The Artificial Intelligence (AI) in Genomics Market is estimated to be valued at US$ 1.15 Bn in 2023 and is expected to exhibit a CAGR of 50.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Artificial intelligence (AI) in genomics is the application of machine learning and deep learning to analyze data from DNA sequencing and other high-throughput biomedical technologies. AI enables fast processing of huge genomic datasets and helps in detecting patterns, making predictions, and accelerating scientific discoveries. AI has various applications in genomics including genome analysis, diagnostics, drug discovery, and precision medicine. Advances in AI and machine learning are helping researchers tackle challenges in genomics that were previously time-consuming or intractable.
Market key trends:
The increasing adoption of AI by pharmaceutical companies is expected to drive the growth of the AI in genomics market during the forecast period. Pharmaceutical companies are increasingly using AI and machine learning algorithms to analyze genomic data and accelerate drug development processes. AI helps identify promising drug targets based on insights gleaned from large genomic datasets. It also speeds up clinical trials by improving patient selection and monitoring of drug responses. AI plays a key role in precision medicine initiatives of pharmaceutical firms to develop targeted therapies tailored to a patient’s genetic profile. Several AI startup companies have also been set up to collaborate with big pharma on genome-driven drug discovery and development utilizing deep learning models. This growing adoption of AI by pharmaceutical industry is one of the key trends that will fuel the expansion of the AI in genomics market over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the AI in Genomics market is low to moderate due to the requirement of high capital investment for R&D and having a specialized skillset to develop technological tools for genomics applications.
Bargaining power of buyers: The bargaining power of buyers in the AI in Genomics market is moderate as the customized solutions as per buyer requirement increases buyer alternatives.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers providing different software and platforms for AI in genomics applications.
Threat of new substitutes: The threat of new substitutes in the AI in Genomics market is low as there are limited alternative options for precision medicines based on genomics data analysis.
Competitive rivalry: High.
SWOT Analysis
Strength: AI in genomics aids in interpreting complex genomic data, increasing capability to diagnose rare diseases.
Weakness: Lack of skilled workforce and data security & privacy issues restrict market growth. High infrastructure costs involved in developing AI solutions.
Opportunity: Increasing funding from government and private investors boosts product development. Growing genomics data volumes offer huge growth potential.
Threats: Regulatory uncertainties and standardization issues pose challenges. System interoperability and IP issues affect commercialization.
Key Takeaways
The global Artificial Intelligence (AI) in Genomics Market is expected to witness high growth, exhibiting CAGR of 50.1% over the forecast period, due to increasing demand forprecision medicine. North America dominated the AI in Genomics market in 2023 due to supportive initiatives by government and presence of leading companies in the US.
Regional analysis The US AI in Genomics market is expected to grow at a high rate during the forecast period owing to heavy investments in developing precision drugs. presence of key market players, and rising R&D activities of biotechnology and pharmaceutical companies in the country.The Asia Pacific region exhibits high growth potential for AI in Genomics market driven by rising healthcare expenditure, increasing incidence of chronic diseases, and developing research infrastructure in major Asian countries including China and India.
Key players operating in the Artificial Intelligence (AI) in Genomics market are Fabric Genomics, International Business Machines, MICROSOFT, NVIDIA, AI Therapeutics, Ares Genetics, Benevolent AI, Deep Genomics, DIPLOID and among others.
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