February 25, 2024

“Artificial Intelligence In Digital Genome Market Is Expected To Be Propelled By Growing Demand For Personalized Medicine”

Artificial intelligence (AI) is being applied to genomic and molecular data to help diagnose diseases more accurately and develop targeted treatment options. AI tools are being used along with genome sequencing technology to discover new insights about genetic variants and their links to certain medical conditions. By studying vast amounts of genomic and health record data, AI can detect subtle patterns that may elude human researchers. This is helping pharmaceutical companies develop more personalized medicines tailored to a patient’s genetic profile. For example, AI-based analysis of genome sequencing data has helped identify biomarkers that predict responses to certain cancer immunotherapies.

The global artificial intelligence in digital genome market is estimated to be valued at US$ 565.69 Mn in 2023 and is expected to exhibit a CAGR of 2.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Growing Demand for Personalized Medicine (as mentioned in the heading) is expected to be a major driver for the artificial intelligence in digital genome market over the forecast period. As AI tools become more proficient at analyzing genomic and other patient data, they are enabling the development of highly targeted therapies designed for specific patient populations based on their genetic profiles and other medically relevant attributes. This shift towards personalized medicine is being fueled by its potential for better treatment outcomes and fewer side effects compared to conventional one-size-fits-all therapies. Furthermore, AI’s ability to rapidly process huge volumes of genomic and molecular data means it can discover valuable insights that may accelerate drug discovery and development processes. As the costs of genome sequencing continue falling, more healthcare providers are adopting this technology, providing massive datasets that can empower AI systems. These factors are expected to support strong growth of the artificial intelligence in digital genome market during the forecast period.

Segment Analysis

The Artificial Intelligence In Digital Genome Market Analysis can be segmented into software and services. The software segment dominated in 2022 with over 60% share as AI-powered software tools are being increasingly developed and adopted by genome centers and research institutions for applications such as genome mapping and sequencing. This segment is expected to continue its dominance during the forecast period due to growing demand for such analytical and workflow optimization software tools from life science and healthcare companies.

Pest Analysis

Political: Government funding for genomics and AI research has been increasing globally which is encouraging innovation. However, concerns around data privacy and security can potentially impact market growth.

Economic: Reducing cost of genome sequencing and computing is making AI-driven genomic applications more affordable. Growth in spending on preventive healthcare will drive demand. However, high initial investment requirements can hamper adoption by small labs.

Social: Increasing incidence of genetic diseases and focus on precision medicine is creating social awareness. However, ethical issues around uses such as human germline editing can arise.

Technological: Advancements in areas such as machine learning, natural language processing and cloud computing are facilitating development of sophisticated AI solutions for genomic data analysis. Integration of multi-omics datasets also allows more comprehensive health profiling.

Key Takeaways

The global artificial intelligence in digital genome market is expected to witness high growth over the forecast period. The global artificial intelligence in digital genome market is estimated to be valued at US$ 565.69 Mn in 2023 and is expected to exhibit a CAGR of 2.7% over the forecast period 2023 to 2030.

North America dominated in 2022 with over 40% share owing to presence of leading lifescience companies and research institutes as well as supportive government funding initiatives in the US and Canada. However, Asia Pacific is expected to witness the fastest growth through 2030 led by China, India and South Korea on account expanding genomics industry and increasing healthcare investments.

Key players operating in the Artificial Intelligence in Digital Genome market are Deep Genomics, Enlitic, Freenome Holdings, IBM Corporation, Microsoft, NVIDIA Corporation.

Key players such as IBM, Microsoft and NVIDIA have developed genomic AI platforms that can analyze massive DNA datasets and uncover hidden patterns. They are also partnering with genome centers and biobanks to apply their solutions for drug discovery,diagnostics and population health initiatives. Meanwhile, Deep Genomics, Enlitic and Freenome Holdings have AI-based products targeting applications in drug target identification, clinical genomics and early cancer screening.

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