Adoption of AI solutions and AI in Genomics Market Growth
Market growth factors-
- The need to control drug development and discovery costs and time.
- Increasing public and private investments in AI in genomics.
- Adoption of AI solutions in precision medicine are driving the growth of this market.
Global market size-
According to the new market research report Artificial Intelligence In Genomics Market is projected to reach $1,671 million by 2025, at a CAGR of 52.7%.
Prominent players in the Artificial Intelligence in Genomics Market are IBM (US), Microsoft (US), NVIDIA Corporation (US), Deep Genomics (Canada), BenevolentAI (UK), Fabric Genomics Inc. (US), Verge Genomics (US), Freenome Holdings, Inc. (US), MolecularMatch Inc. (US), Cambridge Cancer Genomics (UK), SOPHiA GENETICS (US), Data4Cure Inc. (US), PrecisionLife Ltd (UK),Genoox Ltd. (US), Lifebit (UK), Diploid (Belgium), FDNA Inc. (US), DNAnexus Inc. (US), Empiric Logic (Ireland), Engine Biosciences Pte. Ltd. (US)
Based on offering, the Artificial Intelligence in Genomics Market is segmented into software and services. The software and services segment accounted for largest share of the global AI in genomics market in 2019. Software is needed to generate new insights from large-scale datasets and help understand genomic variations, thus enhancing the search for disease-causing variants and reducing clinical analysis times. The benefits offered by AI in software are driving its adoption among end users.
Based on functionality, the Artificial Intelligence in Genomics Market is segmented into genome sequencing, gene editing, clinical workflows, and predictive genetic testing & preventive medicine. Genome sequencing was the largest functionality segment in this market in 2019 and is estimated to grow at highest CAGR in coming years. The large share of this segment can be attributed to the use of AI solutions to identify chromosomal disorders, dysmorphic syndromes, teratogenic disorders, and single-gene disorders.
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Geographic Overview -
The global AI in Genomics market is segmented into North America, the Asia Pacific, Europe, Rest of the World. North America (comprising the US, and Canada) is expected to account for the largest share of the global Artificial Intelligence in Genomics Market in 2020, followed by Europe. The large share of North America can be attributed to the increasing research funding and government initiatives for promoting precision medicine in the US.