AI in Genomics 2024-2032: Forecasts by Offering (Software and Services), by Technology (Machine Learning and Computer Vision), by Delivery Mode (On-premises and Cloud & Web-Based Mode), by Functionality (Genome Sequencing, Gene Editing, Clinical Workflows, Predictive Genetic Testing & Preventive Medicine), by Application (Diagnostics, Drug Discovery & Development, Precision Medicine, Agriculture & Animal Research, and Other Applications), by End-User (Pharmaceutical & Biotech Companies, Healthcare Providers, Research Centers, Academic Institutes & Government Organizations, and Others) and Regional
The AI in the Genomics Market is expected to reach a market value of USD 13,387.89 million by 2032
AI in the Genomics Market Share (%), by Region (2024-2032)
Increasing Focus on Accelerating Drug Discovery and Diagnostics
Innovations in diagnostics and new drug research are costly,
time-consuming, risky processes with little chance of success. It takes 10 to
15 years and costs $1 to $2 billion to discover a new drug. However, factors
including a lack of clinical efficacy, a lack of commercial needs, and a lack
of medicinal qualities lower the chance of failure and turnaround time.
Pharmaceutical companies are now adopting AI to discover novel medications as a
result. In light of the COVID-19 epidemic, developing new drugs is essential.
AI is being used by numerous biotech and pharmaceutical companies to increase
precision and speed up drug discovery. AI has also changed the process of
developing new medications for challenging diseases like cancer and
Alzheimer's. Consequently, using AI aids in medication discovery.
Pharmaceutical companies are primarily motivated to use AI because of the potential time savings from combining AI with genomics. AI can handle a large amount of genetic data and is used for patient matching, target identification, and forecasting. Therefore, by enabling data-driven decision-making, the use of AI in drug research can lead to the creation of safe and effective medications.
Cloud-Based
AI Solutions Are Being Used More and More by Genomics Researchers
The cloud-based AI market in genomics is expected to expand faster than the on-premises sector. The primary factor behind this increase is cloud-based solutions' capacity to access, evaluate, store, and aggregate data in a single location. Furthermore, on-premises solutions become unfeasible as genomics databases get larger. Human genome sequencing research will increase over the forecast period as more people become aware of genome sequencing. A single human sequencing yields about 200 gigabytes of raw data. This would make employing AI technologies on-premises more challenging, which would raise demand for cloud deployment.
Competitive Landscape
The leading companies in the market for AI in genomics are Deep Genomics Incorporated, Fabric Genomics, Inc., Data4cure, Inc., Predictive Oncology Inc., Emedgene Technologies Ltd., Congenica Ltd., Sophia Genetics SA, Illumina Inc., Benevolentai Limited, Freenome Holdings, Inc., and Verge Genomics. These significant competitors in this market have implemented a number of strategies, including partnerships, regional business development, M&A, R&D investment, and new product launches.
March 2023: QIAGEN Forge and SOPHiA GENETICS joined forces to pool their respective expertise in next-generation sequencing. This will combine the SOPHiA DDMTM platform with QIAseq reagent technology to improve tumor analysis using next-generation sequencing (NGS). Additionally, by employing a wider choice of analytics solutions to satisfy their particular analysis and interpretation needs, QIAGEN's Partnership Program makes it possible for more clients to take advantage of the superior quality of its NGS preparation kits.
March 2023: Predictive Oncology partnered with Cancer Research Horizons to further the development of the cancer drug platform PEDAL. Using compounds created by Cancer Research Horizons in partnership with the CRUK network and originating from their global network, this will expedite the creation of cancer medications.
AI in the Genomics Market, by Offering
AI in the Genomics Market, by Delivery Mode
AI in
the Genomics Market, by Functionality
AI in
the Genomics Market, by Application
The Report Covers
Ø Market Estimates and Forecast from 2019-2032
Ø Growth Opportunity and Trend Analysis
Ø Market Snapshot
Ø Segment and Regional Revenue, Share, Trend
Analysis
Ø Competition Strategy, Acquisition and Merger
Analysis, Company SWOT, and Company Market Share Analysis
Ø COVID 19 Impact
Ø Market Report in PDF, Interim in Excel, and
PPT Version
