AI in Genomics Market Predicted to Grow at CAGR of 40.6% by 2031, with Revenue $9.8 Billion

The rise in applications of AI in drug discovery and development coupled with the advancements in artificial intelligence technology drive the growth of the global AI in genomics market. However, limited availability of skilled professionals and data quality issues restrict the market growth.

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According to the report, the global AI in genomics industry generated $346.3 million in 2021, and is anticipated to generate $9.8 billion by 2031, witnessing a CAGR of 40.6% from 2022 to 2031.

AI in Genomics Market Segmentation:

By Application:

• Genome Analysis: AI algorithms for variant calling, gene identification, and disease association studies.
• Drug Discovery & Development: Identifying genetic targets, predicting drug efficacy, and personalizing treatment plans.
• Clinical Diagnostics: AI-powered tools for cancer diagnosis, genetic risk assessment, and personalized medicine.
• Population Genomics: Studying genetic diversity, population history, and evolutionary patterns.
• Precision Agriculture: Optimizing crop yields, disease resistance, and breeding practices using genetic insights.

By Technology:

• Machine Learning: Algorithms for pattern recognition, classification, and prediction from large datasets.
• Deep Learning: Neural networks used for image analysis, protein structure prediction, and drug discovery.
• Natural Language Processing (NLP): Extracting insights from scientific literature and clinical reports.
• Big Data Analytics: Tools for efficient storage, processing, and analysis of massive genomic datasets.
• Explainable AI: Ensuring transparency and understandability of AI-driven decisions in healthcare.

By End User:

• Pharmaceutical Companies: Utilizing AI for drug discovery, target identification, and clinical trial design.
• Genomics Research Laboratories: Implementing AI for analyzing large-scale genomic data and uncovering biological insights.
• Hospitals and Clinics: Adopting AI-powered tools for clinical diagnostics, personalized medicine, and risk assessment.
• Agricultural Companies: Leveraging AI for crop improvement, disease prediction, and resource optimization.

By Geography:

• North America: Largest market share due to advanced technological infrastructure and significant investments in AI research.
• Europe: Strong focus on data privacy and ethical considerations for AI in healthcare.
• Asia Pacific: Rapidly growing market driven by government initiatives and rising healthcare expenditure.
• Latin America: Emerging market with potential for AI adoption in resource-constrained settings.

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Based on offering, the software segment held the highest market share in 2021, accounting for more than three-fifths of the global AI in genomics market, and is estimated to maintain its leadership status throughout the forecast period, owing to the increase in demand for precision medicine. However, the hardware segment is projected to manifest the highest CAGR of 41.0% from 2022 to 2031. AI hardware has been increasingly used in genomic analysis owing to the reason that AI enables the processing of vast amounts of data generated by genomic sequencing technologies.

North America to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly half of the global AI in genomics market, and is likely to dominate the market during the forecast period. This is attributed to a large number of universities and research institutions that are at the forefront of AI research, including Stanford, MIT, Carnegie Mellon University, and the University of California, Berkeley. These institutions attract top talent from around the world and conduct cutting-edge research. Furthermore, The U.S. government and private industry have invested heavily in AI research and development. However, the Asia-Pacific region is expected to witness the fastest CAGR of 46.9% from 2022 to 2031, owing to increase in investments for development of AI and an increase in the number of key players developing AI.

Leading Market Players: 

• IBM Corporation,
• Deep Genomics,
• Thermo Fisher Scientific Inc.,
• Illumina, Inc.,
• Data4Cure, Inc,
• BenevolentAI,
• Microsoft Corporation,
• NVIDIA Corporation (Mellanox Technologies),
• Sophia Genetics,
• Freenome Holdings, Inc

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AI has the potential to revolutionize disease diagnosis by enabling faster and more accurate disease identification, improving patient outcomes, and lowering healthcare costs. However, it is critical that AI is developed and deployed responsibly, with appropriate consideration given to issues such as data privacy and algorithm bias. It is also important to note that AI should be viewed as an aid to clinical decision-making rather than a replacement for human clinicians. These are two of the major drivers of AI in the genomics market

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