

Noninvasive Prenatal Testing (NIPT), carrier testing, pharmacogenomic testing, karyotype testing, thrombophilia testing, predictive testing, ancestry & relationship testing, and other tests are examples of genetic testing. These examinations are gaining popularity in Spain. Data from these tests are being utilized to examine the history of diseases to make an informed conclusion. Furthermore, tailored data obtained from genetic testing assists consumers in becoming more proactive about their health, creating a profitable market opportunity.

MARKET RESTRAINTS

The market's expansion is being hampered by the high cost of genetic testing.

 The cost of a genetic test typically ranges from $100 to $2,000, depending on the complexity of the test. More than one test is necessary to obtain the desired result, resulting in a cost increase. Despite breakthroughs in genetic testing, the cost has not decreased significantly. Furthermore, most insurance plans do not reimburse or only partially reimburse consumers for genetic tests, leading to a rising aversion to these tests among consumers. As a result, the industry is expected to be hampered by the high cost of genetic testing combined with a lack of insurance coverage.

The market's expansion is being hindered by a lack of competent AI workers and imprecise legal requirements.

Companies need a workforce with certain skill sets to design, manage and implement AI systems because AI is a complicated system. Personnel working with AI systems, for example, should be familiar with cognitive computing, machine learning, deep learning, and image recognition. Integrating AI into existing systems is also a difficult endeavor that necessitates substantial data processing to mimic human brain behavior. Even a little inaccuracy can cause system failure or harm the desired outcome.

AI IN GENETICS MARKET REPORT COVERAGE:

AI in Genetics Market - by Application

• Wellness & E-Commerce

•  Preventive Medicine

•  Diagnostic & Treatment

Based on application, the market is segmented by Wellness & E-Commerce, Preventive Medicine, Diagnostic & Treatment. In this era of customization, where consumers may customize every part of their lives, health and wellness have gained a lot of traction in the consumer consciousness. The expanding consumer trend away from the traditional one-size-fits-all approach to health, nutrition, and wellbeing is assisting segment expansion by increasing demand for incorporating personalization into medical, nutrition, and wellness services. Because consumers are becoming more aware of genetic testing, healthcare is transitioning from treatment to prevention.

Doctors can use genetic testing to determine underlying genetic problems, which helps them provide better diagnostics and therapy. Segment acceptance has been enabled by technological breakthroughs in assessing genetic diseases, as well as increased consumer knowledge and comprehension of human genetics.

AI in Genetics Market - by Function

• Genome Sequencing

•  Gene Editing

•  Predictive Testing Of Genes

•  Others

The global artificial intelligence (AI) in the genetics market is divided into three categories based on functions: genome sequencing, gene editing, and predictive gene testing, among others. Gene editing, also known as genome editing, is a collection of technologies that allow scientists to alter the DNA of living organisms. To create new genetic traits, materials can be added, changed, or removed from a piece of DNA. The introduction of CRISPR-Cas9 technology, which is reported to be cheaper, more accurate, and more effective than existing gene-editing approaches, is one of the most recent advancements in the field of gene editing. The breakthrough in gene editing using CRISPR-Cas9 is predicted to correct genetic abnormalities and diseases in the future years. Furthermore, the use of AI is likely to improve the accuracy and safety of CRISPR technology. The Wellcome Sanger Institute, for example, has created a machine learning-based system to improve the efficiency of CRISPR Cas9 gene editing by predicting errors in advance. forecast (preferred outcomes of repair events at Cas9 targets) is a program that can predict the outcome of gene repair using CRISPR Cas9, regardless of whether the operations are insertions or deletions. In the global artificial intelligence (AI) in genetics market in 2021, gene editing had the greatest market share.

AI in Genetics Market - by End-user

• Pharmaceutical & Biotech Companies

•  Healthcare Providers

•  Research Centers

•  Academic Institutes

•  Government Organizations

•  Other End Users

The market is divided into Pharmaceutical and Biotech Companies, Healthcare Providers, Research Centers, Academic Institutes, Government Organizations, and Other End Users, depending on the end-user. Pharmaceutical and biotechnology firms dominated the Global Artificial Intelligence in Genomics Market in 2021. Data is an important aspect of drug research for pharmaceutical companies since it provides evidence of safety and efficacy. As a result, AI assists in the efficient and secure analysis of this data.

