Artificial Intelligence in Digital Genome Market to Surpass US$ 3,601.7 Million by 2028
Global Artificial Intelligence in Digital Genome Market, by Offering (Software and Services), by Technology (Machine Learning and Computer Vision), by Functionality (Genome Sequencing and Gene Editing), by Application (Diagnostics, Drug Discovery & Development, Precision Medicine, Agriculture & Animal Research, and Other Applications), by End User (Pharmaceutical & Biotech Companies and Research Bodies), and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa) is estimated to be valued at US$ 269.8 Mn in 2021 and is expected to exhibit a CAGR of 44.8% during the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Governments in various nations investing in the field of genomics is expected to propel growth of the global artificial intelligence in digital genome market over the forecast period. These investments played an important role in the development of new technologies. For instance, in January 2020, Genome India Project (GIP) was initiated by the Department of Biotechnology (DBT). This project is aimed to collect 10,000 genetic samples from Indian citizens.
Global Artificial Intelligence in Digital Genome Market– Impact of Coronavirus (COVID-19) Pandemic
Several leading pharmaceutical and technology companies worked with the U.S. government to accelerate clinical development of vaccines for COVID-19 infection in the U.S. For instance, in July 2020, clinical services company IQVIA and pharmaceutical company Astra Zeneca announced their collaboration with the U.S. government on the Operation Warp Speed project. The project is focused on promoting clinical trials of the vaccine in the U.S. and includes a large-scale technical study that started with the enrolment of participants and that will take advantage of virtual study solutions from IQVIA, including the Study Hub. Moreover, various key players in the market are focusing on strategic partnerships with the governments of countries to provide the valuable information on the ongoing COVID-19 pandemic. For instance, in December 2020, Accenture, a technology solutions provider, and Microsoft, a technology company, announced partnership with Digital India Corporation (MyGov) of India, sponsored by the Government of India. With the help of the Microsoft software, the companies have developed ‘MyGov Saathi’, which can process up to 300,000 users per day and 20,000 simultaneous users per minute. The company's MyGov Saathi software has been updated to provide information on the latest data on COVID-19, such as patients suffering from COVID-19, treatments for COVID-19, and others.
Browse 27 Market Data Tables and 31 Figures spread through 156 Pages and in-depth TOC on “Artificial Intelligence in Digital Genome Market”- Global Forecast to 2028, Global Artificial Intelligence in Digital Genome Market, by Offering (Software and Services), by Technology (Machine Learning and Computer Vision), by Functionality (Genome Sequencing and Gene Editing), by Application (Diagnostics, Drug Discovery & Development, Precision Medicine, Agriculture & Animal Research, and Other Applications), by End User (Pharmaceutical & Biotech Companies and Research Bodies) and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa)
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Moreover, increase in government initiatives for promoting precision medicines is also expected to aid in growth of the global artificial intelligence in digital genome market over the forecast period. For instance, in 2015, California Government launched initiative to advance precision medicine. The effort will involve collaborating with other academic and industry partners and starting to build the infrastructure and assemble the resources necessary to further develop the field. The effort will involve collaborating with other academic and industry partners and starting to build the infrastructure and assemble the resources necessary to further develop the field.
Key Takeaways of the Global Artificial Intelligence in Digital Genome Market:
- The global artificial intelligence in digital genome market is expected to exhibit a CAGR of 44.8% during the forecast period due to increasing adoption of artificial intelligence in drug discovery is expected to boost growth of the market. For instance, in December 2016, IBM, a U.S. based multinational technology corporation and Pfizer Inc., a U.S. based multinational pharmaceutical and biotechnology corporation, announced a collaboration that will utilize IBM Watson for Drug Discovery to help accelerate Pfizer's research in immuno-oncology, an approach to cancer treatment that uses the body's immune system to help fight cancer.
- Among end user, pharmaceutical & biotech companies segment is estimated to exhibit a higher CAGR in global artificial intelligence in digital genome market over the forecast period, owing to rising demand for solutions to control time and costs of drug development. For instance, according to data published in Taconic Biosciences, Inc. a private biotechnology company, in 2019, stated that introducing a new drug to market is a complex and time-consuming process that can cost pharmaceutical companies about US$ 2.6 Million and ten years of research and development. AI and machine learning are quicker, cheaper and more effective in drug discovery. AI makes use of the most recent advances in biology and computing to create cutting edge drug discovery algorithms.
- On the basis of region, North America is estimated to hold dominant position in global artificial intelligence in digital genome market over the forecast period, owing to increase in government initiatives and research funding for promoting precision medicines. For instance, in October 2019, National Institutes of Health (NIH) a part of the U.S. Department of Health and Human Services, is the nation’s medical research agency making important discoveries that improve health and save lives, had awarded a US$ 3.7 million grant to Washington University School of Medicine to fund an open source database that will aim to boost precision medicine and genomic research for cancer.
- Major players operating in the global artificial intelligence in digital genome market include NVIDIA Corporation, IBM, Microsoft, Fabric Genomics Inc., Verge Genomics, MolecularMatch Inc., SOPHiA GENETICS , PrecisionLife Ltd, BenevolentAI, and Deep Genomics
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