nForming AI in Bioinformatics Market: A Smart Book

The nForming AI in Bioinformatics Market Smart Books offer a comprehensive compilation of data pertaining to historical revenue, user volume, patient data, prices, and other relevant information for each segment. This includes products and services, type of indication, age group, and detailed analysis of service providers with coverage at both regional and country levels. The data spans the past three years and provides projections up until 2030. The smart book also provides extensive information on the leading suppliers and their corresponding market shares in the AI in bioinformatics market. The AI in bioinformatics market comprises a range of qualitative factors, including significant growth drivers, opportunities, and challenges.

AI in Bioinformatics Market: Recent Developments 

The AI in bioinformatics industry is seeing a variety of developments. Among the major development areas are:

• Recent Developments

  • In June 2022, leading data-driven medical company SOPHiA GENETICS revealed at the ESHG Conference in Vienna that it has obtained CE-IVD certification for the analytical capabilities facilitated by its cloud-based SOPHiA DDMTM Platform, a diagnostic application add-on. The SOPHiA DDMTM Platform is now IVD-ready to support all diagnostic applications and modules in the European Union and other markets that recognize this certification, thanks to this certification. This has aided the business in expanding its market presence throughout the world.

• • In January 2023, DeepVariant, a new deep-learning tool for variant calling from whole-genome sequencing data, was released by Google AI. DeepVariant has the ability to change the genomics industry completely because it is noticeably more accurate than conventional variant callers.

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AI in Bioinformatics Market Drivers

Increasing bioinformatics financing from the public and private sectors to drive market growth

Federal authorities, public agencies, and commercial agencies are giving cash to scientists for research reasons and to carry out bioinformatics projects to improve the workflow for bioinformatics. It is crucial to present potential funders with a well-defined plan that outlines the goals for the institution’s bioinformatics capacity-building effort and the desired results and outputs. Globally, a large number of public and commercial institutions are making more investments in the field of bioinformatics. Most of these investments have led to data and technology improvements in bioinformatics services, which have raised the calibre of these services.

AI in Bioinformatics Market: Restraints

Insufficiently qualified personnel to handle AI-driven bioinformatics technologies hinders market growth.

Bioinformatics, the study of developing and applying computational methods for gathering, preserving, organising, analysing, and visualising biological data, is one of the fastest-growing branches of biology research. The progress of technology has enabled the transition from traditional data analysis approaches to next-generation analysis. As bioinformatics technology advances, addressing it will require a variety of skill sets. Because bioinformatics platforms are expensive, highly automated machinery, mishandling them might break some of their parts and make it more difficult to analyse and visualise biological data. As a result, it will adversely affect the data processing outcome proportionately. Thus, the lack of qualified individuals with the necessary training and experience to carry out next-generation sequencing inhibits the market’s expansion.

Read all the major drivers and trends of the AI in bioinformatics market in the Smart Book.

AI in Bioinformatics Market: Regional Landscape

North America dominated the AI in Bioinformatics market in 2023

The need for sophisticated medication development and design is growing, artificial intelligence is being used in healthcare more and more, and the cost of genetic sequencing is coming down, all contributing to this explosive increase. In the North American AI in bioinformatics market, the US leads the field, with Canada trailing behind. In the upcoming years, all of North America is anticipated to witness a notable market expansion.

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AI in Bioinformatics Market: Key Companies

• JADBio (U.S.)
• Gnosis Data Analysis (Israel)
• Fios Genomics (U.K.)
• SOPHiA
• GENETICS (Switzerland)
• Biomax Informatics Inc. (U.S.)
• DNASTAR (U.S.)
• Ardigen (Parent Company Selvita Group) (Poland)
• Source BioScience (U.K.)
• QIAGEN (Germany)
• NeoGenomics Laboratories (U.S.)
• CelbridgeScience (U.S.)
• Eurofins Scientific (Luxembourg)
• Illumina, Inc. (U.S.)
• Thermo Fisher Scientific, Inc. (U.S.)
• Insilico Medicine (U.S.)
• Strand Life Sciences (India)
• Dassault Systèmes (France)
• iNDX.Ai (U.S.)
• Paige AI, Inc. (U.S.)
• SomaLogic Operating Co., Inc. (U.S.)

AI in Bioinformatics Market Segmentation:

The global AI in bioinformatics market has been segmented into offering, type, product & service, application, and sector.

Based on offering, services, software, and others are segments of the global AI in bioinformatics market. The services segment dominated the market in 2023. Driven by the growing need for specialised knowledge in the application and use of AI technologies. Consulting, data analysis, algorithm creation, model training, and the incorporation of AI tools into current workflows are all included in this section. Furthermore, these services are in high demand due to the intricacy of AI technologies and the requirement for domain knowledge in bioinformatics.

Based on type, the market is classified into machine learning, deep learning, and others. In 2023, the machine learning category dominated the global market. This is because machine learning techniques have many uses in bioinformatics and are highly versatile. Not to mention that machine learning is a more widely used and established technology for many academics due to its greater maturity when compared to deep learning.

Based on products & services, the market is classified into bioinformatics services, bioinformatics platforms, and knowledge management tools. In 2023, the bioinformatics services category dominated the global market. This is a result of the new AI technologies developing so quickly and the growing need for specialised knowledge in their application. Without artificial intelligence (AI), it is getting more and harder to evaluate and interpret the growing volume of biological data.

Based on application, the market is classified into genomics, microarrays, system biology, text mining, chemoinformatics & drug design, proteomics, transcriptomics, DNA sequencing, metabolomics, and others. In 2023, the genomics category dominated the global market. This results from the growing emphasis on personalised therapy and the enormous volume of genomic data produced by next-generation sequencing technologies.

Based on sector, the market is classified into medical biotechnology, animal biotechnology, plant biotechnology, environmental biotechnology, forensic biotechnology, and others. In 2023, the medical biotechnology category dominated the global market. The high expense of medication development and the possibility for AI to lower these expenses are the causes of this. AI can forecast the safety and effectiveness of medications, discover novel therapeutic targets, and create new pharmaceuticals. Pharma and biotech companies may find it easier and more affordable to launch new medications as a result.

Segmentation: