Artificial Intelligence in Digital Genome Market is Estimated to Witness High Growth Owing to Rising Investment in Genomic Research

The Artificial Intelligence in Digital Genome Market is estimated to be valued at US$ 269.8 million in 2023 and is expected to exhibit a CAGR of 44.8% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Artificial intelligence in digital genome refers to the use of machine learning and deep learning algorithms to analyze and interpret large genomic and biomedical datasets. It helps in identifying disease-causing genetic variations, accelerating drug discovery and precision medicine development. Advantages include faster processing of genomic data, detection of patterns and insights that may not be visible to humans.

Market key trends:
One of the major trends driving the artificial intelligence in digital genome market is rising investments in genomic research. For instance, according to the Global Genomic Medicine Report 2023, investments in genomics research and clinical translation have grown at a compound annual growth rate of 38% over the last 10 years. The Asia genomics market alone has seen a 15-fold increase in investment between 2017 and 2020. Growing need to interpret voluminous genomic data and accelerate drug development are encouraging more investments, thereby propelling market growth.

Porter’s Analysis:

Threat of new entrants: The threat of new entrants is moderate as establishing facilities for research and manufacturing of AI and digital technologies for genome requires huge capital investments. However, the growing opportunities are attracting new players in the market.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of alternative solution providers in the market. Buyers can switch between providers based on the product and service offerings.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are a limited number of API and platform providers in the market. However, the growing demand is driving more suppliers to enter the market.
Threat of new substitutes: The threat of new substitutes is high as novel technologies like digital pathology and precision medicine are emerging as alternatives.
Competitive rivalry: Fierce competition among existing players.

SWOT Analysis:
Strength: Growing applications of AI in precision medicine and drug discovery. Significant funding for research and development activities.
Weakness: Lack of skilled workforce and high investment requirements. Regulatory uncertainties regarding ethical and privacy issues.
Opportunity: Untapped growth opportunities in developing economies. Increasing collaboration between technology companies and healthcare organizations.
Threats: Data privacy and security challenges. Slow adoption rates due to the complexity of implementation.

Key Takeaways
The Global Artificial Intelligence In Digital Genome Market is expected to witness high growth, exhibiting CAGR of 44.8% over the forecast period, due to increasing applications of AI and machine learning algorithms in genomics. Regional analysis fastest growing and dominating region is North America, accounting for over 45% of the global market share in 2023 driven by presence of key players and increasing R&D investments. Key players operating in the Artificial Intelligence In Digital Genome market are NVIDIA Corporation, IBM, Microsoft, Fabric Genomics Inc., Verge Genomics, MolecularMatch Inc., SOPHiA GENETICS, PrecisionLife Ltd, BenevolentAI, and Deep Genomics.

The US market accounted for around 35% of the global market share in 2021. Several research projects and favorable government initiatives are contributing to the market growth. For instance, the Precision Medicine Initiative by the National Institutes of Health aims to integrate genomic information into health records to enable predictive, preventive and personalized care.

The Asia Pacific region is expected to witness the highest CAGR over the forecast period. This can be attributed to factors such as improving healthcare infrastructure, increasing healthcare spending, growing genomics research, and presence of large patient pools. Countries like China, Japan and India are emerging hubs for AI and genomic research. Leading players are also partnering with local players and academic institutes to leverage growth opportunities in the region.

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