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Reasons for Tremendous Growth of Global Artificial Intelligence (AI) in Genomics Market during 2015 – 2021 - A Report by Absolute Markets Insights

Published On 09 Sep 2021 06:37 AM


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Absolute Markets Insights (AMI) reports a robust forecast for the global artificial intelligence (AI) in genomics market during the 2021-2029 period. In its newly released report, AMI states that the global artificial intelligence (AI) in genomics market was valued at USD 458.21 Mn in 2020 and it is anticipated to grow at a CAGR of 5.67% over the forecast period.

Genomics focuses on the study of genome structures, mapping, function and editing. A genome is a full assortment of an organism's DNA i.e. all of the genes are counted in. All the industries, including the healthcare sector has been affected by machine learning and artificial intelligence. Technological advancements and innovations are creating new opportunities in the healthcare sector. Additionally, rising number of researchers are focusing towards incorporation and implementation of artificial intelligence. Machine learning for instance, plays an important role in genomics. Deep learning along with computer vision techniques, is aiding in examining increasing amount of genomic imagery data. Artificial intelligence offers the capability to enhance the interpretability of genomic data, which will enable in converting genomic data into actionable clinical information. With this disease diagnosis is expected to improve drastically as well as it will minimize side effects if any and provide overall efficacy. There are often gaps in patient data available to various members in the healthcare system looking after a patient. Intel collaborated with Transformation Lab at Intermountain Healthcare in Salt Lake City, Utah, with an aim to overcome these challenges and develop tools that integrate genetic data and speed up its use at point of care. Intel’s Analytics Toolkit, integrates machine learning capabilities to improve clinical workflow process. This merger was with aim to integrate/utilize genetic data in breast cancer treatment and thus improve patient care. Furthermore, the growth of artificial intelligence (AI) in genomics market is gaining more momentum owing to rising need for drug development and discovery in the COVID-19 pandemic.

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Rise in private and public funding in genomics

Genomics research was fuelled primarily by government and non-profit funding sources and has later gained more amplified finding from private research and development (R&D). Additionally, the field of genomics is gaining more momentum, as there are rising number of countries that are offering public funding for carrying out scientific research inorder to promote and improve healthcare services worldwide. Countries namely United Kingdom, Canada, Japan, China, Germany, Netherlands, South Korea, Ireland, United States and many other European countries, are investing in the field of genomics as a way to economic development. United Kingdom for instance is considered as one of the global leaders in genetics and genomics, aiming to delivery world class genomic healthcare to patients. Genomics has become an important technology for disease-based and biomedical research, as it is being used to detect genetic factors that are involved in nine of the ten leading causes of death in the United States for instance. Furthermore, genomics has been not only incorporated into healthcare but also in law enforcement, ancestry tracing amongst others, which has further propelled the increasing demand for public funding in genomics research. Thus, funding activities is another factor leading to the growth of artificial intelligence (AI) in genomics market.

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Some of key players operating in the artificial intelligence (AI) in genomics market are Amazon Web Services, Inc., BenevolentAI   Ltd., DEEP GENOMICS, Engine Biosciences Pte. Ltd., Fabric Genomics, Inc., FDNA INC., Freenome Holdings, Inc., IBM Corporation, Lifebit, Microsoft, MolecularMatch, Inc., NVIDIA Corporation, Verge Genomics and other market participants.

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Artificial Intelligence (AI) In Genomics Market

By Offering

  • Solutions
  • Services

By Technology

  • Machine Learning
  • Computer Vision
  • Others

By Type

  • Plant Genomics
  • Animal Genomics      
  • Others

By Function

  • Genome Sequencing
  • Gene Editing
  • Predictive Testing of Genes
  • Others

By Organization Size

  • Small and Medium Enterprises
  • Large Enterprises

By End-Use

  • Structural Genomics
  • Functional Genomics

By End-Users

  • Pharmaceutical Companies
  • Research Institutions and Life Sciences
  • Healthcare Providers
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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Contact Us:

Company: Absolute Markets Insights

Contact Name: Shreyas Tanna

Phone: +91-740-024-2424

Email id: [email protected]

Website: https://www.absolutemarketsinsights.com


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Press Release Provided By: Absolute Markets Insights