Artificial Intelligence In Genomics Market worth $2.0 billion by 2028 , growing at a CAGR of 32.3%

(IT-NEWSWIRE.COM, October 30, 2023 ) According to the latest research report "Artificial Intelligence In Genomics Market by Offering (Software & Services), Technology (Machine Learning), Functionality (Gene Sequencing, Gene Editing), Application (Diagnostics, Drug discovery), End User (Pharma, Hospitals) - Global Forecasts to 2028", the global AI in Genomics market projected to reach USD 2.0 billion by 2028, from USD 0.5 billion in 2023, at a CAGR of 32.3% from 2023 to 2028.

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Factors such as need to accelerate processes and timeline and reduce drug development and discovery costs, increasing partnerships and collaborations among players and growing investments in AI in genomics primarily drive the growth of this market. Furthermore, rising adoption of AI in precision medicine, explosion in bioinformatics data and genomic datasets drive market growth.

Software segment is expected to be the largest artificial intelligence (AI) in genomics market, by offering, during the forecast period

Based on offering, the market is segmented into software and services. The software segment accounted for the largest share of the global market in 2022. Software is needed to generate new insights from large-scale datasets and help understand genomic variations, thus enhancing the search for disease-causing variants and reducing clinical analysis times. The benefits offered by AI in genomics software are driving its adoption among end users.

The pharmaceutical & biotechnology companies segment, by end user, is expected to be the largest and fastest growing artificial intelligence (AI) in genomics market during the forecast period

Based on the end user, the market is broadly segmented into pharmaceutical & biotechnology companies; healthcare providers; research centers, academic institutes, & government organizations; and other end users. Pharmaceutical & biotechnology companies accounted for the largest share of the global end-user market in 2022. Market growth can be attributed to the rising demand for solutions to cut the time and costs of drug development.

Asia Pacific is expected to be the fastest growing in artificial intelligence (AI) in genomics market in 2022

Based on region, the global market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. In 2022, Asia Pacific market is projected to register the highest CAGR during the forecast period. Emerging countries in the Asia Pacific, such as India and China, offer lucrative growth opportunities for market players, primarily due to the increasing public and private funding, improving IT infrastructure, the demand for affordable healthcare, favorable government norms, an increasing number of NGS-based research projects, growing awareness about precision medicine, and the high incidence of cancer and chronic diseases are expected to boost the adoption of AI in genomics in Asia Pacific.

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Major players operating in the artificial intelligence (AI) in genomics market are NVIDIA Corporation (US), Microsoft Corporation (US), Google, Inc. (US), Intel Corporation (US), BenevolentAI (UK), FDNA, Inc. (US), DNAnexus (US), Engine Biosciences (US), Tempus Labs, Inc. (US), Congenica Ltd (England).

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Artificial Intelligence In Genomics Market worth $2.0 billion by 2028 , growing at a CAGR of 32.3%