The AI in genomics market is poised for significant growth, with a projected market size of USD 9.99 billion by 2030. This surge is expected to be driven by a CAGR of 46.0% from 2023 to 2030, according to a new report from Grand View Research, Inc.
The increasing demand for big data management, the growing preference for precision medicine, and the cost-effectiveness of AI technology are among the factors propelling the expansion of the AI in genomics market. Innovative software solutions are in high demand to manage and analyze large amounts of genomic data, leading to advancements in the genomics industry.
According to the report, the software segment held the majority share of the market in 2022, owing to the rapid adoption of software solutions in genomics, driven by the increasing availability of genomic data, the rise of personalized medicine, and the need for cost-effective solutions. The machine learning segment also dominated the market, with a revenue share of 63.5% in 2022, due to the growing demand for machine learning in genomics, which provides new insights, improves accuracy, and enables the development of personalized medicine.
Genomic sequencing held the majority share of the market in 2022 based on functionality, with AI-powered software solutions automating many of the manual tasks involved in the process. This has reduced the need for human labor and made the process more cost-effective.
In terms of application, the drug discovery and development segment held the majority share of the market in 2022. AI solutions help to manage and analyze big data, enabling researchers to uncover new insights and knowledge that can be used to advance drug discovery and development. Pharmaceutical and biotech companies were the dominant end-users in the market, utilizing AI algorithms to analyze large amounts of genomic and chemical data to identify new drug targets and predict the efficacy and safety of potential drugs.
North America held the largest market share of around 29.3% in 2022, driven by several factors such as technology advancements, a large amount of genomic data, a growing focus on personalized medicine, and significant investments in research and development.
The COVID-19 pandemic had a significant impact on the AI in genomics industry, leading to increased investments, a focus on personalized medicine, and the growth of telemedicine. Governments, organizations, and private companies all ramped up investments in AI and genomics to find ways to cope with the pandemic’s impact. These developments helped accelerate the expansion of new AI tools and technologies in the genomics industry.
The potential applications for AI in genomics are endless, and it is already starting to revolutionize healthcare. For instance, Freenome, a U.S.-based company, uses AI to detect cancer by examining a patient’s blood sample for any indications of cancer. Leading healthcare organizations like the Mayo Clinic use the company’s test, and it has raised around USD 100 million from investors.
