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 the Artificial Intelligence In Genomics 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.
According to research report the global Artificial Intelligence In Genomics Market size 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.
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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 AI 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 Artificial Intelligence 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.
The global Artificial Intelligence In Genomics Market is segmented into North America, the 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 Artificial Intelligence 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.
The prominent players operating in the AI in Genomics market include IBM (US), Microsoft (US), NVIDIA Corporation (US), Deep Genomics (Canada), BenevolentAI (UK), Fabric Genomics Inc. (US), Verge Genomics (US), Freenome Holdings, Inc. (US), MolecularMatch Inc. (US), Cambridge Cancer Genomics (UK), SOPHiA GENETICS (US), Data4Cure Inc. (US), PrecisionLife Ltd (UK), Genoox Ltd. (US), Lifebit (UK), Diploid (Belgium), FDNA Inc. (US), DNAnexus Inc. (US), Empiric Logic (Ireland), Engine Biosciences Pte. Ltd. (US), Illumina, Inc. (US), Genuity Science (US), and Trace Genomics, Inc. (US), among others. Players in this market focused on partnerships, collaborations, agreements, acquisitions, mergers, expansions, and product launches approvals to expand their market presence between January 2018 and July 2020.
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This market research study involved the extensive use of secondary sources, directories, and databases to identify and collect information useful for this technical, market-oriented, and financial study of the global Artificial Intelligence In Genomics Market. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and to assess market prospects. The size of the blood collection devices market was estimated through various secondary research approaches and triangulated with inputs from primary research to arrive at the final market size.
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