ARTIFICIAL INTELLIGENCE (AI) IN GENOMICS MARKET ANALYSIS

The global artificial intelligence (AI) in genomics market was valued at US$ 1.15 Bn in 2023 and is forecast to reach a value of US$ 19.72 Bn by 2030 at a CAGR of 50.1% between 2023 and 2030. The global artificial intelligence (AI) in genomics market is experiencing strong growth owing to the increasing biomedical and genomic datasets, growing adoption of ai-based solutions, rising focus on reducing turnaround time in drug discovery & diagnostics is expected to boost the market growth. However, lack of skilled workforce & infrastructure, Ambiguous Regulatory Guidelines For Genomics Software, Poor Security & Storage Of Large Volumes Of Genome Sequencing Data.

Global Artificial Intelligence (AI) in Genomics Market: Regional Insights

• Based on geography, the global artificial intelligence (AI) in genomics market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
• Among regions, North America is expected to gain highest share in the market during the forecast period due to the post the human genome project, and multiple initiatives have been made across countries such as the US to sequence numerous patients with new targeted diseases, and increasing with technological advances the cost of sequencing has been reduced in the market. This has increased patient interest in personal genomic sequencing for future personalized treatments, lifestyle, nutritional study, and other genomics studies. For instance, A report from the American Society of Human Genetics found that the annual impact on the US economy from genomics has grown five-fold in the last decade, adding US$ 265 billion to the US economy in 2019 and 850,000 American jobs. Moreover, the government’s monetary support to multiple start-ups in precision medicine and molecular diagnosis is contributing to the evolution of the precision medicine software market. The Advancing Standards for Precision Medicine was introduced to identify and suggest various social determinants, wearable’s, and a sensor for the standardization of health data in the region. This has led to an expanded awareness concerning the efficacy of precision medicine among the region’s population. 
• Europe and Asia Pacific are also expected to witness robust growth in the global artificial intelligence (AI) in genomics market owing to the increasing healthcare expenditure by European countries. For instance, France, the UK, Spain, and Germany together spent over $6 billion on healthcare IT (HCIT), and the regional HCIT adoption stands at almost 80%. In 2020, the European Commission invested in the use of AI to speed up the diagnosis of COVID-19 and improve patient treatments. Europe is rapidly emerging as a considerable global hub for healthcare AI, though trailing behind the US. For instance, an Oxford-based AI- driven drug  discovery  company,  Exscientia,  found  a  novel  first-in-class  small molecule Sanofi is presently developing.

Figure 1. Global Artificial Intelligence (AI) in Genomics Market Share (%), by Region, 2023

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Global Artificial Intelligence (AI) in Genomics Market Drivers:

• Increased Biomedical and Genomic Datasets to propel market growth: As biomedical research projects and large-scale collaborations are increasing rapidly, the volume of genomic data being generated is also growing, with roughly 2 to 40 billion gigabytes of data now being produced every year. Researchers are working to obtain useful information from such complex and big datasets so they can better understand human health and disease. AI tools are progressively helping researchers to process huge quantities of genome-sequence data to look for unseen patterns in DNA. Nevertheless, because AI algorithms habitually lack transparency, biases can slink in unobserved when such algorithms are employed in DNA data.
• Growing Adoption of Ai-Based Solutions to drive market growth: AI is also used for the discovery of genetic mutations in tumors with 3D imaging. For instance, an upcoming technology could detect glioma-type tumors that start in the glial cells of the brain or the spine using brain scans of a patient with high accuracy. Using technologies that are based on deep learning and neural networks, the treatment process can become highly enhanced, wherein doctors will not require tissue samples to be collected from a biopsy and can rule out the risks associated with surgery. AI & ML provide numerous possibilities with diagnosis automation. The digitization of health-related data and the speedy technology uptake are encouraging transformation and advances in the development and application of AI in healthcare.

Global Artificial Intelligence (AI) in Genomics Market Opportunities:

• Ever since the Human Genome Project began in 1990, genomics has demonstrated immense potential to  enhance and personalize healthcare. More recently,  the formation  of  DNA  biobanks,  which  are  collaborative  repositories  of  genome sequences, and the growth of direct-to-consumer genetics testing companies such as 23andMe have increased the explosion of genomic data. Top healthcare investors, such as Sequoia Capital and Deerfield Management, acknowledge that data has unlocked considerable commercial opportunities across healthcare verticals. In 2017, liquid biopsy company GRAIL raised US$ 914 million in its Series B round led by Smart Money VC ARCH Venture Partners and including Johnson & Johnson to continue product development and validation for its early-stage cancer detection blood tests.
• Sophia Genetics from Switzerland is another company making a mark in the data- driven medicine space. It already works with a half-dozen UK hospitals to combine data and bring AI-driven insights to cancer diagnostics, claiming to already diagnose hundreds of patients a day. Sophia Genetics has its AI firmly focused on cancer. EpiCombi.AI is another start-up that is a genomics signature-driven therapeutics spinout from Oxford University with its prime focus on overcoming epigenetic barriers in cancer complexity through the creation of AI-derived, network-acting multi-targeted drugs.

