June 17, 2024
Artificial Intelligence in Digital Genome Market

Artificial Intelligence in Digital Genome Market Poised to Grow at a Robust Pace Owing to Rising Focus on Personalized Medicine

Artificial intelligence (AI) is increasingly being utilized in the analysis and interpretation of genomic data to better understand diseases and develop personalized treatment plans. AI-based tools and platforms can process large genomic datasets, detect patterns and identify potential diagnostic, prognostic and therapeutic leads more efficiently than humans.

The global artificial intelligence in digital genome market is estimated to be valued at US$ 651.68 Mn in 2024 and is expected to exhibit a CAGR of 2.7% over the forecast period 2024 to 2030.

Large volumes of genomic data are currently being generated through next-generation sequencing technologies. AI can leverage this wealth of genomic information to power personalized diagnostics and precision medicine approaches. It aids in understanding disease mechanisms, disease risk assessment, drug response prediction and disease screening/diagnosis. AI algorithms can discern relationships in genomic data that may remain undetected otherwise. Thisgrowing utility of AI in genomic research and clinical settings is driving increased adoption of AI-based tools in the digital genome market.

Key Takeaways
Key players operating in the Artificial Intelligence In Digital Genome Market Growth are Sanofi, Pfizer Inc., Dongying Tiandong Pharmaceutical Co., Ltd., PANPHARMA S.A., Merck KGaA, Teva Pharmaceutical Industries Ltd., SMITHFIELD BIOSCIENCE, Afine Chemicals Limited, Yino Pharma Limited, Shandong Sheelian Pharmaceutical Co., Ltd., Aspen Holdings, Opocrin S.p.A. Rising demand for personalized treatments based on genomic insights presents lucrative business opportunities for key market players in developing AI-based precision medicine platforms and tools.

The increasing accessibility of genomic and health data through electronic health records and biobanks is making more data available for AI algorithms to discover new diagnostic and therapeutic avenues. Major pharmaceutical and diagnostic companies are strategically acquiring AI startups to strengthen their precision medicine pipelines.

With rising global healthcare expenditures on chronic diseases, AI application in genomic research is expected to grow substantially. Greater collaborations between technology and life science players as well as increasing funding support from governments and private investors will help expand AI-driven genome analysis solutions to more countries worldwide.

Market Drivers
Rising focus on personalized medicine to improve treatment outcomes is a key driver for artificial intelligence in the digital genome market. AI can help deliver truly personalized care by powering approaches like genomic risk assessment, treatment selection and monitoring based on a person’s unique genomic profile. This is expected to significantly reduce trial and error in finding effective therapies. The ability of AI to accelerate genomic research and boost drug development process at lower costs compared to traditional methods is further supplementing market growth.

PEST Analysis
Political: Governments are focusing on increasing investments and funding for developing AI technologies for genomics and precision medicine. New regulations may impact AI in digital genomics market.
Economic: Rise in research funding and venture capital investments in AI and genomics startups is driving market growth. However, high costs of genomic sequencing and data storage can restrain the market.
Social: Increasing awareness about precision medicine and personalized healthcare is prompting people to adopt AI-based genomic technologies. Ethical and data privacy issues need to be addressed.
Technological: Advancements in machine learning, neural networks, and cloud computing are enabling more powerful genomic data analysis. Integration of AI and digital technologies is improving disease diagnosis and drug discovery.

The Global Artificial Intelligence in Digital Genome Market is concentrated in North America due to large presence of global pharmaceutical and biotechnology companies and increasing R&D spending in the US and Canada. Asia Pacific is emerging as the fastest growing regional market owing to rising healthcare expenditure, growing genomics research, and expanding healthcare infrastructure in countries like China and India.

The global artificial intelligence in digital genome market witnesses higher growth in developing economies compared to developed regions. Growth in Latin America and Middle East & Africa is attributed to increasing government funding to develop local life science capabilities, rising diagnostic rates, and growing medical tourism. South American countries are major exporters of agricultural commodities and efforts to boost agricultural yields through genomics and AI adoption offer opportunities.

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