AI in Genomics Market Size/Share Value Envisaged to Reach USD 16,757.95 Million By 2032, With 42.5% CAGR Growth: Polaris Market Research

NEW YORK, July 24, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "AI in Genomics Market Share, Size, Trends, Industry Analysis Report, By Offering (Software, Services), By Technology, By Functionality, By Application, By End User, By Region, Segment Forecast, 2023 - 2032" published by Polaris Market Research in its research repository.

"According to research report, the global AI in genomics market size/share was valued at USD 484.69 Million in 2022 and is expected to touch USD 16,757.95 Million By 2032, growing at a CAGR of 42.5% during the forecast period."

What is AI in Genomics? How Big is AI in Genomics Market Size & Share Value?

• Report Overview

Developments in genome sequencing have fueled a revolution in digital biology. Recently developed AI systems significantly enhance the accuracy of therapeutic and diagnostic predictions. According the research, Artificial Intelligence is expected to make data analysis of genomic data more accurate. Genomics is the study of genes and their functions. AI in genomics incorporates advanced machine learning and computational techniques to assess, explain, and gain insights from genomic data.

New computing techniques are essential to reduce the cost of data analysis and improve the throughput and accuracy of reads in genomes. However, using AI in genomics will require ensuring that AI systems are completely trustworthy and approved by the scientific community and society. The adoption of AI solutions in precision medicine is driving the AI in genomics market size growth. Also, rising developments in AI technology is fueling the industry growth. 

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Covered Are:

• Google DeepMind
• IBM Watson Health
• BenevolentAI
• Tempus
• Freenome
• Sophia Genetics
• 23andMe
• DNAnexus
• Recursion Pharmaceuticals
• Verge Genomics
• PathAI
• GNS Healthcare
• Freenome
• Fabric Genomics
• Foundation Medicine
• SOPHiA GENETICS
• Nebula Genomics
• CytoReason
• Genoox
• Genalice
• Deep Genomics
• Owkin
• Genialis
• Gencove
• Helix
• QIAGEN Bioinformatics
• SOPHiA DDM
• WuXi NextCODE
• Genuity Science
• Lifebit
• Envisagenics
• ZS Genetics
• MedGenome
• Cypher Genomics
• PierianDx
• Bluebee
• Repositive
• Precision for Medicine
• Shivom
• Bluegnome

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Prominent Growth Driving Factors

• AI-powered genomics: The ability to rapidly extract key insights from genomic data using the application of AI and advanced computational techniques has accelerated genomics research. This development not only enhances the accuracy of genomic data but also fuels innovations across various industries, which is driving AI in genomics market growth.
• Public and private Investments: Increasing investments by governments, public and private organizations in AI in genomics is boosting the market growth. Such organizations are recognizing the impact of AI in genomics and supporting research activities by investing in R&D.
• Rise in genomic data production: Huge number of genomic data is generated due to the expanding growth of biomedical research projects along with large-scale collaborations. An estimated 2 to 40 million gigabytes of data are produced yearly. Thus, the rise in genomic data generation is fueling the AI in genomics market growth.

Recent Trends Influencing the Market

Growing demand for AI in genomics: AI technologies such as machine learning and deep learning algorithms are utilized to manage and assess huge amounts of data. AI-driven genomics allows researchers to bring out key insights and speed-up findings in genomics research. Therefore, surging demand for AI in genomics for managing and interpreting the ever-expanding volume of genomic data is one of the key AI in genomics market trends accelerating the industry growth.

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Segmental Analysis

• Software segment is expected to grow at the fastest rate during the forecast period

Based on offering AI in genomics market segmentation, software category is predicted to grow rapidly because AI-powered software is necessary for processing, analyzing, and interpreting the huge amount of data generated by genomics research. The rising complexity and size of genomic data need the latest algorithms and software tools to reveal valuable insights. AI technology is continuously advancing, and software firms are making more smart algorithms and techniques adapted for genomics.

• The machine learning segment is likely to capture a major revenue share

In terms of technology, machine learning is anticipated to hold the largest AI in the genomics market share during the foreseen period. The sub-segment of machine learning, that is, deep learning, is boosting market growth. Deep learning employs artificial neural networks with different layers to assess and run complex data. Machine learning algorithms have the ability to handle and manage massive amounts of data, such as DNA sequencing, gene expression profiles, and clinical data generated by genomics. This helps in understanding diseases, recognizing biomarkers, and personalizing treatments.

