Artificial Intelligence in Genomics Market Analysis

Artificial Intelligence in Genomics Market Analysis

By component, the AI in genomics market is classified into hardware, software, and services. The software segment accounted for 53.4% of the market share in 2022 and is projected to witness robust growth over the analysis timeframe. The increasing demand for advanced analytics and machine learning capabilities in genomics research and clinical settings is driving the adoption of AI-powered software solutions. Also, the integration of software with cloud-based infrastructure is facilitating seamless collaboration, data sharing, and scalability thus, propelling the segmental growth. Moreover, rapid advancements in AI technology and its cost-effectiveness nature will further supplement the market share.
 

Based on technology, the artificial intelligence in genomics market is segmented into machine learning and computer vision. The machine learning segment is expected to register around USD 8.1 billion by 2032. The growing accessibility of large-scale genomic datasets and advancements in computational power have facilitated the utilization of advanced machine learning algorithms in the genomics domain. These algorithms have the capability to analyse complex genomic data, identify patterns, and make predictions. Such benefits associated with machine learning will foster the market progress. Further, machine learning enables the development of predictive models for disease diagnosis, prognosis, and treatment response, hence supporting precision medicine approaches, thereby fostering the market revenue.
 

Based on functionality, the AI in genomics market is segmented into genome sequencing, gene editing, and other functionalities. The genome sequencing segment is expected to register around USD 5.6 billion by end of 2032. The utilization of AI-powered algorithms for genomic data interpretation enhances the ability to detect rare genetic variants and uncover critical insights that can guide clinical decision-making, thereby escalating the market growth.
 

Furthermore, genome sequencing companies are partnering with AI technology-based firms to expedite the procedures. For instance, in January 2022, PacBio, a developer of sequencing platforms, collaborated with Google. With this collaboration, PacBio is expected to utilize Google’s genomic analysis, machine learning and algorithm development tools to further improve PacBio’s existing HiFi sequencing runs, unlocking more insights from PacBio sequencing data.
 

Based on application, the artificial intelligence in genomics market is segmented into drug discovery & development, precision medicine, diagnostics, and other applications. The drug discovery & development segment dominated the market with a revenue share of 36% and is expected to grow at a considerable growth over the analysis timeframe. The growth of the drug discovery and development segment can be attributed to a surge in the demand for innovative medicines to address infectious and chronic diseases.
 

Also, increasing number of private and public investments and constant support from government in the field of genomics is expected to drive the market size. Furthermore, increasing adoption of artificial intelligence in healthcare will supplement the market outlook.
 

Based on end-use, the AI in genomics market is segmented into pharmaceutical & biotech companies, healthcare providers, research centers, and other end-users. The pharmaceutical & biotech companies segment dominated the market with a revenue share of over 35.5%. In the biotech and pharmaceutical industry, artificial intelligence and machine learning play a crucial role in clinical data management, automated illness prediction and prevention, and biomarker identification. The AI algorithms possess the capability to predict the potential toxicity of prospective drugs, providing pharmaceutical companies with a valuable tool to mitigate investment risks by avoiding drugs that have a higher probability of failure in clinical trials.
 

North America artificial intelligence in genomics market accounted for 51.9% business share in 2022 and is anticipated to grow at considerable growth rate during the forecast timeframe. In North America, various research institutions and well-capitalized biotechnology companies are making substantial investments in the advancement of AI-powered solutions for genomics, thereby boosting the regional industry demand. Moreover, presence of several key players coupled with availability of advanced computational infrastructure will further accelerate the market trends. Also, supportive government initiatives coupled with favorable regulatory frameworks will create a promising environment for the adoption of AI in genomics thus, driving the regional expansion.