February 24, 2024
Artificial Intelligence (AI) in Genomics Market

The Artificial Intelligence (AI) In Genomics Industry Is Driven By Rapid Advancements In Computational Biology And Genetic Sequencing Technologies

Artificial intelligence tools have found widespread applications in genomics research, aiding scientists with tasks such as analyzing the massive amounts of data from DNA sequencing machines and predicting how changes in DNA may influence health. Genomic sequencing allows detection of genetic variations among individuals, helping clinicians understand health risks and tailoring medical treatment based on a person’s DNA profile. AI algorithms can scour through petabytes of genomic and clinical data to identify patterns, relationships between genes, and ascertain how these relationships impact human health and disease. AI also accelerates genomic research by automating mundane but important tasks such as identifying genes associated with certain diseases.

The global Artificial Intelligence (AI) in Genomics Market is estimated to be valued at US$ 2.5 billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One key trend in the Global AI in genomics market size is the increasing integration of AI capabilities in DNA sequencing instruments. Leading sequencing manufacturers such as Illumina, Thermo Fisher and Oxford Nanopore Technologies are developing sequencing platforms with built-in machine learning algorithms to analyze sequencing data in real-time. This allows automatic variant calling, genome assembly and structural variation detection directly from the sequencing instrument, saving time and resources required for downstream computational analysis. AI is also expediting drug discovery and precision medicine through biomarker identification, compound screening and prediction of drug responses based on a person’s genome. Several biopharma companies are using AI tools for target identification and lead optimization in cancer, neurodegenerative and rare genetic disorders.

Porter’s Analysis

Threat of new entrants: Low as it requires heavy R&D investments and capabilities to develop advanced AI tools for genomic applications.

Bargaining power of buyers: Moderate as large pharmaceutical and diagnostic companies can negotiate on pricing and demand customized solutions.

Bargaining power of suppliers: Low due to presence of many AI technology providers and genomic data companies.

Threat of new substitutes: Low as there are no close substitutes for AI in genomics.

Competitive rivalry: High among key players to gain more market share by offering innovative products and services.

Key Takeaways

The global Artificial Intelligence (AI) in Genomics Market is expected to witness high growth. The global Artificial Intelligence (AI) in Genomics Market is estimated to be valued at US$ 2.5 billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023-2030.

The North American region holds the largest share of the global AI in genomics market due to increasing adoption of AI-based tools and technology. Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to rising investments into AI and genomic research in major Asian countries.

Key players operating in the Artificial Intelligence (AI) in Genomics market are Microsoft, NVIDIA Corporation, IBM, Deep Genomics, BenevolentAI, Fabric Genomics, Verge Genomics, MolecularMatch Inc., Insitro, Nuritas. Major players are focused on improving their AI capabilities for genomic applications and launching new product versions with advanced machine learning models.

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