The artificial intelligence in digital genome market has been projected to experience noticeable growth avenues in the following years. The growth in the global market has been possible with the growing rate of investments in artificial intelligence in genomics. The private, as well as public sectors, are investing a handsome amount of money in this genomics. In addition to this, there has been a significant growth in the requirement to control the time and discovery cost for the development of novel drugs. Thus, owing to these factors, the global market has been expected to grow at a noteworthy speed in the upcoming years.
Artificial intelligence has been a simulation of the human intelligence processes through machines, such as computer systems. Further, the digital genome has been a complete digital set related to the genetic material that commonly transpires in an organism or a cell. This method is used to get a closer picture of genetic complications and to gather data related to chronic diseases.
Artificial Intelligence in Digital Genome Market: Key Trends
Drug development has been a complex, lengthy, and costly process, and based on this factor there arises a requirement for alternative tools to discover novel drugs. In vitro and in vivo methods are commonly used for the discovery and development of drugs that are time-consuming and costly. But, with the use of artificial intelligence, the drug discovery process becomes time-saving and economical. Thus, owing to these factors, artificial intelligence in digital genome market has been expected to grow at the subsequent speed during the forecast period.
In recent years, AI solutions are adopted in precision medicine at an increased rate. This factor is likely to boost the growth avenues in the global artificial intelligence in the digital genome market in the following years.
On the flip side, there has been a lack of skilled AI workforce across the world. Along with this factor, ambiguous regulatory guidelines related to medical software are also likely to curtail the growth opportunities in the global market in the forthcoming years.
Artificial Intelligence in Digital Genome Market: Competitive Dynamics and Key Developments
The key players in the artificial intelligence in digital genome market are concentrating to bring technological advancements with the help of increasing R & D activities. These players are incorporating various market strategies in order to develop growth opportunities in the following years. Some of these growth strategies include portfolio diversion, expansion of various distribution networks, development and launching of products, mergers and acquisitions, and expansion of the organization footprints with subsidiaries and partnerships.
For instance, IBM Watson Health has established a partnership with Harvard and Broad Institute of MIT in February 2020. The partnership will help the Broad Institute for the analysis and exploration of genomics data in order to understand intrinsic susceptibility.
The key players in the artificial intelligence in digital genome market are:
- NVIDIA Corporation
- Fabric Genomics Inc.
- Verge Genomics
- SOPHiA GENETICS
- Deep Genomics
- MolecularMatch Inc.
- PrecisionLife Ltd.
Artificial Intelligence in Digital Genome Market: Regional Assessment
The artificial intelligence in digital genome market has been segmented into Asia Pacific, Latin America, Europe, the Middle East & Africa, and North America. North America among these geographical locations has been estimated to hold a noticeable position in the global market. The regional growth in the global market has been possible with the rising funding for different R & D activities. Along with this, there has been a noticeable increase in government initiatives in order to promote precision medicine in the North America region. Thus, based on these factors, the artificial intelligence in digital genome market has been estimated to grow at a noteworthy speed in the following years.
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