The global artificial intelligence in genomics market is expected to generate $19,596.2 million revenue by 2030, advancing at a considerable rate during the forecast period (2022–2030). The major factors influencing the market growth include the emergence of startups offering such solutions, increasing size of data sets related to genomics research, and investments by governments and private equity firms to encourage R&D in AI platforms and tools for genomics study.
During the COVID-19 pandemic, the market saw a boom, since SARS-COV-2 virus was identified and diagnosed with the help of AI. Since then, researchers and scientists have been trying to develop new technologies to identify its most-likely mutations, along with creating better diagnostic techniques. Gene sequencing and editing are being used for the same, thus enabling the market to advance.
AI in Genomics Largely Used in Development of Translational Precision Medicines
The two major applications of artificial intelligence in genomics include the development of translational precision medicine and clinical & genomic diagnostics. Of the two, the development of translational precision medicine holds the larger share in the market as the popularity of precision medicine is booming due to the increasing awareness among patients and augmenting R&D activities in the field.
North America Dominates Market
North America is expected to witness the highest growth rate among all regions, as well as holding the largest share in the market. Private equity companies, large pharmaceutical companies, and the governments of the U.S. and Canada are investing in R&D for AI-based genomic analysis platforms and tools. For instance, the Government of Canada invested $16 million in 10 new genomics projects, to transform drug discovery and biomedicine by the end of 2035.
Investments in Companies Offering AI Platforms for Genomics Are Driving Market
In recent years, major players in the artificial intelligence in genomics market have been actively involved in R&D in platforms for genomics study, aided by the investments from private equity firms and governments. For instance:
- In March 2022, DNAnexus raised funding of $200 million from Foresite Capital, Innovatus Capital Partners, Perceptive Advisors, Northpond Ventures, and Alphabet’s venture arm GV, to build a genomic data analytics platform.
- In October 2021, Poolbeg Pharma partnered with Eurofins Genomics to complete the next-generation RNA sequencing of respiratory syncytial virus (RSV) disease progression samples from human viral challenge studies.
- In July 2021, Eli Lily partnered with Verge Genomics for three years to research and create new drugs for the treatment of amyotrophic lateral sclerosis (ALS), a motor neuron disease. Under this partnership, Eli Lily would use Verge’s all-in-human platform to discover and establish new targets for ALS.
Major players operating in the global artificial intelligence in genomics market include IBM Corporation, Microsoft Corporation, NVIDIA Corporation, Deep Genomics, BenevolentAI, Fabric Genomics Inc., Verge Genomics, Freenome Holdings Inc., MolecularMatch Inc., Cambridge Cancer Genomics, SOPHiA GENETICS, Data4Cure Inc., PrecisionLife Ltd., Genoox Ltd., Lifebit, Diploid, FDNA Inc., DNAnexus Inc., Empiric Logic (Ireland), and Engine Biosciences Pte. Ltd.