July 13, 2022
Artificial intelligence is once again proving its worth to the life science industry. Its application is leading to faster breakthroughs and major advancements in patient diagnostics, drug discovery and drug development. According to a new report from BCC Research, the convergence of AI and genomics presents an opportunity for scientific, commercial and humanitarian gain.
Dealing with the study of a person’s complete set of DNA molecules, genomics includes the interactions of genes with each other, and with the external environment. Genomics researchers analyze enormous amounts of DNA data to uncover variations that affect health, disease or drug response. And the sheer volume of information requires high-performance computing.
“AI’s ability to record and act upon massive amounts of data about individual patients is transforming the healthcare sector,” says Dr. Helia Jalili, Director of Advanced Materials and Technology, BCC Research. “The sheer enormity of these collections of data make them exceedingly difficult to analyze and process, but by harnessing AI and machine learning, life science institutes are taking research to the next level.
“With machine learning, computer systems are able to learn quickly from examples, data, and experience. This has led to the emergence of software that can perform any task without the need for explicit programming or rules, approximating human perception, analyzing complex medical data and evaluating the relationship between treatment and patient outcomes. As a result, AI is helping to address some of the most important healthcare challenges, from the detection of disease, to the management of chronic conditions and drug delivery.”
The rising prevalence of chronic diseases such as cancer, orthopedic diseases, neurodegenerative diseases, and cardiovascular diseases is creating opportunities for the adoption of various diagnostic technologies. And these will further boost the growth of the global market for AI in genomics.
Diagnostics, where DNA is extracted from an individual’s blood, amplified and applied to specific resequencing microarrays, accounts for the majority of the AI opportunity in genomics. BCC Research has identified that the global market for AI in diagnostics accounted for around 64% of total market value in 2021, and will grow at a CAGR of 48% out to 2027. That equates to a value of more than $3.1 billion by the end of the forecast period.
In second position, drug discovery and development accounted for nearly 22% of the global market in 2021, at $108.3 million, and it is anticipated to grow at a similar CAGR to diagnostics.
“The development of a new compound typically requires vast knowledge and large investments of time and capital.” says Dr Jalili. “It’s the only way to translate scientific discovery into a novel drug. During the past few decades, biopharmaceutical businesses have focused on developing innovative therapies in less time and at lower costs. Innovations in manufacturing technology and the application of AI are generating further advancements in this pivotal field of life sciences and drug development.”
By 2027, BCC Research expects the total global market for AI in genomics to surpass $4.8 billion from diagnostics, drug discovery and development, and other applications like prenatal screening tests.
Artificial Intelligence (AI) in Genomics: Global Market( HLC281A )
Publish Date: May 2022
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