• Genome sequencing segment is anticipated to register the highest revenue share

By functionality, genome sequencing is estimated to generate a major market share in AI in genomics market throughout the forecast period. It entails figuring out a person's genome's entire DNA sequence. Technologies for DNA sequencing, such as next-generation sequencing (NGS) and single-molecule sequencing, have significantly advanced in the field of genomics.

• Precision medicine is projected to grow at the highest rate

Precision medicine is expected to account for the greatest share in the coming years, based on application. Precision medicine identifies people who are more likely to develop certain diseases and executes preventive measures. AI-driven genomics analysis can help in anticipating how patients will react to drugs based on their genetic profile. Pharmacogenomics is a key component of precision medicine that provides the study of how a person's genetic composition affects their response to medications. Artificial intelligence (AI) algorithms can be used by scientists and medical professionals to recognize genetic markers that affect therapeutic efficacy, metabolism, and side effects, allowing for the selection and dosing of customized drug.

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AI in Genomics Market: Report Scope

Geographic Overview

• North America is predicted to witness the largest share over the study period

By geography, AI in genomics market in North America is likely to grow at the highest rate in the upcoming years because the region focuses on precision medicine which uses genomics and AI to personalize medical treatments. Research and development in AI and genomics are at the forefront in North America, particularly in the United States. The area comprises a strong presence of technology firms, research organizations, and healthcare providers committed to boosting AI in genomics. The combination of knowledge, resources, and investments in North America fuels market growth.

Moreover, Europe is anticipated to garner major growth in the AI in the genomics market. Collaborations between public and private firms with EU-funded projects drive the commercialization of artificial intelligence in genomics, resulting in a sizeable revenue share in the area. With a budget of more than €95 million, the Horizon Europe (2021–2027) program is a significant contributor to market expansion in Europe. Primary financing initiative by the European Union's (EU's) for research and innovation, Horizon Europe emphasizes on three pillars: global challenges, industrial competitiveness, excellent science, and innovative Europe.

Browse the Detail Report "AI in Genomics Market Share, Size, Trends, Industry Analysis Report, By Offering (Software, Services), By Technology, By Functionality, By Application, By End User, By Region, Segment Forecast, 2023 - 2032" with in-depth TOC: https://polarismarketresearch.com/industry-analysis/ai-in-genomics-market   

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Recent Developments

• In May 2023, 9xchange, a biopharma marketplace facilitating the exchange of drug assets, announced a partnership with BenevolentAI, a prominent company specializing in AI-enabled drug discovery and development.
• In February 2023, Tempus, a prominent artificial intelligence (AI) and precision medicine player, introduced a strategic collaboration with Pfizer. The partnership spans multiple years and aims to advance AI and machine learning-driven initiatives in therapeutic development.

Some of The Important Questions Answered in the Market

• Which region offers the most rewarding open doors for the market?
• What are the business threats and variable scenarios concerning the market?
• Who are the significant AI in genomics market key players confronting and developing?
• What is the projected size of the market?
• What are the opportunities and threats to which players are exposed in the market?
• Which application or product type will obtain progressive development possibilities during the forecast period?
• What are the major industry norms influencing the development of the industry?

Polaris Market Research has segmented the AI in Genomics market report based on offering, technology, functionality, application, end user and region:

By Offering Outlook

• Software
• Services

By Technology Outlook

• Machine Learning
• Deep Learning
• Supervised Learning
• Unsupervised Learning
• Reinforcement Learning
• Other Machine Learning Technologies
• Others Technologies

By Functionality Outlook

• Genome Sequencing
• Gene Editing
• Clinical Workflows
• Predictive Genetic Testing & Preventive Medicine

By Application Outlook

• Diagnostics
• Drug Discovery & Development
• Precision Medicine
• Agriculture & Animal Research
• Other Applications

By End User Outlook

• Pharmaceutical and Biotech Companies
• Healthcare Providers
• Research Centres, Academic Institutes and Government Organization
• Other End Users

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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