The global AI in genomics market is projected to reach USD 1,671 million by 2025 from USD 202 million in 2020, at a CAGR of 52.7% between 2020 and 2025. The need to control drug development and discovery costs and time, increasing public and private investments in AI in genomics, and the adoption of AI solutions in precision medicine are driving the growth of this market. However, the lack of a skilled AI workforce and ambiguous regulatory guidelines for medical software are expected to restrain the market growth during the forecast period.
“Machine learning segment is expected to grow at the highest rate during the forecast period”
Based on technology, the AI in genomics market is segmented into machine learning and other technologies. The machine learning segment is projected to register a higher CAGR during the forecast period. The high growth rate of this segment is mainly as pharmaceutical companies, CROs, and biotechnology companies have widely adopted machine learning for drug genomics applications. This is because machine learning can extract insights from data sets, accelerating genomic research.
“Diagnostics segment is estimated to account for the largest share of the AI in genomics market in 2019”
Based on application, the AI in genomics market is segmented into diagnostics, drug discovery &development, precision medicine, agriculture & animal research, and other applications. Diagnostics was the largest application segment in the AI in genomics market in 2019. The large share of this segment can be attributed to the increasing research on diseases and the decreasing cost of sequencing.
“North America is expected to dominate the AI in genomics market in 2020”
In 2019, North America accounted for the largest share of the AI in genomics market, 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. The market in the Asia Pacific region, on the other hand, is projected to register the highest CAGR during the forecast period. Emerging countries in the APAC, such as India and China, offer lucrative growth opportunities for market players, primarily due to the increasing public and private funding, improving healthcare infrastructure, and rapid economic growth.
eakdown of supply-side primary interviews, by company type, designation, and region:
- By Company Type: Tier 1 (31%), Tier 2(28%), and Tier 3 (41%)
- By Designation: C-level (31%), Director-level (25) and Others (44%)
- By Region: North America (45%), Europe (20%), Asia Pacific (28%), and RoW (7%)
The key players operating in this market include 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), and Engine Biosciences Pte. Ltd. (US).Product launches, expansions, collaborations, agreements, partnerships, and acquisitions are the key growth strategies followed by a majority of players in this market.
- The report studies the AI in genomics market based on offering, technology, functionality, application, end user, and region
- The report analyzes factors (such as drivers, restraints, opportunities, and challenges) affecting the market growth
- The report evaluates the opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders
- The report studies micro-markets with respect to their growth trends, prospects, and contributions to the total AI in genomics market
- The report forecasts the revenue of market segments with respect to four major regions
Reasons To Buy the Report:
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the AI in genomics offered by the key 20 players in the AI in genomics market. The report analyzes the AI in genomics market by offering, technology, functionality, application, end user, and region.
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various AI in genomics, their adoption, and usage across key geographic regions.
- Market Diversification: Exhaustive information about new product launches, untapped geographies, recent developments, and investments in the AI in genomics market
- Competitive Assessment: In-depth assessment of market ranking and strategies of the leading players in the AI in genomics market.