Meticulous Research®, a prominent global market research company, 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.

AI in Genomics Market to See Strong Growth

According to the report, the global AI in genomics market is expected to register a significant CAGR of 42.8% during the forecast period from 2022 to 2029, with market value expected to reach $6.22 billion by 2029. Key growth drivers include the increased use of AI in genomics and healthcare applications, higher investments in AI-driven research, and the need to shorten timeframes for diagnostics and drug discovery. Machine learning in precision medicine, as well as the rising number of startups in the AI-genomics space, also presents opportunities for market expansion.

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Segmentation and Market Trends

The market is segmented by offering (software, services), delivery mode (on-premises, cloud/web-based), functionality (genome sequencing, gene editing), application (drug discovery, diagnostics, precision medicine), and end-users (pharmaceutical companies, academic research centers). It also highlights leading companies and provides a regional breakdown of market shares.

Software Drives Market Growth

The software segment is expected to dominate the offering category in 2022. Licensing and subscription-based models for software generate significant revenue, and advancements in AI are continually improving genomics-related software, contributing to market growth.

Cloud-Based Delivery Models Surge in Popularity

The cloud/web-based delivery mode is expected to grow the fastest, as it provides cost-saving benefits, flexibility, automatic updates, and enhanced data security for pharmaceutical companies.

Genome Sequencing Leads Functionality Category

Genome sequencing is projected to be the leading functionality segment in 2022. AI technologies enhance the speed and efficiency of analyzing genetic data, helping to identify disease-causing genes and aiding drug discovery.

AI in Drug Discovery

Drug discovery and development are expected to be the largest application for AI in genomics in 2022. AI optimizes the identification of disease models, therapeutic targets, and drug candidates, significantly improving the efficiency of drug discovery.

Pharmaceutical Sector Leads End-User Segment

Pharmaceutical and biopharmaceutical companies are predicted to be the largest end-users of AI in genomics by 2022, with AI technologies helping reduce drug development costs, shorten timelines, and improve outcomes in precision medicine.

North America as the Key Market

North America is expected to lead the global AI in genomics market, with the U.S. taking the largest share due to high investment in genomics research and the rapid adoption of AI 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 (Canada), 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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