ARTIFICIAL INTELLIGENCE IN DIGITAL GENOME MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2021 - 2028)

Artificial intelligence is the simulation of human intelligence processes by machines, especially computer systems. A digital genome is a complete digital set of genetic material that transpires in a cell or an organism. It is an easier way to gather data concerning chronic diseases and practiced by experts to get a closer look at genetic complications. Artificial intelligence in digital genome focuses on the use of artificial intelligence (AI) in the development of computer systems that can perform tasks such as mapping genomes.

The global artificial intelligence in digital genome market is estimated to be valued at US$ 269.8 million in 2021 and is expected to exhibit a CAGR of 44.8% during the forecast period (2021-2028).

Figure 1. Global Artificial Intelligence in Digital Genome Market Share (%) in Terms of Value, By Technology, 2021

Rise in need to control discovery cost & time during new drug development is expected to drive the market growth during the forecast period.

Rise in need to control discovery cost & time during new drug development is expected to drive the global artificial intelligence in digital genome market growth over the forecast period. Drug development is a lengthy, complex, and costly process owing to which there is a need for alternative tools in discovering new drugs. Drug discovery and development is commonly conducted through in vivo and in vitro methods, which are very costly and time-consuming. Artificial intelligence increasing roles in drug discovery, potentially saving significant time and money. Thus, this is expected to drive the growth of the market over forecast period.

Figure 2. Global Artificial Intelligence in Digital Genome Market Share (%), By End User, 2021

Increase in investments in Artificial Intelligence in genomics are expected to drive the market growth during the forecast period.

Increase in investments in artificial intelligence in genomics is expected to drive the global artificial intelligence in digital genome market growth during the forecast period. For instance, in July 2021, Deep Genomics, a leading artificial intelligence (AI) therapeutics company, had raised US$ 180 Million funding in Series C financing round to expand its artificial intelligence (AI) discovery platform for ‘Programmable’ RNA therapeutics and scale its portfolio into the clinic. The financing round is led by SoftBank Vision Fund 2, is a venture capital fund founded in 2017 with other new investors including Canadian Pension Plan Investment Board (CPP Investments), Alexandria Venture Investments, Khosla Ventures, Fidelity Management & Research Company, Amplitude Ventures, Magnetic Ventures, and True Ventures.

Global Artificial Intelligence in Digital Genome Market– Impact of Coronavirus (COVID-19) Pandemic

The coronavirus (COVID-19) pandemic is the most recent outbreak, which was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 as a pandemic on March 11, 2020. According to the Coronavirus Disease (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 234,809,103 new cases and 4,800,375 deaths were reported as of October 4, 2021, across the globe. COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others are facing problems with regards to transportation of drugs from one place to another. One of the biggest challenges is supplying the raw materials required to manufacture drugs due to irregularities in the transportation system. Additionally, due to the increasing number of patients suffering from COVID-19 and other life-threatening illnesses, product distributors are seeing erratic demand for products from retailers. Additionally, COVID-19 has resulted in exponential growth for the medical device manufacturing industry as sales for devices have exploded medical devices used to diagnose or treat COVID-19 include diagnostic tests, masks, gowns, gloves, sterilizers, and ventilators.

Global Artificial Intelligence in Digital Genome Market: Restraint

The major factors that hinder growth of the global artificial intelligence in digital genome market include lack of a skilled AI workforce and ambiguous regulatory guidelines for medical software. Artificial Intelligence (AI) is a complex system companies require a workforce with skill sets to develop, manage, and implement AI systems. For instance, personnel dealing with AI systems should be aware of cognitive computing, machine learning and machine intelligence, deep learning, and image recognition. Integrating AI solutions into existing systems is also a challenging task requiring extensive data processing to replicate human brain behavior. Even a minor error can result in system failure or adversely affect the desired result.

Key Players

NVIDIA Corporation, IBM, Microsoft, Fabric Genomics Inc., Verge Genomics, MolecularMatch Inc., SOPHiA GENETICS, PrecisionLife Ltd, BenevolentAI, and Deep Genomics