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AI In Genomics Market Size Boosting The Growth Worldwide
Clinical genomics, which includes tasks like variant calling, genome annotation, and phenotype-to-genotype correspondence, benefits from AI algorithms. AI techniques can also aid in predicting DNA or protein structure without manual intervention.
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Several factors are driving the growth of the AI in Genomics market globally. These include increasing government investments, the adoption of AI in precision medicine, reduced costs and time for genome sequencing, and the growing availability of genomic datasets. Additionally, the rising investment in personalized medicine research is fueling market demand.
The global market for personalized medicine was estimated to be worth around USD 1,980 billion in 2019 and is projected to reach USD 2,770 billion by 2022, driving the demand for AI in genomics. Advancements in gene therapy and the focus on developing human-aware AI systems present lucrative opportunities for market growth.
However, the dearth of skilled AI professionals and stringent regulatory frameworks pose challenges to market growth during the forecast period.
The market study considers several regions, including Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America currently dominates the market in terms of revenue due to investments in R&D, advancements in AI-powered solutions for genomics, and the introduction of new software and tools for genomic data analysis.
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The Asia Pacific region is expected to exhibit the highest growth rate over the forecast period, driven by factors such as a growing population, increased healthcare spending, a focus on precision medicine, and rapid advancements in genomics technology.
Key players in the global AI In Genomics Market include IBM Corporation, Microsoft Corporation, NVIDIA Corporation, DEEP GENOMICS, Data4Cure, Inc., Freenome Holdings, Inc., Thermo Fisher Scientific, Inc., Illumina, Inc., SOPHiA GENETICS, and BenevolentAI.
Recent developments in the market include a partnership between AdventHealth and Sema4 for combining genomic and clinical data, and NVIDIA's partnership with a lab for AI-powered drug and vaccine development.
The market report provides a comprehensive scope that includes historical data for 2019-2021, with a base year of 2021, and a forecast period from 2022 to 2029. The report covers revenue forecasts, company rankings, competitive landscape analysis, growth factors, and trends. It segments the market based on components (hardware, software, services), technology (machine learning, computer vision), functionality (genome sequencing, gene editing, others), application (drug discovery & development, precision medicine, diagnostics, others), end-use (pharmaceutical and biotech companies, healthcare providers, research centers, others), and regions (North America, Europe, Asia Pacific, Latin America, Rest of the World). Customization options for the report are also available.
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