Gene Editing, Making the Most of AI in Genomics

In 2021 AI in the genomics market was around $519 million and will grow at a mammoth 50% growth by the end of this decade to reach $19,596 million by 2030. The growing size of genomics data sets, the advent of startups, and extensive R&D activities. Genomics research will generate a mammoth amount of data, of 2 to 40 exabytes, in the next decade. The growing size and intricacy of DNA sequencing and further biomedical data sets have brought about the necessity for AI tools for analyzing, and discovering genetic diseases in patients.

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The COVID-19 pandemic generally had a negative impact on most of the industries but boosted the overall AI industry, sectors closely associated with the pandemic observed an increase in investments, with a mammoth year-on-year growth of 44% in 2020 compared to the 12% in 2019. Thus, the Research & Development investments in and the acceptance of AI in genomics are also increased. AI had been utilized for the identification of the variants of the deadly virus.

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Pharma and biotechnology companies are having the maximum demand for AI in genomics, and it will continue like this in the coming years as well. Companies are making use of AI for improving decisions and the efficiency of research and experiments, in consort with enhancing innovation and making new tools for physicians, regulators, insurers, and customers. According to a study, 62% of healthcare organizations invested in AI, and 72% of them are of the opinion that AI would be crucial for their future business modules. Furthermore, 50% of the organizations are planning to implement AI by 2025.

The idea of translational precision medicine combines components of precision medicine and translational medicine, and into a drug development cycle that is directed by biomarkers. Biotechnology companies are making a shift to AI for the detection and development of medicines. Therefore, AI is extensively used in the field of translational precision medicine which produced about $400 million in revenue in the year 2021.

The demand for AI in genomics boomed during the pandemic times because it was more than handy in the detection of the different variants of COVID-19.

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This release was published on openPR.