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AI in Genomics Market by Offering (Software and Services), Technology (Machine Learning and Computer Vision), Application (Genome Sequencing and Gene Editing), and End User (Pharmaceutical Companies and Research Bodies): Global Opportunity Analysis and Industry Forecast, 2021–2030

A11556
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Aug 2021 | 123 Views
   
Author(s) : Onkar Sumant
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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AI in Genomics Market Statistics 2030:

AI in genomics focuses on the use of artificial intelligence (AI) in the development of computer systems that can perform tasks such as mapping genomes. In addition, AI helps in the study the structure, evolution, and function of genetic material faster than it could be studied with human intervention. For AI algorithms, the major aim is to mimic human intelligence; however, in clinical genomics, it is targeted to perform genomic analysis, which includes genome annotation, variant calling, phenotype-to-genotype correspondence, and genome annotation. Moreover, AI methods can help predict protein structure or DNA data directly with minimal feature hand crafting. The applications of genomics are significant in the field of personalized medicine. In this field, AI can help manufacture medicines faster.

Market Scope and Structure Analysis

Report Metric

Details

Market Size Available for Years

  2020–2028

  Base Year Considered

  2020

  Forecast Period

  2021–2028

  Forecast Unit

  Value (USD)

  Segments Covered

Offering, Technology, Application, End User, and Region

  Regions Covered

North America, Europe, Asia-Pacific, and LAMEA

  Companies Covered

IBM, Microsoft, NVIDIA Corporation, Deep Genomics, BenevolentAI, Fabric Genomics Inc., Verge Genomics, Freenome Holdings, Inc., MolecularMatch Inc., Cambridge Cancer Genomics, SOPHiA GENETICS, Data4Cure Inc., PrecisionLife Ltd., Genoox Ltd., and Lifebit (UK)

 

Impact of COVID-19 on the Healthcare IT Market

The global outbreak of COVID-19 led to an ongoing downturn in the healthcare market. Apart from communities, COVID-19 was equally disastrous for major world economies, especially the healthcare sector. Prominent stakeholders are continuing to adapt their strategies to the rapidly changing situation. COVID-19 is projected to have significant long-term impacts on the healthcare industry. Countries and major players would have to undertake critical healthcare changes until the crisis takes a back seat.

 Technological progress, cost containment, and increased access are projected to be an integral part of healthcare reforms in the near future. Digital health and telehealth have taken a front seat in the ongoing outbreak. COVID-19 re-emphasized the importance of remote diagnosis, care, and consultation. Over the past few years, regulatory and behavioral barriers have slowed telehealth growth. However, since many healthcare providers are currently working on video conferencing and telephone calls, the segment is anticipated to experience growth over the next two years. In addition, the social distancing measures mandated online consultation of patients with moderate symptoms. In addition, it significantly reduced the burden on hospitals already swamped by counts of COVID-19 patients. Medical IoT devices that are used by at-home patients are now being used for optimizing outpatient treatment and minimizing repeat visits, and these devices can be further used in a crisis. The pandemic led to severe resource constraints. This is expected to result in the development of competitive pricing and value-based pricing models, which boosts the growth of the AI in genomics market.

Top Impacting Factors                                                                                                              

Rise in need to control discovery cost & time during new drug development and increase in private–public sector investments in AI in genomics have boosted the growth of the global AI in genomics market. In addition, the adoption of AI in precision medicine manufacturing is one of the major factors that drives the market growth.

In recent years, governments in various nations have made huge investments in the field of genomics. These investments have played a significant role in the development of new technologies. For instance, in January 2020, Genome India Project (GIP) was initiated by the Department of Biotechnology (DBT). This project is aimed to collect 10,000 genetic samples from Indian citizens.

Furthermore, personalized medicines help medical professionals to identify the exact patient needs and then prescribe treatment and medicines accordingly, which is anticipated to contribute toward the market growth.

However, lack of a skilled AI workforce and ambiguous regulatory guidelines for medical software restrain the AI in genomics market growth during the forecast period.

Key Market Trends

The machine learning segment of the AI in genomics market has dominated the market in 2019, as biotechnology and pharmaceutical companies have adopted machine learning for application in drug genomics. Machine learning can help extract insights from data sets, which can further aid in accelerating genomic research.

Moreover, advancement in the field of gene therapy is anticipated to replace traditional surgeries and drugs. This will enable healthcare providers to treat a disorder by inserting a gene in the cell of their patients.

In the application segment of the market, diagnostics was the largest segment in 2019. The large share of the diagnostics segment can be attributed to decrease in cost of sequencing and increase in research on diseases.

In 2019, the largest share of the AI in genomics market was held by North America, followed by Europe. North America's largest share is attributed to increase in government initiatives and research funding for promoting precision medicines in the U.S.

Key Segments Covered

Segment

Subsegment

  Offering

  • Software
  • Services

  Technology

  • Machine Learning
  • Computer Vision

  Application

  • Genome Sequencing
  • Gene Editing
  • Gene Mapping

  End User

  • Pharmaceutical Companies
  • Research Bodies

  Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Brazil
    • Saudi Arabia
    • South Africa
    • Rest of LAMEA

 

Key Benefits of the Report

  • This study presents the analytical depiction of the AI in genomics industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the AI in genomics market share.
  • The current market is quantitatively analyzed from 2020 to 2028 to highlight the AI in genomics market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in the coming years.

Questions Answered in the AI in Genomics Market Report

  • Which are the leading players active in the AI in genomics market?
  • How is each segment of the market expected to grow during 2021–2028?
  • What are the adoption trends for AI in genomics in emerging economies and established economies across the world?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What future projections would help in taking further strategic steps?
  • What is AI in genomics?
  • What is the AI in genomics market prediction in the future?
  • What are the current trends and predicted trends?
 
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