The global market for artificial intelligence (AI) in genomics is set to see incredible growth in the coming years. According to a report by Coherent Market Insights, the market was valued at US$ 1.15 billion in 2023 and is projected to reach US$ 19.72 billion by 2030, with a compound annual growth rate (CAGR) of 50.1%. This growth is fueled by several factors, including advancements in AI technology, the increasing demand for personalized medicine, and the need for efficient genomic data analysis.
The Coherent Market Insights report provides important insights into the market’s shifting dynamics, including a value chain analysis, investment hotspots, competitive scenarios, regional landscape, and major segments. It offers a comprehensive analysis of the controls and restraints for the global market, as well as strategies and opportunities used in the industry.
Leading players in the market include Fabric Genomics, International Business Machines (IBM), Microsoft, NVIDIA, AI Therapeutics, Ares Genetics, Benevolent AI, Deep Genomics, DIPLOID, and others. These companies are driving innovation in the field of AI in genomics, developing cutting-edge technologies and solutions to advance research and clinical practices.
The market is segmented based on delivery mode, functionality, application, and end-user. Delivery modes include on-premises and cloud-based solutions, providing flexibility and scalability for different organizations. Functionalities cover genome sequencing, gene editing, and other applications. The market finds application in translational precision medicine, clinical and genomic diagnostics, and other areas. End-users span pharma and biotech companies, public and consumer genomic centers, and others.
The report also highlights emerging players in the AI in genomics market, shedding light on the latest developments and strategies of key companies. It offers a comprehensive overview of each company’s operations, products, financial status, market share, and growth strategies, such as mergers and acquisitions, product developments, and partnerships.
Furthermore, the report provides a thorough market analysis, including product type scope, application spectrum, end-user market landscape, geographical regions, and market contenders. Analysts have employed various tools, such as investment assessment, SWOT analysis, and Porter’s Five Forces Analysis, to evaluate the production and distribution capacities of market players.
In conclusion, the global market for AI in genomics is poised to witness significant growth in the coming years. With advancements in AI technology and the increasing adoption of personalized medicine, there is a growing need for efficient genomic data analysis. Leading players in the market are developing innovative solutions to meet this demand and drive progress in genomics research and clinical practices. As the industry continues to evolve, it is crucial for stakeholders, policymakers, and investors to stay informed and make well-informed decisions to harness the opportunities in this rapidly expanding market.
Source: Coherent Market Insights
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