AI In Genomics Market Definition

AI In Genomics Market revenue is expected to attain a high CAGR of 39.8% and is projected to reach US $10.3 Billion from 2023 to 2030. In 2022, the AI in Genomics market was estimated at US $0.71 Billion.
Due to exponential growth in the size of human genomics data, it is difficult to estimate size by 2030 and beyond. This challenge can serve as a great opportunity for the supplier of AI in genomics products and services.

In the AI in genomics market, healthcare tech companies offer AI-based software, hardware, and services used for genome sequencing, gene editing, clinical workflows, predictive genetic testing, and preventive medicine. These services are subscribed to by pharmaceutical and biotech companies, healthcare providers, research centers, academic institutes and government organizations, and other end users for drug discovery and development, precision medicine, diagnostics, agriculture, and animal research, ad other applications.

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Major Potential: Rapidly Growing Bioinformatics Data

The raw data generated by sequencing an individual's entire genome is approximately 100 terabytes. After the genome is sequenced using complicated techniques and applications such as deep learning and natural language processing, this more than doubles.

As the cost of sequencing a human genome continues to fall, so does the volume of sequencing data. By 2025, it is projected that 40 exabytes will be required to store all human genomic data. As a comparison, that's 8 times the storage required to store every word spoken in history.

Many genome analysis systems are having difficulty keeping up with the massive amounts of raw data being created. More due to the exponential growth in the size of human genomic data, it is difficult to estimate its size by 2030 and beyond. This challenge can serve as a great opportunity for the supplier of AI in genomics products and services.

The demand of AI in genomics seems to be gradually expanding in recent years and is projected to continue in the future. The following are some of the important factors fueling the demand growth for AI in genomics:

Increasing Genomic Data Volume: Advances in genome sequencing technologies have resulted in a huge rise in the amount of genetic data produced. Artificial intelligence algorithms are critical for managing, analyzing, and deriving valuable insights from this massive volume of data. It is expected that storing the data created by analyzing human genome sequences will require approximately 40 exabytes of storage space.

Precision Health Care and Personalized Healthcare: Artificial intelligence (AI) has the potential to transform precision medicine by allowing the analysis of human genomes for determining disease risks, anticipating therapy responses, and customizing medical interventions. The increased interest in personalized healthcare techniques is driving demand for AI in genomics.

Enhanced Diagnostic Capabilities: artificial intelligence algorithms can help with genetic data interpretation for diagnostic purposes. They are capable of detecting illness-causing mutations, detecting genetic predispositions, and providing information on disease prognosis. The need for quicker and more precise diagnosis and risk assessment drives the demand for artificial intelligence-driven diagnostics in genomics.

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AI In Genomics Market Top Players:
IBM, Microsoft Corporation, NVIDIA Corporation, 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., Verge Genomics

AI In Genomics Market Latest Trends
• Based on components, the software segment is expected to dominate the market with a revenue share of 45% in 2023 owing to the rapid adoption of software solutions in genomics driven by the increasing availability of genomic data, the rise of personalized medicine, the need for cost-effective solutions

• Based on end users, the pharmaceutical and biotech companies’ segment will command more than 30% of the AI in genomics market share in 2023 as the AI algorithms are used by these companies to analyze large amounts of genomic and chemical data to identify new drug targets and predict the efficacy and safety of potential drugs.

• Based on application, the drug discovery and development segment to hold a majority of the AI in genomics market share of 30% in 2023 as AI solutions help to manage and analyze big data, enabling researchers to uncover new insights and knowledge that can be used to advance drug discovery and development.

• Based on functionality, genomic sequencing expects to achieve a majority share of the AI in genomics market with a revenue share of around 52% in 2023. AI-powered software solutions can help to automate many of the manual tasks involved in genomic sequencing, reducing the need for human labor and making the process more cost-effective

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What is included in the nForming AI In Genomics market smart book?

The nForming AI In Genomics market smart books include historical and forecasted information regarding revenue, sales volume, prices, and more for each segment covered at the regional and country level. The smart book also includes information regarding the main suppliers and their share of the plant-based food market. The qualitative aspects include detailed growth drivers, opportunities, and challenges for the AI In Genomics market.

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