June 16, 2024
Artificial Intelligence (AI) Is Transforming Genomics Market

Artificial Intelligence (AI) In Genomics Market Propelled By The Growing Need For Precision Medicines

Artificial Intelligence or AI based tools are being increasingly utilized in genomics with a key focus on precision medicine. AI in genomics helps gain insights from genomic data at an unprecedented speed and scale and aid in clinical diagnosis, drug development and discovery along with predictive and personalized treatment of various diseases.

The global Artificial Intelligence (AI) in Genomics Market is estimated to be valued at US$ 1.33 Bn in 2024 and is expected to exhibit a CAGR of 6.1%  over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

With rapid reduction in sequencing costs and increased generation of genomic data, the need for advanced analytical tools like AI is significantly rising in the field of genomics. AI helps analyze massive amounts of genomic data to better understand disease mechanisms, risk factors, drug response and optimize treatment strategies. Growing application of AI in key areas like clinical diagnostics, precision medicine, drug discovery and genomic research is expected to spur the demand for AI solutions in genomics over the coming years. Large healthcare companies are making significant investments in AI focused on genomics to gain competitive advantage.

SWOT Analysis

Strength: Artificial intelligence can analyze and interpret genomics data at scale far faster than human researchers alone. AI tools are helping discover new diagnostics and treatments by identifying subtle patterns in large datasets.
Weakness: Lack of explainable AI remains a challenge as genomics datasets are complex with many interrelated factors. Bias in training datasets could undermine the reliability of AI insights.
Opportunity: AI can advance precision medicine by powering applications that predict disease risks, monitor health, and optimize therapies for individuals based on their genomic and other health data.
Threats: Data privacy and security concerns exist regarding genomic and health information. Regulation may need to catch up to ensure ethical and responsible development and use of AI in genomics.

Key Takeaways

The global Artificial Intelligence (AI) In Genomics Market Demand is expected to witness high growth.

Regional analysis: North America is currently the dominant region for the AI in genomics market due to the increasing adoption of advanced genomics platforms, presence of prominent players, and growing public and private funding for precision medicine research. Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing healthcare expenditure and focus on research and development in countries like China and India.

Key players operating in the AI in Genomics Market includes Thermo Fisher Scientific, F. Hoffmann-La Roche AG, Qiagen N.V, Hologic Inc., Siemens Healthineers AG, BioMerieux SA, Abbott Laboratories, Bio-Rad Laboratories Inc., Becton, Dickinson and Company, and Danaher Corporation (Beckman Coulter, Inc.), among others. These players are adopting various organic and inorganic growth strategies to expand their product portfolio and geographical presence.For example, Thermo Fisher Scientific acquired Qiagen to strengthen its position as a leading healthcare diagnostics provider utilizing next generation sequencing and AI-based analytics.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it