Meticulous Research®, a global leader in market research, has published a detailed report titled, Artificial Intelligence in Genomics Market by Offering (Software, Services), Functionality (Sequencing, Gene Editing), Application (Diagnostics, Precision Medicine, Drug Discovery and Development), Delivery Mode (On-premises, Cloud) and End User—Global Forecast to 2029.

Forecasted Growth of AI in Genomics

The report forecasts a rapid compound annual growth rate (CAGR) of 42.8% for the global AI in genomics market from 2022 to 2029, with the market reaching a value of $6.22 billion by 2029. This explosive growth is being fueled by several key factors, including the increasing application of AI in healthcare and genomics, rising investments in these fields, and the urgent need to reduce time spent on drug discovery and diagnostics. Further, the growing adoption of machine learning in personalized medicine and the rise of new players in AI and genomics sectors are unlocking new opportunities for market expansion.

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Segmentation and Market Structure

The AI in genomics market is analyzed across multiple categories including offering (software and services), delivery mode (on-premises, cloud/web-based), functionality (genome sequencing, gene editing), application (drug discovery, diagnostics, precision medicine), and end-user (pharmaceutical companies, research institutes). The report also offers a thorough examination of key competitors and their market shares across different regions.

Software Leads the Offering Segment

Within the offering segment, software is projected to account for the largest share of the AI in genomics market by 2022. Software products, typically provided through licensing or subscription-based models, are crucial revenue drivers because of their higher costs compared to services. Continued innovation in AI technologies is further propelling the development of new software, contributing to market growth.

Cloud Delivery Mode Expected to Surge

In the delivery mode category, cloud and web-based solutions are expected to experience the fastest growth. Pharmaceutical companies are increasingly turning to these models due to benefits such as reduced costs, greater flexibility, automatic software updates, and enhanced security features.

Genome Sequencing to Dominate in Functionality

Genome sequencing is expected to lead in the functionality segment by 2022, primarily due to the efficiency and flexibility offered by AI tools for analyzing large sets of genetic data. AI-driven genome sequencing is instrumental in identifying disease-related genes, making it critical for advancing drug discovery efforts.

AI-Driven Drug Discovery

In the application segment, drug discovery and development is anticipated to capture the largest market share in 2022. The integration of AI has drastically improved the efficiency of the drug development process, enabling researchers to model disease heterogeneity, optimize drug candidates, and identify therapeutic targets at a lower cost.

Pharmaceutical Sector Leads in AI Adoption

Pharmaceutical and biopharmaceutical companies are expected to be the leading end-users of AI in genomics by 2022. The high demand for AI applications in drug discovery and precision medicine, coupled with AI’s ability to reduce development costs and accelerate the process, has made pharmaceutical companies a primary driver of market growth.

Regional Analysis: North America in the Lead

Geographically, North America is projected to account for the largest market share in 2022, followed by Europe and Asia-Pacific. The United States is poised to dominate the North American market due to significant public and private investment in genomics, alongside the growing adoption of AI solutions in precision medicine.

Key Players

The key players operating in the global AI in genomics market are Microsoft Corporation (U.S.), NVIDIA Corporation (U.S.), Deep Genomics Incorporated (copyright), Fabric Genomics, Inc. (U.S.), Data4Cure, Inc. (U.S.), Predictive Oncology Inc. (U.S.), Emedgene Technologies LTD (U.S.), Congenica Ltd. (U.K.), Tempus Labs, Inc. (U.S.), SOPHiA GENETICS SA (Switzerland), Illumina Inc. (U.S.), and BenevolentAI Limited. (U.K.).

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Key questions answered in the report-

• Which are the high-growth market segments in terms of offering, delivery mode, functionality, application, end user, and geography?
• What was the historical market for AI in genomics across the globe?
• What are the market forecasts and estimates for the period 2022–2029?
• What are the major drivers, restraints, opportunities, and challenges in the global AI in genomics market?
• Who are the major players in the global Artificial Intelligence in genomics market?
• How is the competitive landscape, and who are the market leaders in the global AI in genomics market?
• What are the recent developments in the AI in genomics market?
• What are the different strategies adopted by the major players in the AI in genomics market?
• What are the geographic trends and high growth regions/countries?

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