In December 2022, Intel Labs and the Perelman School of Medicine at the University of Pennsylvania (Penn Medicine) completed of a joint research study using distributed machine learning (ML) and artificial intelligence (AI) approaches to help international healthcare and research institutions identify malignant brain tumors.
Northbrook, IL 60062 -- (SBWIRE) -- 09/26/2023 -- In 2023, the Artificial Intelligence in Genomics Market boasted an estimated revenue of $0.5 billion, and it is on a trajectory to soar to $2.0 billion by 2028. This impressive growth, with a compound annual growth rate (CAGR) of 32.3% from 2023 to 2028, has been detailed in a fresh report by MarketsandMarkets™.
Several key factors are steering this remarkable expansion. Firstly, there's a pressing need to expedite processes and timelines while simultaneously reducing the costs associated with drug development and discovery. Additionally, the market is experiencing a surge in partnerships and collaborations among industry players, further propelling its growth. Moreover, substantial investments are pouring into the field of AI in genomics.
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Key Market Players:
Major players operating in the artificial intelligence (AI) in genomics market are NVIDIA Corporation (US), Microsoft Corporation (US), Google, Inc. (US), Intel Corporation (US), BenevolentAI (UK), FDNA, Inc. (US), DNAnexus (US), Engine Biosciences (US), Tempus Labs, Inc. (US), Congenica Ltd (England).
Software segment is expected to be the largest artificial intelligence (AI) in genomics market, by offering, during the forecast period
Based on offering, the market is segmented into software and services. The software segment accounted for the largest share of the global market in 2022. 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 genomics software are driving its adoption among end users.
The pharmaceutical & biotechnology companies' segment, by end user, is expected to be the largest and fastest growing artificial intelligence (AI) in genomics market during the forecast period
Based on the end user, the market is broadly segmented into pharmaceutical & biotechnology companies; healthcare providers; research centers, academic institutes, & government organizations; and other end users. Pharmaceutical & biotechnology companies accounted for the largest share of the global end-user market in 2022. Market growth can be attributed to the rising demand for solutions to cut the time and costs of drug development.
Asia Pacific is expected to be the fastest growing in artificial intelligence (AI) in genomics market in 2022
Based on region, the global market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. In 2022, Asia Pacific market is projected to register the highest CAGR during the forecast period. Emerging countries in the Asia Pacific, such as India and China, offer lucrative growth opportunities for market players, primarily due to the increasing public and private funding, improving IT infrastructure, the demand for affordable healthcare, favorable government norms, an increasing number of NGS-based research projects, growing awareness about precision medicine, and the high incidence of cancer and chronic diseases are expected to boost the adoption of AI in genomics in Asia Pacific.
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Artificial Intelligence in Genomics Market Dynamics:
1. Need to accelerate processes and timeline and reduce drug development & discovery costs
2. Increased partnerships and collaborations among players and growing investments in AI in genomics
3. Rising adoption of AI in precision medicine
4. Explosion in bioinformatics data and genomic datasets
5. Improving computing power and declining hardware cost
1. Lack of skilled AI workforce and ambiguous regulatory guidelines for medical software
1. Focus on developing human-aware AI systems
1. Lack of curated genomic data
2. Data privacy concerns
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- In December 2022, Intel Labs and the Perelman School of Medicine at the University of Pennsylvania (Penn Medicine) completed of a joint research study using distributed machine learning (ML) and artificial intelligence (AI) approaches to help international healthcare and research institutions identify malignant brain tumors.
- In September 20222, NVIDIA Corporation partnered with the Broad Institute of MIT and Harvard to accelerate Genome analysis workflows and help teams to co-develop large language models for the discovery and development of targeted therapies. The collaboration connects NVIDIA's AI expertise and healthcare computing platforms with the Broad Institute's researchers, scientists, and open platforms with a focus on Making NVIDIA Clara Parabricks available in the Terra platform, building large language models, and providing improved deep learning to Genome Analysis Toolkit (GATK).
- In August 2021, Illumina, Inc. acquired GRAIL to provide patients with access to a potentially life-saving multi-cancer early-detection test.
- In March 2021, SOPHiA GENETICS collaborated with Hitachi. This collaboration agreement offered clinical, genomic, and real-world insights to healthcare practitioners and pharmaceutical and biotechnology firms and to further democratize Data-Driven Precision Medicine internationally for the benefit of patients.
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