Global Artificial Intelligence (AI) in Genomics Market Trends:

Increasing Collaborations of Pharmaceutical and Software Companies

• The pharmaceutical industry is under pressure, with growing costs of research and development (R&D) corroding profit margins. AI has the ability to transform drug discovery by rapidly accelerating the R&D timeline, making drug development cheaper and faster,  and  improving  the  probability  of  approval.  Almost 100 partnerships have been identified between AI vendors and big pharma companies since 2015, with increasing numbers witnessed in recent years.
• AI is at the forefront of contemporary technology and has begun to parallel in the sphere of biotechnology. Several biopharma companies are using AI to drive innovation, improve their processes and discover new business models. Key drug discovery companies understand that AI can offer critical business advantages. It can facilitate the analysis of huge databases, speed up R&D, promote effective decision- making, and save costs. Big companies involving Johnson & Johnson, AstraZeneca, and  Pfizer  have  made  great  advances  in  integrating  AI  with  genomics  and engineering tools in pharmaceutical applications, as it assists in improving target identification and validation. An early adopter of AI, AstraZeneca is employing knowledge graphs and image analysis to collect new insights on diseases and classify biomarkers 30% faster than human pathologists. Collaborations with specialists in AI for drug hunting, such as New York-based Renalytix AI, Oakland-headquartered

Global Artificial Intelligence (AI) in Genomics Market Restraints:

• Lack of Skilled Workforce & Infrastructure to hinder market growth: The healthcare system is expanding swiftly with technological advances, and with this expansion, there is a massive demand for its service. A skilled workforce and soaring value are still the unmet needs. Unstoppable forces such as changing treatment solutions,  lifestyle  choice,  aging  population,  and  overcoming  this management in the long-term healthcare system are still struggling. The adoption of AI in the field of healthcare is driving demand for skilled labor for healthcare services such as diagnostics, precision medicine, genomics, and patient engagement. As the population grows, there is a shortage of skilled labor, and gaps in services are key points for investments in the future.
• Ambiguous Regulatory Guidelines for Genomics Software to hamper the market growth: One of the main regulatory issues hampering the adoption of AI in healthcare is the archaic regulatory infrastructure. Although technological advances in healthcare have grown by leaps and bounds, the regulatory infrastructure has not kept pace. For example, AI-based software learns with increased use and becomes smarter. Most regulatory approvals are based on repeatability, but when software is self- learning, the results may and mostly will differ. While that is the strength of an AI system, regulations have to change. Another aspect is that AI, especially neural networks, is a black box. While it can be programmed, the user does really know how it works inside. This raises the problem of explicability. More than the regulatory challenge holding back AI, regulators are trying to keep up.

Figure 2. Global Artificial Intelligence (AI) in Genomics Market Share (%), by Delivery Mode, 2023

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Global Artificial Intelligence (AI) in Genomics Market Segmentation:

• The global artificial intelligence (AI) in genomics market report is segmented into Delivery Mode, Functionality, Application, End User and Region.
• Based on Deliver Mode, the market is segmented into On-Premises, Cloud-Based. Out of which, On-Premises Segment is expected to dominate the artificial intelligence (AI) in genomics market over the forecast period and this is attributed to the revolution of data in healthcare.
• On-Cloud Segment is also expected to witness significant growth in the near future and this is owing to the increasing research and development.
• Based on Functionality, the market is segmented into Genome Sequencing, Gene Editing and Others. Out of which, Genome Sequencing Segment is expected to dominate the market over the forecast period and this is attributed to the increasing human genome describes most characteristics of the human body, involving risks of certain diseases.
• Gene Editing is also expected to witness significant growth in the near future and this is owing to increasing use of gene editing.
• Based on Application, the market is segmented into Translational Precision Medicine, Clinical & Genomic Diagnostics, and Other Applications. Out of which, Translational Precision Medicine Segment is expected to dominate the market over the forecast period and is attributed to the increasing research and development.
• Clinical & Genomic Diagnostics Segment is also expected to witness significant growth in the near future and this is owing to increasing awareness in medical AI applications.
• Based on End User, the market is segmented into Pharma & Biotech Companies, Public & Consumer Genomic Center, and Others. Out of which, Pharma & Biotech Companies Segment is expected to dominate the market over the forecast period and is attributed to increasing use of artificial intelligence in Pharma & Biotech Companies.
• Public & Consumer Genomic Center is also expected to witness significant growth in the near future and this is owing to government investments in the market 

Global Artificial Intelligence (AI) in Genomics Market: Key Developments

• On February 16 2023, Accenture, has made a strategic investment, through Accenture Ventures, in Ocean Genomics, a technology and AI company that has developed advanced computational platforms to assist biopharma companies to discover and develop more effective diagnostics and therapeutics.
• In October 2020, NVIDIA announced a partnership with global healthcare company GSK and its AI group, which is applying computation to the drug and vaccine discovery process. GSK has recently established a new London-based AI hub, one of the first of its kind, which will leverage GSK’s significant genetic and genomic data to improve the process of designing and developing transformational medicines and vaccines.

Global Artificial Intelligence (AI) in Genomics Market: Key Companies Insights

• The global artificial intelligence (AI) in genomics market is highly competitive. This is attributed to the the company focuses on providing comprehensive clinical decision support to its users, expanding its healthcare offering with three new tools that bring its cloud and AI capabilities to hospitals through team collaboration, bots, and medical.
• Some of the key players in the global Artificial Intelligence (AI) in Genomics Market are Fabric Genomics, International Business Machines, MICROSOFT, NVIDIA, AI Therapeutics, Ares Genetics, Benevolent AI, Deep Genomics, DIPLOID and among others.

*Definition: Artificial intelligence (AI) and the associated technologies are progressively being used in various fields and disciplines and are now imitated in the healthcare sector. AI is beingeffectively utilized in a multitude of settings such as hospitals, and clinical laboratories as well asin research approaches. Along with enhanced use in engines, machines etc., AI is utilized inelectronic health records (EHR) and also in the development of disciplines included in life sciences as well as neurosciences. The basic or salient feature of AI in the medical field is in the diagnosis and treatment of diseases.