Overview and Scope
AI in genomics is a set of computer tools used by genomics researchers to manage and understand any important information concealed in big datasets for DNA sequencing and other biological procedures. These algorithms are capable of detecting human genetic patterns and abnormalities in genomic data.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the AI in genomics market are adopting a strategic partnership approach, aiming to enhance patient care. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in March 2022, the International Business Machines Corporation, a US-based technological company, announced a partnership with Genomics England. IBM will collaborate with Genomics England in three major areas, such as improving the clinical user interface and providing quick access to genetic data storage, adoption of cloud capabilities in a hybrid cloud, and service management. Genomics England is a UK-based government company that manages the 100,000 Genomes Project.
The ai in genomics market report table of contents includes:
1. Executive Summary
2. AI In Genomics Market Characteristics
3. AI In Genomics Market Trends And Strategies
4. AI In Genomics Market – Macro Economic Scenario
5. Global AI In Genomics Market Size and Growth
…..
32. Global AI In Genomics Market Competitive Benchmarking
33. Global AI In Genomics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The AI In Genomics Market
35. AI In Genomics Market Future Outlook and Potential Analysis
36. Appendix
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