Dublin, May 22, 2023 (GLOBE NEWSWIRE) -- The "Global Artificial Intelligence (AI) in Genomics Market by Offering (Software & Services), Technology (Machine Learning), Functionality (Gene Sequencing, Gene Editing), Application (Diagnostics, Drug discovery), End-user (Pharma, Hospitals), and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The artificial intelligence (AI) in genomics market is anticipated to grow from an estimated USD 0.5 billion in 2023 to USD 2 billion in 2028, at a CAGR of 32.3% during the forecast period.
The market has a promising growth potential due to the need to accelerate processes and timeline and reduce drug development and discovery, and improving computing power and declining hardware cost among other factors. However, the lack of curated genomic data and data privacy concerns are expected to limit the growth of this market to a certain extent.
Deep learning: The fastest-growing segment of the artificial intelligence (AI) in genomics market for machine learning, by type
The deep learning segment is expected to witness the fastest growth in the infection surveillance services market during the forecast. Deep learning methods have dominated computational modeling strategies in genomics, where they are used to address a variety of questions ranging from the understanding of protein binding from DNA sequences, epigenetic modifications, predicting gene expression from epigenetic marks, or predicting the methylation state of single cells. The growing demand for accelerated genome sequencing analysis workflows and the need to improve the function of gene editing tools is expected to propel market growth.
The genome sequencing segment is anticipated to be the largest artificial intelligence (AI) in genomics market, by functionality, during the forecast period
Based on functionality, the market is segmented into genome sequencing, gene editing, clinical workflows, and predictive genetic testing & preventive medicine. The genome sequencing segment accounted for the largest share of the artificial intelligence (AI) in genomics market. The large share of this segment can be attributed to the use of AI solutions to identify chromosomal disorders, dysmorphic syndromes, teratogenic disorders, and single-gene disorders.
Europe accounted for the second-largest share in the artificial intelligence (AI) in genomics market during the forecast period
Europe accounted for the second-largest share of the artificial intelligence (AI) in genomics market during the forecast period. The major drivers of market growth are the increasing adoption of AI-based tools in genomic research and drug discovery, favorable government initiatives, growing EMR adoption, increasing patient data volume, increasing venture capital funding, rising healthcare expenditure, and growing geriatric population. Moreover, the potential for AI in advancing R&D activities has also attracted attention to this sector.
Market Dynamics
Drivers
- Need to Accelerate Processes and Timeline and Reduce Drug Development & Discovery Costs
- Increased Partnerships and Collaborations Among Players and Growing Investments in AI in Genomics
- Rising Adoption of AI in Precision Medicine
- Explosion in Bioinformatics Data and Genomic Datasets
- Improving Computing Power and Declining Hardware Cost
Restraints
- Lack of Skilled AI Workforce and Ambiguous Regulatory Guidelines for Medical Software
Opportunities
- Focus on Developing Human-Aware AI Systems
Challenges
- Lack of Curated Genomic Data
- Data Privacy Concerns
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 240 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $500.7 Million |
| Forecasted Market Value (USD) by 2028 | $2030 Million |
| Compound Annual Growth Rate | 32.3% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Artificial Intelligence (AI) in Genomics Market, by Offering
6.1 Introduction
6.2 Software
6.2.1 Intelligent Software to Reduce Errors Caused by Standard Statistical Approaches
6.3 Services
6.3.1 Rising AI Technology Adoption in Various End-use Industries to Boost Market
7 Artificial Intelligence (AI) in Genomics Market, by Technology
7.1 Introduction
7.2 Machine Learning
7.2.1 Deep Learning
7.2.1.1 Growing Demand for Accelerated Genome Sequencing Analysis Workflows and Improved Function of Gene Editing Tools to Propel Market
7.2.2 Supervised Learning
7.2.2.1 to Help Create Predictive Models for Population Health Management
7.2.3 Reinforcement Learning
7.2.3.1 Need to Reduce Costs Associated with Collecting Labeled Training Data to Drive Segment
7.2.4 Unsupervised Learning
7.2.4.1 Ability to Perform More Complex Processing Tasks Than Supervised Learning Systems to Drive Market
7.2.5 Other Machine Learning Technologies
7.3 Other Technologies
8 Artificial Intelligence (AI) in Genomics Market, by Functionality
8.1 Introduction
8.2 Genome Sequencing
8.2.1 Increasing Adoption of Machine and Deep Learning in Diagnostics and Drug Discovery Processes to Enhance Market Growth
8.3 Gene Editing
8.3.1 to Help Improve Gene Editing Functions and Reduce Time and Costs
8.4 Clinical Workflow
8.4.1 to Help Increase Efficiency of Clinical Workflows
8.5 Predictive Genetic Testing & Preventive Medicine
8.5.1 AI in Genomics to Predict Outcomes and Risks Associated with Curing Genetic Diseases Based on Available Data
9 Artificial Intelligence (AI) in Genomics Market, by Application
9.1 Introduction
9.2 Diagnostics
9.2.1 AI in Genomics for Diagnostics to Help Identify Chromosomal Disorders, Dysmorphic Syndromes, Teratogenic Disorders, and Single-Gene Disorders
9.3 Drug Discovery & Development
9.3.1 Growing Application of AI in Genomics in Drug Discovery & Development to Propel Market
9.4 Precision Medicine
9.4.1 Focus on Identifying Effective Medical Treatments for Patients to Drive Market
9.5 Agriculture & Animal Research
9.5.1 AI in Genomics to Help Improve Crop and Livestock Productivity
9.6 Other Applications
10 Artificial Intelligence (AI) in Genomics Market, by End-user
10.1 Introduction
10.2 Pharmaceutical & Biotechnology Companies
10.2.1 Rising Demand for Solutions to Reduce Time and Costs of Drug Development
10.3 Research Centers, Academic Institutes, and Government Organizations
10.3.1 Increased Research Activities to Encourage Use of AI in Genomics in Academic and Government Institutes
10.4 Hospitals & Healthcare Providers
10.4.1 Growing Demand for Pharmacogenomics to Propel Acceptance of NGS in Hospitals
10.5 Other End-users
11 Artificial Intelligence (AI) in Genomics Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
- Benevolentai
- Congenica Ltd.
- Dante Labs
- Data4Cure
- Deep Genomics, Inc.
- DNAnexus
- Emedgene, Inc.
- Engine Biosciences
- Fabric Genomics, Inc.
- FDNA, Inc.
- Freenome Holdings, Inc.
- Genoox
- Google, Inc.
- Illumina, Inc.
- Intel Corporation
- Invitae Corporation
- Lifebit
- Microsoft Corporation
- Molecularmatch, Inc.
- Nvidia Corporation
- Precisionlife Ltd.
- Predictive Oncology, Inc.
- Seragon Pharmaceuticals, Inc.
- Sophia Genetics
- Tempus Labs, Inc.
- Verge Genomics
For more information about this report visit https://www.researchandmarkets.com/r/n41oo8
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