Artificial Intelligence (AI) in Genomics Market - Forecasts from 2024 to 2029

Artificial Intelligence (AI) in Genomics Market - Forecasts from 2024 to 2029

Artificial Intelligence (AI) in the Genomics Market is projected to witness a CAGR of 32.53% during the forecast period to reach a total market size of US$7,785.766 million by 2029, up from US$1,904.018 million in 2024.

The AI in the genomics market is growing rapidly with the rising demand for precision drugs and targeted therapies for specific health disorders. The market is anticipated to expand due to the burgeoning genomics research initiatives and the increasing demand for better data management and integration solutions. It is employed in all areas of drug discovery, disease diagnosis, and treatment planning to find new drug targets and improve therapeutic efficacy.

Moreover, it can analyze large genomic data datasets for disease diagnostics and identify early-onset disease signals by customizing the treatment planning per the patient's condition. AI could additionally optimize treatment results by transforming the clinical guidelines according to the genome sequence, with AI detecting a new way into the genomics market in the future.

AI IN GENOMICS MARKET DRIVERS:

Growing adoption of AI technology across different sectors is expected to increase the global market for AI in genomics.

Precision medicine is expanding the market for AI in genomics. Precision medicine considers an individual's unique genetic makeup, external conditions, and lifestyle decisions to create personalized treatment plans that take action rapidly. AI technological advancements can process large cohorts of genomic data to identify patterns and correlate them depending on capability or similarity, assisting in initiating personalized treatments.

Furthermore, AI has been incorporated into precision medicine applications in healthcare and treatment concerning some areas, mainly cancer. AI can be used to analyze genomic data, i.e., the genetic makeup of a mutation in cancer, and recognize the best therapies beneficial for the patient's recovery. It can also be harnessed to identify people who have an increased risk of developing certain cancers, facilitating earlier detection and more targeted treatment capabilities. The market for AI in genomics is potentially finding opportunities with growing cancer cases.

According to the Union for International Cancer Control (UICC), by 2050, an estimated over 35 million new cancer cases are projected to occur. This figure is a predicted increase of 77% from approximately 20 million reported in 2022. The most substantial absolute increases are for low HDI countries, with an increment of 142%, followed by medium-HDI countries, with a rise of 99%. At the same time, cancer deaths are expected to nearly double in these countries by 2050.

AI In Genomics Market Geographical Outlook:

The North American region is expected to hold a substantial artificial intelligence engineering market share.

North America is a significant market for AI in genomics due to numerous genomics firms, significant financing in genomics research, and a developed healthcare system. Additionally, the advancement of AI-based genomics products and applications, as well as the rising demand for personalized treatment, are propelling market expansion in the coming years.

Moreover, North American countries like the United States and Canada are increasing the employment of AI in healthcare, and government and private organizations are increasing investments in genomics studies. Further, the presence of a sizable patient base will also promote the advancement of the market in the region.

Reasons for buying this report:-

Insightful Analysis: Gain detailed market insights covering major as well as emerging geographical regions, focusing on customer segments, government policies and socio-economic factors, consumer preferences, industry verticals, other sub - segments.
Competitive Landscape: Understand the strategic maneuvers employed by key players globally to understand possible market penetration with the correct strategy.
Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape up future market developments.
Actionable Recommendations: Utilize the insights to exercise strategic decision to uncover new business streams and revenues in a dynamic environment.
Caters to a Wide Audience: Beneficial and cost-effective for startups, research institutions, consultants, SMEs, and large enterprises.

What do businesses use our reports for?

Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive Intelligence

Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

Market Segmentation:

The AI in Genomics Market is segmented and analyzed as below:

By Offering

Software tools
Services

By Application

Precision medicine
Diagnosis and prognosis
Drug discovery and development
Agriculture and animal breeding
Others

By End-User

Pharmaceutical and biotechnology companies
Academic and research institutes
Hospitals and diagnostic centers
Others

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
UAE
Others
Asia Pacific
China
Japan
India
South Korea
Australia
Vietnam
Indonesia
Others