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Artificial Intelligence In Genomics Market Forecast 2024: Trends And Analysis
Artificial Intelligence in Genomics Market Outlook, Scope & Overview:
Industry reports indicate that the global artificial intelligence in genomics market was valued at USD 726.9 million in 2023 and is projected to reach USD 15,007.1 million by 2031, growing at a CAGR of 46.0% over the forecast period 2024-2031.
Technological Advancements to Drive Growth of Global Artificial Intelligence in Genomics Market
The adoption of advanced AI technologies in genomics will continue to influence global market revenues. Researchers and healthcare professionals are increasingly utilizing AI for genomics due to its ability to analyze large datasets and provide precise insights for genetic research and personalized medicine.
As a technology segment, machine learning algorithms currently hold a significant share of the global AI in genomics market. This segment is anticipated to grow rapidly at a year-over-year rate, driven by the increasing need for advanced data analysis tools in genomics research.
AI in Genomics – Market Dynamics
Drivers:
Artificial intelligence is transforming the genomics field by enhancing data analysis capabilities and enabling more accurate and faster genetic sequencing. The integration of AI in genomics helps in identifying genetic mutations, understanding gene functions, and predicting disease susceptibility. The increasing investments in AI and genomics research, along with the growing demand for personalized medicine, are key factors driving the growth of this market.
Restraints:
Despite the promising growth, the high cost of implementing AI technologies in genomics and the need for skilled professionals to operate advanced AI systems pose significant challenges. Additionally, concerns regarding data privacy and security in handling sensitive genetic information may hinder the widespread adoption of AI in genomics.
AI in Genomics – Market Outlook
The effective outcomes from the use of AI in genomics in enhancing research capabilities and advancing personalized medicine have boosted the prominence of this technology in the global market. AI in genomics is expected to witness significant growth, particularly in regions with strong research infrastructure and supportive regulatory environments.
Global AI in Genomics Market
The upsurge in the application of AI in genomics in North America, Europe, and Asia Pacific is expected to drive market growth over the forecast period. North America currently holds a significant market share in the global AI in genomics market, with the US being a key contributor to market revenues. Europe and Asia Pacific regions are also experiencing a surge in AI applications in genomics, driven by advancements in AI technologies and increasing research funding.
Key Players in the AI in Genomics Market
Leading companies in the AI in genomics market include IBM Watson Health, NVIDIA Corporation, Google AI, Deep Genomics, and Illumina Inc. These companies are at the forefront of integrating AI with genomics, offering innovative solutions for genetic research and personalized healthcare.
In conclusion, the global artificial intelligence in genomics market is poised for explosive growth over the forecast period, driven by technological advancements, increasing research investments, and the growing need for personalized medical solutions.
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