Exploring the Power of Artificial Intelligence in Genomics – Know the Market Growth
Currently, Artificial Intelligence In Genomics Market is growing at a Compound Annual Growth Rate (CAGR) of 52.7% to reach USD 1,671 million by 2025. The growth of the Artificial Intelligence in the Genomics market is mainly driven by the rising demand for personalized medicine, increasing investments in healthcare and genomics research, and the growing need for reducing healthcare costs. Additionally, the increasing adoption of cloud computing and the increasing use of AI-based approaches to analyze genomic data are also driving the market growth.
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- Need to control the time and costs of drug development and discovery
- Increasing investments in AI in genomics
- Rising adoption of AI in precision medicine
- Growing genomic datasets
- Focus on developing human-aware AI systems
- Lack of curated genomic data
- Data privacy concerns
- Lack of skilled AI workforce and ambiguous regulatory guidelinesFor medical software Healthcare Fraud
IBM is one of the leading players in the AI in genomics market. The company provides IBM Watson, an AI platform, through its Cognitive Solutions segment. Watson is used by pharmaceutical companies and biotech & academic institutions to support new drug target identification and drug repurposing. IBM focuses on organic and inorganic growth strategies to improve its position in the AI in drug discovery and other emerging AI markets. Besides, partnerships and collaborations with AI solution providers/consumers remain an important aspect of its strategy to enhance its footprint in this market.
NVIDIA is among the world leaders in the visual computing business. It has a well-established geographic footprint and deals with major OEMs/ODMs. The company continues to lead in the development of new products for AI. The company has significantly increased its R&D spending and aims to improve its gaming, machine learning, and other AI training algorithms. Furthermore, the company adopts different growth strategies, such as product launches, expansions, and partnerships, to maintain its leading position in the market. For instance, in September 2018, NVIDIA launched the NVIDIA Clara platform.
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- The large share of North America can be attributed to the increasing research funding and government initiatives for promoting precision medicine in the US.
- In February 2020, IBM Watson Health signed partnership with Broad Institute of MIT and Harvard (US). An extended partnership will allow the Broad Institute to analyze and explore genomics data to understand intrinsic susceptibility.
- In October 2020, NVIDIA announced a partnership with global healthcare company GSK and its AI group. GSK’s new hub in London is expected to support its UK based team and scientists from NVIDIA to enhance drug and vaccine discovery using NVIDIA platforms.