Artificial Intelligence in Genomics Market worth $1,671 million by 2025 says MarketsandMarkets™

Chicago, Oct. 06, 2022 (GLOBE NEWSWIRE) — According to the new market research report by MarketsandMarkets™, the Artificial Intelligence 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.

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List of Key Players in Artificial Intelligence in Genomics Industry:

1. IBM (US),
2. Microsoft (US),
3. NVIDIA Corporation (US),
4. Deep Genomics (Canada),
5. BenevolentAI (UK),
6. Fabric Genomics Inc. (US),
7. Verge Genomics (US),
8. Freenome Holdings, Inc. (US),
9. MolecularMatch Inc. (US),
10. Cambridge Cancer Genomics (UK),
11. SOPHiA GENETICS (US),
12. Data4Cure Inc. (US),
13. PrecisionLife Ltd (UK),
14. Genoox Ltd. (US),
15. Lifebit (UK),
16. Diploid (Belgium),
17. FDNA Inc. (US),
18. DNAnexus Inc. (US),
19. Empiric Logic (Ireland),
20. Engine Biosciences Pte. Ltd. (US)

Drivers, Restraints, Challenges and Opportunities in Artificial Intelligence in Genomics Industry:

1. Drivers: Need to control the time and cost of drug discovery and development
2. Restraints: Lack of skilled AI workforce and ambiguous regulatory guidelines for medical software Healthcare Fraud
3. Challenges: Lack of curated genomics data
4. Opportunities: focus on developing human-aware AI systems

Key Findings of Artificial Intelligence in Genomics Market Study:

1. Machine learning to dominate the AI in Genomics market in 2019
2. Diagnostics segment accounted for the largest share of the AI in Genomics market, by end user, in 2019
3. Pharmaceutical & biotechnology companies accounted for the largest market share in 2019
4. North America accounted for the largest share of the global AI in genomics market in 2019

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Based on offering, the AI in genomics market is segmented into software and services. The software and services segment accounted for largest share of the global artificial intelligence in genomics market in 2019. Software is needed to generate new insights from large-scale datasets and help understand genomic variations, thus enhancing the search for disease-causing variants and reducing clinical analysis times. The benefits offered by AI in software are driving its adoption among end users.

Based on functionality, the AI in genomics market is segmented into genome sequencing, gene editing, clinical workflows, and predictive genetic testing & preventive medicine. Genome sequencing was the largest functionality segment in this market in 2019 and is estimated to grow at highest CAGR in coming years. 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.

Geographical Growth Scenario:

The global AI in Genomics market is segmented into North America, Asia Pacific, Europe, Rest of the World. North America (comprising the US, and Canada) is expected to account for the largest share of the global AI in Genomics market in 2020, 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.

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