The global artificial intelligence in genomics market size was valued at US$ 0.4 billion in 2022 and it is expected to hit around US$ 11.69 billion by 2032, poised to grow at a CAGR of 40.2% from 2023 to 2032.
Based on the region, North America dominated the global AI in genomics market in 2022. North America is the home to several leading pharmaceutical and biotechnology companies that has significantly contributed to the growth of the AI in genomics market. The huge investments in the adoption of AI technology in the pharma sector of North America has led to the huge market growth. Further, the presence of huge patient population owing to the presence of high geriatric population and increased prevalence of chronic diseases has resulted in the huge adoption of the AI-based technology in the healthcare sector. It is estimated that more than half of the US population is suffering from one or more chronic diseases. Moreover, by 2060, about 24% of the US population would be of age 65 years or above. Thus the rising demand for innovative medicines and quick treatment services is expected to boost the growth of the North America AI in genomics market.
Asia Pacific is expected to be the fastest-growing market during the forecast period. The surging uses of AI across various application such as agriculture, animal research, diagnostics, and drug discovery is driving the market growth significantly. Moreover, the presence of several top research organizations in the region and rising demand for the AI technology among them is fostering the growth of the AI in genomics market in Asia Pacific region.
The rising investments by the pharmaceutical companies in the drug discovery and drug development activities is expected to boost the demand for the artificial intelligence in genomics market during the forecast period. The costs associated with the drug discovery and drug development is extremely high and hence there is a rapidly rising need to control the costs of these activities. The introduction of artificial intelligence technology in the genomics field is expected to enhance the operations, improve quality, and decrease costs. The growing adoption of the AI in the precision medicine is significantly driving the growth of the AI in genomics market.
Drug discovery is a costly and time consuming activity. The in-vivo and in-vitro methods used in the drug discovery is time consuming and very costly. Therefore, the demand for the AI is expected to rise significantly in the forthcoming future in the genomics industry. Drug discovery and drug development involves extensive research and collecting data, storing data, and meaningful interpretation of data, which involves a lot of time. Data storage and analytics is also very expensive. After this, the drug development and clinical trials are conducted, which further involves a huge cost.
Moreover, the selection, deployments, and retention of candidates is a complex and expensive task. With the adoption of AI in genomics, most of the tasks such as data collection, analytics, data storage and data filtration, and many more activities are automated and the quality of the work improves. Further, the growing prevalence of various chronic and infectious diseases among the population is significantly boosting the growth of the pharmaceutical companies and thereby it attracts a huge investments towards the drug discovery and drug development activities. This is expected to significantly drive the growth of the global AI in genomics market in the upcoming future.
| Report Coverage | Details |
| Market Size in 2023 | USD 0.56 Billion |
| Market Size by 2032 | USD 11.69 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 40.2% |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Offering, Application, End User, Technology, Functionality, Geography |
| Companies Mentioned | IBM, NVIDIA Corporation, Benevolent AI, Verge Genomics, MolecularMatch, Inc., SOPHiA, ENETICS, PrecisionLife Ltd., Lifebit, FDNA, Inc., Empiric Logic, Microsoft, Deep Genomics, Fabric Genomics Inc., Freenome Holdings, Inc., Cambridge Cancer Genomics, Data4Cure Inc., Engine Biosciences Pte. Ltd., Genoox Ltd., Diploid, DNAnexus Inc. |
Based on the offering, the software segment dominated the global AI in genomics market in 2022. This growth is attributed to the increased adoption of the AI-based software in the research and development phase of the drug discovery and drug development activities. Moreover, the presence of several number of leading pharmaceutical companies along with the numerous contract research organization and the higher adoption of software for collecting, storing, and analyzing data has led to the growth of the software segment in the global AI in genomics market. The rising number of contract research organizations, biotech companies, and healthcare providers coupled with the rising adoption of the AI technology is expected to have a significant and positive impact on the growth of the software segment in the forthcoming years.
On the other hand, the services is expected to be the fastest-growing segment during the forecast period. The lack of availability of the AI skilled workers is a major factor behind the rising demand for the services in the market. The operation of AI-based systems needs special skills and understanding of this latest technology and hence the demand for services is expected to grow significantly during the forecast period.
Based on the application, the drug discovery & development segment dominated the global AI in genomics market in 2022. The rising prevalence of various chronic, infectious, and gene related diseases among the global population is significantly attracting investments towards the drug discovery & development activities. The rising need to control costs and enhance efficiency and provide desired results, the adoption of the AI in genomics significantly fostered in the past decade. Drug discovery and development became the highest adopter of the AI technology in the genomics industry. Moreover, the growing government and corporate efforts to decrease the healthcare costs has resulted in the adoption of the AI in the drug discovery and development activity.
The precision medicine is expected to be the most opportunistic segment during the forecast period. The rising advances in the oncology and cancer biologics is driving the growth of the precision medicine segment. The rising adoption of AI in the precision medicine in the prevention and management of cancer is expected to significantly drive the growth of the precision medicine segment in the global AI in genomics market.
Based on the end user, the pharmaceutical and biotech companies segment dominated the global AI in genomics market in 2022. The presence of the leading pharmaceutical companies across the globe is significantly driving the demand for the AI technology for various activities like making precision medicine, drug discovery, drug development, and manufacturing of diagnostic devices using AI technology. Further, the rapidly growing biotechnology companies across the globe is significantly responsible for the growth of the AI in genomics market owing to its rising adoption of the AI technology.
Healthcare providers is expected to be the fastest-growing segment during the forecast period. The growing geriatric population and rising prevalence of diseases is significantly boosting the number of hospital admissions. The healthcare providers are under immense pressure to provide quick and enhanced services to the patients at low cost. Therefore, the healthcare sector is significantly investing in the adoption of the AI-based services and software to reduce healthcare costs, improve care quality, and provide quick treatment services to the patients.
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