North America is Dominating AI In Genomics Market
The total value of AI in the genomics market was USD 519.0 million in 2021, and it will rise at a growth rate of above 49.7% in the near future, to reach USD 19,596.2 million by 2030, according to P&S Intelligence. This growth can be ascribed to the growing size of genomics research information sets, the rise of startups in the field, and wide R&D activities. Genomics study is projected to produce an amazing quantity of data, of 2 to 40 exabytes, in the coming decade.
The growing size and complication of DNA sequencing and other biomedical information sets have caused the requirement for AI computational tools to analyze it, and to find genetic illnesses in patients. This aids in offering precision medication treatment to them.
Cloud-based AI in the genomics industry is expected to experience faster development than in the on-premises industry. This development can be ascribed to the capability of cloud-based solutions provide to access, analyze, and store information and compile all of it in a single location.
Furthermore, on-premises solutions are turning impracticable with the growing extent of genomics databases. The size of the raw information produced from a single human sequence is around 200 Gigabytes, and the growing knowledge regarding genome sequencing would outcome in a rise in the count of human genome sequencing studies performed during the forecast period. This would brand on-premises AI solutions even more complex to work with, therefore driving the demand for their cloud deployment.
For the cure of the majority of genetic illnesses, genetic factor improvement is needed, rather than disruption. The technology advanced so far for the same is clustered regularly interspaced short palindromic repeats, which parts DNA to treat illnesses.
Its systemic delivery in the human body was first established in a medical trial in June 2021. Therefore, gene editing is estimated to experience the highest CAGR, more than 50%, in the coming few years.
In 2021, North America led the AI in the genomics market, with above 40% revenue share, because of the heavy research investment attained by IT companies and biotech from governments and private equity beings in the continent.
For example, in 2022, the CDC launched a novel competitive cooperative agreement that would offer money to set up the Pathogen Genomics Centers of Excellence (PGCoE) network in the U.S.
Moreover, in 2021, the U.S. government declared an expenditure of USD 1.7 billion for future genomic sequencing requirements, with an emphasis on monitoring, detecting, and mitigating SARS-CoV-2 variants.
Hence, the growing size of genomics research information sets, the rise of startups in the field, and wide research and development activities are the major factors contributing to the growth of AI in the genomics market.