Artificial Intelligence (AI) in the Genomics Market is projected to witness a CAGR of 32.53% during the forecast period to reach a total market size of US$7.78 billion by 2029, up from US$1.90 billion in 2024.
The AI in the genomics market is growing rapidly with the rising demand for precision drugs and targeted therapies for specific health disorders. The market is anticipated to expand due to the burgeoning genomics research initiatives and the increasing demand for better data management and integration solutions. It is employed in all areas of drug discovery, disease diagnosis, and treatment planning to find new drug targets and improve therapeutic efficacy.
Moreover, it can analyze large genomic data datasets for disease diagnostics and identify early-onset disease signals by customizing the treatment planning per the patient's condition. AI could additionally optimize treatment results by transforming the clinical guidelines according to the genome sequence, with AI detecting a new way into the genomics market in the future.
Furthermore, AI has been incorporated into precision medicine applications in healthcare and treatment concerning some areas, mainly cancer. AI can be used to analyze genomic data, i.e., the genetic makeup of a mutation in cancer, and recognize the best therapies beneficial for the patient's recovery. It can also be harnessed to identify people who have an increased risk of developing certain cancers, facilitating earlier detection and more targeted treatment capabilities. The market for AI in genomics is potentially finding opportunities with growing cancer cases.
According to the Union for International Cancer Control (UICC), by 2050, an estimated over 35 million new cancer cases are projected to occur. This figure is a predicted increase of 77% from approximately 20 million reported in 2022. The most substantial absolute increases are for low HDI countries, with an increment of 142%, followed by medium-HDI countries, with a rise of 99%. At the same time, cancer deaths are expected to nearly double in these countries by 2050.
Moreover, North American countries like the United States and Canada are increasing the employment of AI in healthcare, and government and private organizations are increasing investments in genomics studies. Further, the presence of a sizable patient base will also promote the advancement of the market in the region.
The AI in the genomics market is growing rapidly with the rising demand for precision drugs and targeted therapies for specific health disorders. The market is anticipated to expand due to the burgeoning genomics research initiatives and the increasing demand for better data management and integration solutions. It is employed in all areas of drug discovery, disease diagnosis, and treatment planning to find new drug targets and improve therapeutic efficacy.
Moreover, it can analyze large genomic data datasets for disease diagnostics and identify early-onset disease signals by customizing the treatment planning per the patient's condition. AI could additionally optimize treatment results by transforming the clinical guidelines according to the genome sequence, with AI detecting a new way into the genomics market in the future.
AI IN GENOMICS MARKETDRIVERS:
- Growing adoption of AI technology across different sectors is expected to increase the global market for AI in genomics.
Furthermore, AI has been incorporated into precision medicine applications in healthcare and treatment concerning some areas, mainly cancer. AI can be used to analyze genomic data, i.e., the genetic makeup of a mutation in cancer, and recognize the best therapies beneficial for the patient's recovery. It can also be harnessed to identify people who have an increased risk of developing certain cancers, facilitating earlier detection and more targeted treatment capabilities. The market for AI in genomics is potentially finding opportunities with growing cancer cases.
According to the Union for International Cancer Control (UICC), by 2050, an estimated over 35 million new cancer cases are projected to occur. This figure is a predicted increase of 77% from approximately 20 million reported in 2022. The most substantial absolute increases are for low HDI countries, with an increment of 142%, followed by medium-HDI countries, with a rise of 99%. At the same time, cancer deaths are expected to nearly double in these countries by 2050.
AI In Genomics Market Geographical Outlook:
- The North American region is expected to hold a substantial artificial intelligence engineering market share.
Moreover, North American countries like the United States and Canada are increasing the employment of AI in healthcare, and government and private organizations are increasing investments in genomics studies. Further, the presence of a sizable patient base will also promote the advancement of the market in the region.
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Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive IntelligenceReport Coverage:
- Historical data & forecasts from 2022 to 2029
- Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
- Competitive Positioning, Strategies, and Market Share Analysis
- Revenue Growth and Forecast Assessment of segments and regions including countries
- Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)
Market Segmentation:
The AI in Genomics Market is segmented and analyzed as below:- By Offering
- Software tools
- Services
- By Application
- Precision medicine
- Diagnosis and prognosis
- Drug discovery and development
- Agriculture and animal breeding
- Others
- By End-User
- Pharmaceutical and biotechnology companies
- Academic and research institutes
- Hospitals and diagnostic centers
- Others
- By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- UAE
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Vietnam
- Indonesia
- Others
- North America
Table of Contents
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. AI IN GENOMICS MARKET BY OFFERING
6. AI IN GENOMICS MARKET BY APPLICATION
7. AI IN GENOMICS MARKET BY END-USER
8. AI IN GENOMICS MARKET BY GEOGRAPHY
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
10. COMPANY PROFILES
Companies Mentioned
Some of the key companies profiled in this Artificial Intelligence (AI) in Genomics Market report include:- IBM
- Sophia Genetics SA
- QIAGEN N.V.
- Fabric Genomics, Inc.
- Congenica Ltd.
- Illumina, Inc.
- Freenome Holdings, Inc.
- Data4cure, Inc.
- Tempus Labs, Inc.
- NVIDIA Corporation
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 140 |
Published | September 2024 |
Forecast Period | 2024 - 2029 |
Estimated Market Value ( USD | $ 1.9 Billion |
Forecasted Market Value ( USD | $ 7.78 Billion |
Compound Annual Growth Rate | 32.5% |
Regions Covered | Global |
No. of Companies Mentioned | 10 |