(PharmaNewsWire.Com, August 14, 2021 ) According to the new market research report AI in Genomics Market is projected to reach USD 1,671 million by 2025 from USD 202 million in 2020, at a CAGR of 52.7% between 2020 and 2025
The need to control drug development and discovery costs and time, increasing public and private investments in AI in genomics, and the adoption of AI solutions in precision medicine are driving the growth of this market. However, the lack of a skilled AI workforce and ambiguous regulatory guidelines for medical software are expected to restrain the market growth during the forecast period.
The prominent players operating in the AI in Genomics market include IBM (US), Microsoft (US), NVIDIA Corporation (US), Deep Genomics (Canada), BenevolentAI (UK), Fabric Genomics Inc. (US), Verge Genomics (US), Freenome Holdings, Inc. (US), Diploid (Belgium), MolecularMatch Inc. (US), Cambridge Cancer Genomics (UK), SOPHiA GENETICS (US), Data4Cure Inc. (US), PrecisionLife Ltd (UK), Genoox Ltd. (US), Lifebit (UK), FDNA Inc. (US), DNAnexus Inc. (US), Empiric Logic (Ireland), Engine Biosciences Pte. Ltd. (US), Illumina, Inc. (US), Genuity Science (US), and Trace Genomics, Inc. (US), among others. Players in this market focused on partnerships, collaborations, agreements, acquisitions, mergers, expansions, and product launches & approvals to expand their market presence between January 2018 and July 2020.
IBM (US)
IBM is one of the leading players in the AI in genomics market. The company provides IBM Watson, an AI platform, through its Cognitive Solutions segment. Watson is used by pharmaceutical companies and biotech & academic institutions to support new drug target identification and drug repurposing. IBM focuses on organic and inorganic growth strategies to improve its position in the AI in drug discovery and other emerging AI markets. Besides, partnerships and collaborations with AI solution providers/consumers remain an important aspect of its strategy to enhance its footprint in this market.
NVIDIA (US)
NVIDIA is among the world leaders in the visual computing business. It has a well-established geographic footprint and deals with major OEMs/ODMs. The company continues to lead in the development of new products for AI. The company has significantly increased its R&D spending and aims to improve its gaming, machine learning, and other AI training algorithms. Furthermore, the company adopts different growth strategies, such as product launches, expansions, and partnerships, to maintain its leading position in the market. For instance, in September 2018, NVIDIA launched the NVIDIA Clara platform.
Based on offering, the Artificial Intelligence In Genomics Market is segmented into software and services. The software and services segment accounted for largest share of the global AI in genomics market in 2019.
Based on functionality, the AI in genomics market is segmented into genome sequencing, gene editing, clinical workflows, and predictive genetic testing & preventive medicine. Genome sequencing was the largest functionality segment in this market in 2019 and is estimated to grow at highest CAGR in coming years.
In 2019, North America accounted for the largest share of the AI in genomics market, followed by Europe. The large share of North America can be attributed to the increasing research funding and government initiatives for promoting precision medicine in the US.
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