AI In Genomics Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Offering (Software, Hardware, and Services), By Technology (Machine Learning, Natural Language Processing, Blockchain, and Others), By Application (Oncology, Drug Discovery & Development, Genomic Editing, and Others ), By End Users (Pharma & Biotech Companies, Healthcare Providers, Research Centers, and Others) and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The global AI in genomics market was valued at USD 502.3 Million in 2022 and is anticipated to reach a value of USD 8,183.2 Million by 2030 expanding at a CAGR of 42.0% between 2023 and 2030.

AI in genomics refers to the application of artificial intelligence techniques and algorithms in the field of genomics, which include analyzing and studying of an organism’s genetic information.  Artificial intelligence is known as a powerful platform for the analysis of complex genomics and to help researchers explore the genetic basis diseases or phenotypes. AI-powered solutions can provide healthcare providers with personalized treatment recommendation based on genetic information, available scientific literature, and medical history. AI can monitor real time changes in patient’s genomic data and tracking their response to treatment. This real-time feedback enables adjustment of treatment plans for patient recovery. Advancements in affordable DNA sequencing have ignited a revolution in digital biology. Many genome analyses are struggling to keep up with the expansive amount of raw data being generated. AI is expected to play an important role in genomics by providing accelerated AI-based data interpretation in very short time. AI can help to identify patterns and trends in genomic data that would be complex task for researchers. The AI in genomics market serves researchers, clinicians, pharmaceutical and biotechnology companies, and patients.

AI In Genomics Market Major Driving Forces

Growing adoption of AI in Precision Medicine: The precision medicines are an emerging approach for disease treatment and prevention that takes into account the variability in genes for each person. These medicines help doctors and researchers to predict more accurate treatment and prevention strategies for the disease.

Rising Focus on reducing Turnaround Time in Drug Discovery: AI can help to accelerate drug discovery and development process. AI can enable researchers to rapidly analyze large-scale data sets, design new drugs and predict the ability of potential drug candidates. AI is being used in designing of new drugs, identifying potential drug targets and development of personalized medicines.

Increasing use of AI in Healthcare: AI is being increasingly adopted across the healthcare industry including genomics sequencing, diagnostics and disease prediction and treatment planning. AI is being utilized in healthcare for diagnose patients, improve the accuracy of tests, and to improve physician-patient communication.

Government Initiatives for AI Research and Development: Government across the globe are heavily investing in AI research and development for advanced healthcare applications. These initiatives are taken by government for the development of new AI technologies for genomics research and diagnosis. 

AI In Genomics Market Key Opportunities

Growing Demand for Personalized Medicine: AI can help in development of personalized medicines by analyzing patient data and identifying patterns that can help in diagnosis, treatment and patient care.  Rising adoption of machine learning models in personalized medicine is anticipated to offer significant opportunities for expansion of market.

Advancements in AI Technology:

The technology is rapidly changing and advancing in new and innovative ways. Technological advancement in genomics such as AI algorithms for genome sequencing, machine learning models and AI-powered tools for genomic research and development is expected to create opportunity for the market. 

Development of new AI-powered solutions:

The demand for AI-powered solutions for genomics is increasing owing to increasing complexity in genomic data. Developing new AI- powered solutions of genomics to accelerate AI-based data interpretation in short time is expected to create lucrative opportunities for the growth of the market.

AI In Genomics Market Key Trends

·         Pharmaceutical companies are increasingly using AI-powered tools for drug discovery and development process. As drug discovery process is relatively lengthy and expensive, companies are adopting AI for drug discovery to reduce turnaround times.

·         Development of personalized medicine for disease diagnosis is an upcoming trend for the AI in genomics market.

·         Advanced AI technologies such as machine learning and deep learning algorithms are being used by researchers and clinicians for genomics research. Thereby, increasing demand for AI in genomics for managing and interpreting genomic data is one of the market trends for industry growth.

·         Integration of cloud computing and artificial intelligence can help to better understand the human genome. Cloud- based AI solutions are gaining popularity due to ease of access and affordability in genomics market.

·         AI algorithms are being used to help in the diagnosis and treatment of genetic diseases. AI can analyze genomic data along with medical history and provide more accurate diagnosis in very short time.  

Region-wise Market Insights

North America accounted for the largest market share at 40.4% in 2022 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 43.7% between 2023 and 2030.

In North America, the demand is driven by increase in the adoption of AI for drug development by large base of pharmaceutical manufacturers. North America is home for top biotech and pharmaceutical companies that focus on precision medicine which uses genomics and AI for medical treatment. In North America, various research institutions and well established biotech companies are investing heavily in the advancement of AI-powered solutions for genomics, which is boosting the regional industry demand. However, Asia Pacific is expected to witness significant growth, due to increase in investment in development of AI and existence of several top research organizations in the region. In Asia-Pacific, the market demand is driven by rapidly increasing healthcare infrastructure, growing focus on precision medicines, and growing population. Furthermore, Europe is the second largest market for AI in genomics, owing to rising demand for AI drug discovery, precision medicine, and diagnosis.  The Middle East and Africa has been witnessing a growing demand for AI-powered solutions. Several companies are investing in genomics research for improving diagnosis and treatment.

Market Competition Landscape

The AI in genomics market worldwide experiences intense competition among numerous vendors. Leading players employ strategies such as product innovation, collaborations, mergers, partnerships, and acquisitions to stay competitive. Several companies are creating advanced AI-driven solutions for genomics research and analysis, actively engaging in diverse genomics applications. Established players rely on their reputation for quality and reliability to sustain market share, while new entrants prioritize disruptive innovations and unique selling propositions.

For instance, in March 2023, NVIDIA announced a new BioNeMo cloud services which accelerates life sciences, drug discovery and protein engineering. Also, NVIDIA has announced an expanded set of AI cloud services and large language models for customizing AI foundation models to accelerate the creation of proteins and therapeutics also for research in genomics, chemistry, biology, and molecular dynamics.

Key players in the global AI in genomics market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

·         Microsoft Corporation

·         IBM Corporation

·         NVIDIA Corporation

·         Deep Genomics

·         Data4Cure, Inc

·         Freenome holdings, Inc

·         Thermo Fisher Scientific, Inc.

·         Illumina, Inc.

·         Sophia Genetics

·         BenevolentAI

·         PrecisionLife Ltd.

·         Lifebit Biotech Ltd.

·         Google, Inc.

·         Intel Corporation