AI In Bioinformatics Market Growth
Overview and Scope
AI in Bioinformatics refers to the application of artificial intelligence (AI) techniques and algorithms to analyze and interpret biological data. Bioinformatics involves the management and analysis of large and complex biological datasets, such as genomic sequences, protein structures, and other biological information.
Sizing and Forecast
The AI in bioinformatics market size has grown exponentially in recent years. It will grow from $2.97 billion in 2023 to $4.30 billion in 2024 at a compound annual growth rate (CAGR) of 44.5%. The growth in the historic period can be attributed to increased genomic data availability, rise of precision medicine, demand for biomarker discovery, clinical trial optimization, and increased collaboration.
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Segmentation & Regional Insights
The ai in bioinformatics market covered in this report is segmented –
1) By Type: Machine Learning, Deep Learning, Other Types
2) By Offering: Services, Software
3) By Application: Genomics, Chemoinformatics and Drug Design, Proteomics, DNA Sequencing, System Biology, Transcriptomics, Text Mining, Microarrays, Metabolomics, Other Applications
North America was the largest region in the AI in bioinformatics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ai in bioinformatics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing number of clinical trials is expected to propel the growth of AI in the bioinformatics market going forward. Clinical trials refer to a systematic and carefully designed process of conducting medical research involving human participants to evaluate the safety, efficacy, and effectiveness of new medical interventions, treatments, drugs, devices, or therapeutic strategies. AI in bioinformatics is used in clinical trials to analyze patient data from electronic health records and other sources to identify potential candidates for clinical trials who meet specific criteria, improving recruitment efficiency and targeting. For instance, in May 2023, according to Xtalks, a Canada-based life science and medical device platform, on ClinicalTrials.gov, there were 452,604 clinical trials registered worldwide as of May 2023, and 64,838 of the total number of registered studies are actively seeking participants. Further, the number of registered trials has significantly increased from the over 365,000 that were reported at the beginning of 2021. Therefore, the increasing number of clinical trials is driving the growth of AI in the bioinformatics market.
Key Industry Players
Major companies operating in the ai in bioinformatics market report are Thermo Fisher Scientific Inc., Eurofins Scientific SE, Dassault Systèmes SE, Illumina Inc., NeoGenomics Laboratories Inc., QIAGEN N.V., SomaLogic Operating Co. Inc., Seven Bridges Genomics Inc., Genialis Inc., SOPHiA GENETICS SA, DNAnexus Inc., Insilico Medicine Inc., Deep Genomics Inc., Biomax Informatics Inc., Ardigen SA, Strand Life Sciences Pvt. Ltd., Genomenon Inc., SourceBio International Limited, Fios Genomics Limited, CelbridgeScience, BlueBee Holding BV, JADBio , Elucidata Corporation, Gnosis DA, DNASTAR Inc., iNDX.Ai , Paige AI Inc.
The ai in bioinformatics market report table of contents includes:
1. Executive Summary
2. AI In Bioinformatics Market Characteristics
3. AI In Bioinformatics Market Trends And Strategies
4. AI In Bioinformatics Market – Macro Economic Scenario
5. Global AI In Bioinformatics Market Size and Growth
…..
32. Global AI In Bioinformatics Market Competitive Benchmarking
33. Global AI In Bioinformatics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The AI In Bioinformatics Market
35. AI In Bioinformatics Market Future Outlook and Potential Analysis
36. Appendix
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