AI in Genomics Market Growth and Outlook

The AI in genomics market, valued at USD 397.64 million in 2022, is expected to grow at a CAGR of 23.6% from 2023 to 2032, reaching an estimated USD 7,365.59 million. This growth is fueled by rising cross-industry collaborations and increased R&D investments.

Download statistics of this report @ https://www.towardshealthcare.com/download-statistics/5046

Building a Smarter Healthcare System Government Funding Boosts AI Research

The NHS AI Lab’s AI and Health and Care Awards initiative is designed to promote the responsible use of artificial intelligence in healthcare. Recognizing AI’s transformative potential, the awards aim to accelerate the safe and ethical adoption of AI technologies to improve patient outcomes and healthcare delivery. By supporting innovative AI projects, the program works towards enhancing care and advancing the health sector through collaboration with various stakeholders.

In May 2023, the U.S. National Science Foundation (NSF) expanded its National Artificial Intelligence Research Institutes initiative, adding 11 new institutes, bringing the total to 18. This expansion comes with a $220 million investment, enabling the institutes to extend their reach across the country.

As part of the AI and Health and Care Awards, about $138 million has been invested in 86 AI technologies through three rounds of funding. These technologies have already benefited over 300,000 patients, leading to improvements in the treatment of cancer, heart disease, diabetes, mental health, and neurological disorders. These investments are helping to develop AI solutions that could revolutionize healthcare, improving diagnosis, treatment, and patient care.

In the third round of the AI in Health and Care Awards, nine companies were granted funding to accelerate the testing and deployment of promising AI technologies in healthcare. Since its launch in 2019, the program has focused on supporting AI solutions for managing long-term conditions, speeding up diagnosis, and addressing challenges like backlogs from the COVID-19 pandemic. These awarded companies are poised to play a key role in improving patient outcomes and healthcare delivery.

In 2021, Deep Genomics, an AI-driven drug discovery company, raised $180 million in Series C funding to advance its AI-discovered drug programs for genetic diseases into clinical development. Additionally, in the same year, the National Human Genome Research Institute (NHGRI) launched the Genomics Research Elucidates Genetics of Rare Disease (GREGoR) Consortium, with a nearly $80 million investment over five years to tackle rare genetic diseases. This initiative aims to identify the genetic causes of these diseases and improve diagnosis, treatment, and care for affected individuals.

AI in Genomics Market Key Companies

The AI in genomics market is seeing significant contributions from a range of leading companies applying artificial intelligence to revolutionize genetic research, healthcare, and drug discovery. These companies are working to enhance the analysis of genomic data and improve patient outcomes through AI-driven solutions.

1. IBM – Known for its leadership in technology, IBM is applying AI and machine learning to genomics, focusing on improving drug discovery and personalized medicine through data analysis.
2. NVIDIA Corporation – A major player in AI and GPU technologies, NVIDIA provides powerful tools that enable high-performance computing in genomics, supporting applications like DNA sequencing and analysis.
3. Benevolent AI – This company uses AI to accelerate drug discovery by analyzing vast amounts of biomedical data, including genetic information, to uncover potential treatments for diseases.
4. Verge Genomics – Verge Genomics is focused on applying AI to understand the genetic basis of neurodegenerative diseases and using this knowledge to discover new drugs.
5. MolecularMatch, Inc. – MolecularMatch provides AI-driven solutions to match patients with the right treatments by analyzing genomic data and clinical trial information.
6. SOPHiA GENETICS – This company uses AI to enhance the analysis of genomic and clinical data, aiming to improve diagnostic accuracy and personalize treatment plans for patients.
7. PrecisionLife Ltd. – PrecisionLife is focused on leveraging AI to analyze complex genomic data to better understand diseases and create more targeted therapies, especially in areas like cancer and chronic diseases.
8. Lifebit – Lifebit’s AI-driven platform enables the seamless analysis of genomic and clinical data, offering solutions for drug discovery, diagnostics, and personalized medicine.
9. FDNA, Inc. – FDNA uses AI to help diagnose genetic disorders by analyzing facial features and genomic data, providing a faster and more accurate path to diagnosis.
10. Empiric Logic – Empiric Logic is developing AI-based solutions to analyze genomic and clinical data to uncover insights for better understanding diseases and creating personalized treatment strategies.
11. Microsoft – Microsoft is integrating AI technologies with genomic research, leveraging cloud computing and machine learning to advance the field of genomics and precision medicine.
12. Deep Genomics – Deep Genomics uses AI to identify new genetic disease treatments and accelerate the drug discovery process, focusing on genetic diseases and RNA-based therapies.
13. Fabric Genomics Inc. – This company focuses on using AI to analyze genomic data for precision medicine, helping healthcare providers make more informed decisions about patient care.
14. Freenome Holdings, Inc. – Freenome applies AI to blood-based testing, using genomics and machine learning to detect early-stage cancers and improve diagnostic accuracy.
15. Cambridge Cancer Genomics – This company uses AI to analyze genomic data and identify biomarkers for cancer, helping to accelerate drug discovery and improve cancer treatment strategies.
16. Data4Cure Inc. – Data4Cure focuses on using AI to analyze large-scale genomic data to identify biomarkers for diseases and assist in precision medicine.
17. Engine Biosciences Pte. Ltd – Engine Biosciences uses AI-driven drug discovery to identify new targets and treatments for complex diseases by analyzing genomic data at scale.
18. Genoox Ltd. – Genoox applies AI to clinical genomics, offering tools that help healthcare providers and researchers analyze genetic data for better diagnoses and treatments.
19. Diploid – Diploid uses AI to process genomic data for personalized medicine, helping clinicians provide tailored treatment plans based on individual genetic profiles.
20. DNAnexus Inc. – DNAnexus provides a cloud-based platform that combines AI and genomics to help researchers analyze vast amounts of genomic data, accelerating drug discovery and precision medicine efforts.

Our Table of Content (TOC) covers key healthcare market segments, materials, technologies and trends—helping you navigate market shifts and make informed decisions: https://www.towardshealthcare.com/table-of-content/ai-in-genomics-market

Access exclusive insight now @ https://www.towardshealthcare.com/price/5046

We’ve prepared a service to support you. Please feel free to contact us at  sales@towardshealthcare.com

Web: https://www.towardshealthcare.com

Visit Dental Specifics: https://www.towardsdental.com

Get the latest insights on industry segmentation with our Annual Membership: Get a Subscription

For Latest Update Follow Us: https://www.linkedin.com/company/towards-healthcare