The AI in genomics market value stood at $519.0 million in 2021 and it is expected to grow at a CAGR of 49.7% during 2021–2030. The major drivers contributing to the growth of the market are the increasing size of genomics research data sets, rising number of start-ups, and swelling R&D activities. Moreover, the genomics research is projected to give out an increasing amount of data of 2–40 exabytes in this decade, due to the surging need to deal with the intricacy of DNA sampling and managing other complexities.
The continuous mutation of the virus has made it tough for mankind to control the pandemic. Researchers are putting every possible effort to develop new technologies to identify the transformation of the virus. For instance, the development of new technology was announced by the University of Waterloo in 2021, made the use of AI, to forecast the likeliest mutation of the deadly virus.
North America is a notable driving force in AI in genomics market by holding the largest revenue share. This is because of the considerable funding to the IT and biotech market, both from the government and private sectors of the region. For example, the CDC declared a new competitive cooperative promise in March 2022 that would offer funds for the establishment of the Pathogen Genomics Centres of Excellence (PGCoE) network in the U.S. Apart from this, the U.S. government pronounced an investment of $1.7 billion in April 2021 for future genomic sequencing needs, with an aim to detect, monitor, and mitigate COVID-19 variants.
Stalwarts of the AI in genomics market have actively focused on collaboration with other players for R&D to identify various kinds of diseases. For instance, Lifebit Biotech Ltd. partnered with Boehringer Ingelheim to form an ascendable analytics and infrastructure platform for the latter. This agreement principally involves Lifebit’s Cloud OS platform, which is used by governments and research organizations across the globe. Similarly, Verge Genomics collaborated with the Sheffield Institute for Translational Neuroscience, to quicken the biological validation of novel drug targets and the screening of new drugs developed by Verge for treating Parkinson’s disease.
