The need to control drug development and discovery costs and time, increasing public and private investments in AI in genomics, and the adoption of AI solutions in precision medicine are driving the growth of this market. However, the lack of a skilled AI workforce and ambiguous regulatory guidelines for medical software are expected to restrain the AI in Genomics market growth during the forecast period.
According to research report the global AI in Genomics market size is projected to reach USD 1,671 million by 2025 from USD 202 million in 2020, at a CAGR of 52.7% between 2020 and 2025.
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The market is segmented by Offering (Software, Services),Technology (Machine Learning, Computer Vision), Functionality (Genome Sequencing, Gene Editing), Application (Diagnostics), End User (Pharma, Research) Region
Based on technology, the AI in genomics market is segmented into machine learning and other technologies. The machine learning segment dominated this market in 2019, as pharmaceutical companies, CROs, and biotechnology companies have widely adopted machine learning for drug genomics applications. This is because machine learning can extract insights from data sets, accelerating genomic research.
Based on application, the AI in genomics market is segmented into diagnostics, drug discovery development, precision medicine, agriculture animal research, and other applications. Diagnostics was the largest application segment in the AI in genomics market in 2019. The large share of this segment can be attributed to the increasing research on diseases and the decreasing cost of sequencing.
In 2019, North America accounted for the largest share of the AI in Genomics market, followed by Europe. The large share of North America can be attributed to the increasing research funding and government initiatives for promoting precision medicine in the US.
The prominent players operating in the AI in Genomics market include IBM (US), Microsoft (US), NVIDIA Corporation (US), Deep Genomics (Canada), BenevolentAI (UK), Fabric Genomics Inc. (US), Verge Genomics (US), Freenome Holdings, Inc. (US), MolecularMatch Inc. (US), Cambridge Cancer Genomics (UK), SOPHiA GENETICS (US), Data4Cure Inc. (US), PrecisionLife Ltd (UK), Genoox Ltd. (US), Lifebit (UK), Diploid (Belgium), FDNA Inc. (US), DNAnexus Inc. (US), Empiric Logic (Ireland), Engine Biosciences Pte. Ltd. (US), Illumina, Inc. (US), Genuity Science (US), and Trace Genomics, Inc. (US), among others. Players in this market focused on partnerships, collaborations, agreements, acquisitions, mergers, expansions, and product launches approvals to expand their market presence between January 2018 and July 2020.
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IBM is one of the leading players in the AI in genomics market. The company provides IBM Watson, an AI platform, through its Cognitive Solutions segment. Watson is used by pharmaceutical companies and biotech academic institutions to support new drug target identification and drug repurposing. IBM focuses on organic and inorganic growth strategies to improve its position in the AI in drug discovery and other emerging AI markets. Besides, partnerships and collaborations with AI solution providers/consumers remain an important aspect of its strategy to enhance its footprint in this market.
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