AI in Bioinformatics Market Soars from $2.8 Billion to $49.2 Billion by 2031
February 2, 2024In the dynamic realm of bioinformatics, the global AI market hit a staggering $2,837.13 million in 2023, poised to skyrocket to an astounding $49,194.99 million by 2031. With a dazzling compound annual growth rate (CAGR) of approximately 42.85%, the journey ahead promises innovation, breakthroughs, and transformative advancements.
AI in Bioinformatics Market’s Global Impact:
The market’s pulse is quickened by groundbreaking developments. In June 2022, SOPHiA GENETICS obtained CE-IVD certification for its cloud-based SOPHiA DDMTM Platform, propelling global market expansion. Meanwhile, Google AI’s release of DeepVariant in January 2023 sets a new standard in variant calling, promising a paradigm shift in genomics accuracy.
Driving Forces: A Surge in Funding
The fuel behind this exponential growth lies in the increasing financial support from public and private sectors for bioinformatics projects. Governments, public entities, and commercial organizations are injecting funds into research, elevating bioinformatics capabilities globally. The influx of investments has not only improved data and technology but also heightened the quality of bioinformatics services.
Regional Landscape: North America Takes the Lead
In 2023, North America dominated the AI in Bioinformatics market, spearheaded by the United States, with Canada following suit. The region is poised for remarkable expansion, driven by the increasing need for sophisticated medication development, the rising role of artificial intelligence in healthcare, and the declining costs of genetic sequencing.
Market Titans: Power Players Shaping the Industry’s Future
Key players such as JADBio, Gnosis Data Analysis, Fios Genomics, SOPHiA GENETICS, and others are paving the way for the market’s ascent. Their innovations and strategic initiatives position them as instrumental forces in the evolving landscape.
Market Segmentation: Decoding the Complexity
The global AI in Bioinformatics market, intricately segmented based on offering, type, products & services, application, and sector, offers a nuanced view of the industry.
- Offering Breakdown: Services took the lead in 2023, fueled by the growing demand for specialized knowledge in AI application and usage.
- Type Dynamics: Machine learning led the charge in 2023, owing to its versatility and established maturity, overshadowing deep learning.
- Products & Services Analysis: Bioinformatics services dominated the market in 2023, reflecting the rapid development of AI technologies and the increasing need for specialized knowledge.
- Application Insights: Genomics stole the spotlight in 2023, driven by the emphasis on personalized therapy and the deluge of genomic data from next-generation sequencing technologies.
- Sector Overview: Medical biotechnology reigned supreme in 2023, driven by AI’s potential to forecast medication safety, discover therapeutic targets, and streamline pharmaceutical development.
In the fast-paced world of AI in bioinformatics, the future unfolds with unprecedented opportunities, breakthroughs, and a promising landscape where innovation knows no bounds.
