The ai in genomics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
AI In Genomics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The ai in genomics market size has grown exponentially in recent years. It will grow from $0.75 billion in 2023 to $1.08 billion in 2024 at a compound annual growth rate (CAGR) of 43.9%. The growth in the historic period can be attributed to advancements in genomic sequencing, data handling challenges, personalized medicine demand, disease understanding and diagnosis, drug discovery and development.
The ai in genomics market size is expected to see exponential growth in the next few years. It will grow to $4.58 billion in 2028 at a compound annual growth rate (CAGR) of 43.4%. The growth in the forecast period can be attributed to expansion of genomic databases, enhanced genomic data security, ai-driven biomarker discovery, integration with other ‘omics’ data, patient empowerment and education. Major trends in the forecast period include ai in cancer genomics, ai-enhanced genomic imaging, ai-driven biomarker discovery, genomic data integration across healthcare systems, ai in functional genomics research.
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Scope Of AI In Genomics Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
AI In Genomics Market Overview
Market Drivers –
Growing adoption of AI is expected to propel the growth of the AI in genomics market going forward. Artificial intelligence (AI) is a field that uses computer science and large datasets to solve problems. It includes the subfields of machine learning and deep learning, commonly referenced in the context of artificial intelligence. AI in genomics assists in identifying genetic illnesses and the primary type of cancer, forecasting the progression of certain diseases in a patient, identifying disease-causing genomic variations, and improving the function of gene editing tools. Additionally, due to such benefits, there is an increased demand for artificial intelligence (AI) in genomics. For instance, in May 2022, according to a report published by International Business Machines Corporation (IBM), a US-based technology corporation, The global adoption rate of AI climbed dramatically to 35%, up four percent from the previous year. Additionally, a survey of 7,502 company decision-makers shows that 13% more enterprises are expected to utilize AI in 2021 than in 2020. 35% of organizations reported employing AI, 42% are contemplating AI adoption, and two-thirds (66%) are either executing or aiming to use AI to fulfil their sustainability goals. Therefore, the growing adoption of AI is driving the growth of the AI in genomics market.
Market Trends –
Technological advancements are a key trend gaining popularity in the AI in genomics market. Major companies operating in the AI in genomics market are focused on developing innovative technological solutions to strengthen their position in the market. For instance, in March 2023, Genomic Vision, a France-based biotechnology company that specializes in the development of diagnostic solutions for genetic diseases and cancers, launched FiberSmart, an AI-powered software that enables the visualization and analysis of long DNA fibers at high resolution. has the potential to completely change the diagnosis and treatment of genetic illnesses. It was introduced to increase the precision and effectiveness of diagnosing and treating genetic diseases. Large amounts of data are analyzed using this technology to find patterns and insights that would be impossible for humans to find on their own.
The ai in genomics market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Machine Learning, Computer Vision
3) By Functionality: Genome Sequencing, Gene Editing, Other Functionalities
4) By Application: Drug Discovery And Development, Precision Medicine, Diagnostics, Other Applications
5) By End-use: Pharmaceutical and Biotech Companies, Healthcare Providers, Research Centers, Other End-Users
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Regional Insights –
North America was the largest region in the AI in genomics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the AI in the genomics market report during the forecast period. The regions covered in the ai in genomics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the ai in genomics market report are International Business Machines Corporation, Microsoft Corp., NVIDIA Corporation, Deep Genomics Inc., BenevolentAI Ltd., Fabric Genomics Inc., Verge Genomic Inc., Freenome Holdings Inc., MolecularMatch Inc., SOPHiA GENETICS SA, Data4Cure Inc., PrecisionLife Ltd., Genoox Ltd., Lifebit Ltd., Empiric Logic Ltd., FDNA Inc., DNAnexus Inc., Engine Biosciences Pte Ltd., 4baseCare, Congenica Ltd., CytoReason Ltd., Emedgene Technologies LTD, Illumina Inc., Lifebit Biotech Ltd., Mendel.ai, Predictive Oncology Inc., Tempus Labs Inc., 10x Genomics Inc., Repositive Limited, Genedata AG, Global Gene Corp, Nference Inc., Bluebee Holding B.V., Genomenon Inc. .
Table of Contents
1. Executive Summary
2. AI In Genomics Market Report Structure
3. AI In Genomics Market Trends And Strategies
4. AI In Genomics Market – Macro Economic Scenario
5. AI In Genomics Market Size And Growth
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27. AI In Genomics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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