Artificial Intelligence in Genomics Market : Size, share, Trends, Key Players and Forecast


Posted May 25, 2022 by RosyWills

According to the new market research report global AI in Genomics market size is projected to reach $1,671 million by 2025 from $202 million in 2020, at a CAGR of 52.7% between 2020 and 2025
 
Market growth factors like 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 Artificial Intelligence In Genomics Market. However, the lack of a skilled AI workforce and ambiguous regulatory guidelines for medical software are expected to restrain the market growth during the forecast period.

According to the new market research report 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

Machine learning to dominate the AI in Genomics market in 2019

Based on technology, the Artificial Intelligence 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.

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Diagnostics segment accounted for the largest share of the AI in Genomics market, by end user, in 2019

Based on application, the Artificial Intelligence 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 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.

North America is the largest regional market for AI in Genomics in 2019

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.

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Prominent players in the Artificial Intelligence in Genomics Market are 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)

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Contact Email [email protected]
Issued By MarketsandMarkets™ INC.
Phone 1-888-600-6441
Business Address 630 Dundee Road Suite 430
Northbrook, IL 60062
Country United States
Categories Business , Software , Technology
Tags ai in genomics market
Last Updated May 25, 2022