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 market growth during the forecast period.
According to the new market research report Artificial Intelligence In Genomics Market 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
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 technology, the Artificial Intelligence in Genomics Market is segmented into machine learning and other technologies.
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. Based on application, the Artificial Intelligence in Genomics Market is segmented into diagnostics, drug discovery & development, precision medicine, agriculture & animal research, and other applications.
Prominent players in the Artificial Intelligence in Genomics Market are IBM (US), Microsoft (US), NVIDIA Corporation (US), Deep Genomics (Canada), BenevolentAI (UK), MolecularMatch Inc. (US), Cambridge Cancer Genomics (UK), Fabric Genomics Inc. (US), Verge Genomics (US), Freenome Holdings, Inc. (US), 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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