| Source: Precedence Research
Ottawa, Dec. 05, 2022 (GLOBE NEWSWIRE) — According to Precedence Research, the global artificial intelligence in genomics market size was estimated at USD 397.64 million in 2022. The rapidly growing biotechnology and pharmaceutical industry across the globe owing to the rising demand for various medicines and diagnostic solutions due to the rising prevalence of various chronic diseases among the among the population. The rising investments in the drug discovery & development is significantly driving the growth of the global AI in genomics market.
The drug discovery is a time consuming and very expensive affair. Therefore, to control costs, enhance operations, boost efficiency in work, and derive desired results are some of the major factors for which the demand for the AI in genomics is increasing at a significant rate.
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Moreover, the rising applications of the AI in genomics across various applications such as agriculture, drug discovery, drug development, and animal research is expected to boost the growth of the global AI in genomics market during the forecast period. Moreover, the rapidly growing prevalence of diseases and rising geriatric population is boosting the number of hospital admissions and hence the demand for the AI in genomics among the healthcare service providers is rising rapidly.
According to the United Nations, the geriatric population is expected to reach 1.5 billion by 2050. Moreover, the rising adoption of the AI in the precision medicine is expected to boost the growth of the Ai in genomics market in the forthcoming future.
Why North America region has dominated the AI in genomic market?
Why Asia Pacific region is expected to witness highest growth rate in the AI in genomic market?
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Scope of the Report
Growing adoption of the AI in genomics in the precision medicine
The rising prevalence of cancer among the global population is significantly boosting the demand for the precision medicine. According to the GLOBOCAN report by the International Agency for Research on Cancer, around 19.3 million new cases of cancer were diagnosed in 2020 and this number is estimated to rise by 47% from 2020 to 2040. The rising adoption of AI in the precision medicine coupled with the rising cases of cancer is expected to significantly boost the growth of the global artificial intelligence in genomics market during the forecast period.
Lack of AI skilled workforce
There is a lack of adequate number of AI skilled workforce across the globe. This is a major factor which is boosting the services segment in the AI in genomics market. The lack of the skilled workers who has complete knowledge of AI technology results in increased costs for the users and hence this may restrict the market growth in the upcoming years.
Increasing adoption of the cloud based AI solutions in the genomic research
The demand for the cloud based AI solutions in the genomics research is rising rapidly. The cloud based AI solutions offers easy data storage, data compilation, storage, and analytics in a single location, which significantly eases the process and increases efficiency. Moreover, the human genome sequencing generates a huge amount of data which is of around 200 Gigabytes. The surging number of studies on human genome sequencing and rising awareness regarding the benefits of cloud based AI solutions is expected to offer lucrative growth prospects to the market players in the foreseeable future.
Huge initial capital investments
A huge capital investment is required in the deployment of the AI solutions in the pharma and health sector. The limited financial capabilities of the small and medium size enterprises may restrict them is adopt the AI technologies in the early stages and this is expected to hamper the market growth.
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