The global AI in genomics market is expected to grow significantly in the coming years, fueled by rising investment and the introduction of AI technology in the genomics field. This post explores the benefits of using AI in genomics, as well as the expected growth of the gene editing segment and the European region's prominent share in the market.
The global AI in genomics market is expected to grow at a significant rate in the coming years, with a CAGR of 50.2% during 2022-2028. This growth is attributed to rising investment by pharmaceutical companies in R&D for drug discovery and development practices, as well as the introduction of AI technology in the genomics field. AI is expected to enhance operations, improve quality, and control the cost of activities in the genomics industry. It delivers a quicker and cost-effective discovery process, providing better success rates in the forthcoming future in the genomics industry.
One of the significant benefits of using AI in genomics is its application in precision medicine. The growing adoption of AI in precision medicine and funding provided by governments for genomic research have significantly driven the growth of the global AI in genomics market. The rising investment in the precision medicine field and the significant benefits of using AI in the genomics field are supporting the market growth during the forecast period. For instance, in September 2021, the Swedish government allocated an additional $9.4 million to Genomic Medicine Sweden (GMS), issued new diagnostic tools into healthcare, and contributes to more personalized care and treatment for precision medicine.
Additionally, the gene editing segment is expected to show significant growth in the coming years. The increasing application of gene editing technologies in the pharmaceutical, biotechnological, and agriculture sectors and rising research collaborations for gene editing have contributed to this growth. For instance, in June 2022, Immatics N.V., and Editas Medicine Inc., entered into a research collaboration and licensing agreement to combine gamma-delta T cell adoptive cell therapies and gene editing to develop medicines for the treatment of cancers.
In conclusion, the future of AI in genomics is promising, with rising investment and the introduction of AI technology in the genomics field. The benefits of using AI in precision medicine and gene editing are significant, and the market is expected to grow significantly in the coming years. The major companies operating in the global AI in genomics include IBM Corp., Microsoft Corp., Google LLC, and NVIDIA Corp., among others, who are focusing on the adoption of various strategies to stay competitive in the market.