The rising demand to reduce the time and costs of drug development, as well as the rising prevalence of diseases like cancer and genetic disorders, are likely to support this segment's growth.

AI in Genetics Market - by region

• North America

• Asia Pacific

• Latin America

• Europe

• Middle East and Africa

North America has the largest share of the global artificial intelligence (AI) in the genetics market by geography. North America's greater share of the global artificial intelligence (AI) in the genomics market is due to a higher concentration on research and development in nations like the United States and Canada, as well as the existence of key end-users, particularly in the pharmaceutical sector. Furthermore, public entities are spending large sums of money on genetics research, and artificial intelligence is being hailed as a tool that will elevate genetics, particularly in the area of gene prediction testing. The United States has been at the forefront of precision medicine, having been the first to sequence the human genome in the year 2000. . The number of start-ups offering AI-based genomics solutions is increasing in both the United States and Canada. DEEP GENOMICS, for example, is a Canadian firm that uses artificial intelligence to program RNA therapeutics for any gene or genetic problem. The AI-powered RNA workbench from DEEP GENOMIC aids in the untangling of RNA complications and gives an algorithm that can predict the best potential conclusion from hundreds of alternative outcomes, which is extremely time-consuming for humans.

The APAC region is predicted to develop the fastest in the global artificial intelligence (AI) in the genetics market over the forecast years, owing to the contributions of nations such as India, China, Japan, and Singapore. China's government invested roughly $9 billion as part of a 15-year goal to position the country as a leader in the use of artificial intelligence technologies to tackle the complexity of genetics. The country is collaborating with corporations, mostly in the United States, to gain access to a patient's genetic data to develop machine learning algorithms that can predict the best feasible treatment and diagnostic procedure based on their genetic makeup. The next gold rush in the field of healthcare is predicted to be machine learning models for cancer treatment using genomics. For example, Guangdong-based iCarbonX employs machine learning models to aid research in the life sciences. These elements are assisting the Asia-Pacific region in its ascension.

AI in Genetics Market by Company

Artificial intelligence is a highly competitive market in the Life Sciences industry, with several prominent competitors. It appears that the market is moderately concentrated. The market's leading players are concentrating their efforts on increasing their consumer base to include other countries. These businesses are making use of strategic collaboration initiatives to grow their market share and profits. To boost their product capabilities, market players are also purchasing start-ups focusing on artificial intelligence in life sciences technologies.

June 2020 - The University of Kentucky announced research cooperation with Atomwise, an industry leader in small chemical discovery utilizing artificial intelligence (AI), to investigate possible COVID-19 therapeutics. Some of the major players in the global human genetics market include 

1. NIMGenetics (Spain)

2. Sistemas Genómicos (Spain)

3. FullGenomics (Spain)

4. GENinCode (UK)

5. Atrys Health (Spain)

6. Geneva (Spain)

7. Igenomix (India)

8. Genologica (Spain)

9. Bode Technology Group Inc (US)

NOTABLE HAPPENINGS IN THE AI IN GENETICS MARKET MARKET IN THE RECENT PAST:

Product Launch

• In Oct 2021, Igenomix launched NACE, a non-invasive prenatal genetic screening test. Its purpose is to discover chromosomal abnormalities. This will assist the organization in revolutionizing the Indian market and expanding its market.

Partnerships and Collaborations

• In June 2021, GENinCode announced a relationship with Eversana as its launch and commercialization partner, which would assist the GENinCode portfolio of polygenic cardiovascular disease treatments, which are primarily focused on hereditary risk, gain access to the US market.

• In Jan 2021, Myriad Genetics and Illumina formed a strategic agreement in the field of oncology. A time-limited exclusive agreement for Illumina to produce a kit-based version of the myChoice CDx test for overseas markets is part of the strategic partnership between Myriad and Illumina.