Press release
AI in Genomics Market Trends 2023: Predicted to Surpass USD 9.8 Billion by the year 2031 | NVIDIA Corporation (Mellanox Technologies), Freenome Holdings, Inc, IBM Corporation, BenevolentAI
The growing investments in AI in genomics: Public and private investments in AI in genomics are on the rise. This is helping to accelerate the development and adoption of AI-powered genomic analysis tools.
The increasing partnerships and collaborations among players: There is a growing trend of partnerships and collaborations among players in the AI in genomics market. This is helping to bring together the expertise and resources needed to develop and commercialize new AI-powered genomic analysis solutions.
According to the report, the global AI in genomics industry generated $346.3 million in 2021, and is anticipated to generate $9.8 billion by 2031, witnessing a CAGR of 40.6% from 2022 to 2031.
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Covid-19 Scenario:
The outbreak of the Covid-19 pandemic had a negative impact on the global AI in genomics market, as it disrupted workflows in the healthcare sector around the world during the lockdown.
The disease had forced several industries to shut down temporarily, including several sub-domains of the healthcare sector. The pandemic reduced accessibility to the research centers and offices which delayed the development in AI programs.
However, AI-driven diagnostics emerged as great solution for quick diagnosis of the disease.
Market Segmentation:
By Technology:
Machine Learning
Computer Vision
By Offering
Hardware
Software
Services
By Application:
Drug Discovery and Development
Precision Medicine
Diagnostics
Others
By End User:
Pharmaceutical and Biotech Companies
Healthcare Providers
Research Centers
By Region:
North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
Asia-Pacific (Japan, China, Australia, India, South Korea, Rest of Asia-Pacific)
LAMEA (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
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Competitive Landscape:
IBM Corporation,
Deep Genomics,
Thermo Fisher Scientific Inc.,
Illumina, Inc.,
Data4Cure, Inc,
BenevolentAI,
Microsoft Corporation,
NVIDIA Corporation (Mellanox Technologies),
Sophia Genetics,
Freenome Holdings, Inc
Recent developments:
In March 2023, IBM and Genomics England announced a strategic partnership to develop new AI-powered tools for genomic research and healthcare.
In April 2023, Verily, a life sciences research company, announced the launch of a new AI-powered platform for predicting patient outcomes.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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