The global AI in Genomics Market is set to undergo a transformative revolution with the integration of Artificial Intelligence (AI) technologies. AI is expected to play a pivotal role in advancing various aspects of genomics research, diagnosis, and treatment, leading to groundbreaking discoveries and personalized medicine.
According to a report published by MarketsandMarkets™, the AI in Genomics Market is estimated to be worth $0.5 billion in 2023 and is projected to reach $2.0 billion by 2028, growing at a CAGR of 32.3% during the forecast period. The growth of the market is primarily driven by the need to accelerate processes and reduce drug development costs, increasing partnerships and collaborations among players, and growing investments in AI in genomics. Additionally, the rising adoption of AI in precision medicine, explosion in bioinformatics data and genomic datasets are also contributing to the market growth.
The major players in the AI in Genomics market include NVIDIA Corporation, Microsoft Corporation, Google Inc., Intel Corporation, and BenevolentAI, among others. These companies are at the forefront of developing AI technologies specifically for genomics research and applications.
The global AI in Genomics market is categorized based on offering, technology, functionality, application, end user, and region. The offering segment includes software and services, while the technology segment consists of machine learning, deep learning, and other machine learning technologies. The functionality segment covers genome sequencing, gene editing, clinical workflow, and predictive genetic testing & preventive medicine. The application segment includes diagnostics, drug discovery & development, precision medicine, agriculture & animal research, and other applications. The end user segment comprises pharmaceutical & biotechnology companies, hospitals & healthcare providers, research centers & academic institutes, and other end users.
North America is currently the largest market for AI in Genomics, followed by Europe. Asia-Pacific is expected to witness significant growth in the coming years. The key stakeholders in the market include AI solution providers, platform providers, technology providers, medical research and biotechnology companies, pharmaceutical companies and CROs, hospitals and clinics, universities and research organizations, and government organizations.
In conclusion, the integration of AI technologies in the genomics industry is set to revolutionize research, diagnosis, and treatment in the near future. The AI in Genomics market is expected to experience substantial growth, driven by factors such as the need for faster processes, cost reduction, and increasing adoption of precision medicine. With advancements in AI technology, genomics research is poised to make groundbreaking discoveries and advancements in personalized medicine.
Sources:
– MarketsandMarkets™ Research Private Ltd. (https://www.marketsandmarkets.com/Market-Reports/artificial-intelligence-in-genomics-market-36649899.html)
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