ARTIFICIAL INTELLIGENCE (AI) IN GENOMICS MARKET ANALYSIS

Regional Analysis

Global Artificial Intelligence (AI) in Genomics Market: Regional Insights

• Based on geography, the global artificial intelligence (AI) in genomics market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
• Among regions, North America is expected to gain highest share in the market during the forecast period due to the post the human genome project, and multiple initiatives have been made across countries such as the US to sequence numerous patients with new targeted diseases, and increasing with technological advances the cost of sequencing has been reduced in the market. This has increased patient interest in personal genomic sequencing for future personalized treatments, lifestyle, nutritional study, and other genomics studies. For instance, A report from the American Society of Human Genetics found that the annual impact on the US economy from genomics has grown five-fold in the last decade, adding US$ 265 billion to the US economy in 2019 and 850,000 American jobs. Moreover, the government’s monetary support to multiple start-ups in precision medicine and molecular diagnosis is contributing to the evolution of the precision medicine software market. The Advancing Standards for Precision Medicine was introduced to identify and suggest various social determinants, wearable’s, and a sensor for the standardization of health data in the region. This has led to an expanded awareness concerning the efficacy of precision medicine among the region’s population. 
• Europe and Asia Pacific are also expected to witness robust growth in the global artificial intelligence (AI) in genomics market owing to the increasing healthcare expenditure by European countries. For instance, France, the UK, Spain, and Germany together spent over $6 billion on healthcare IT (HCIT), and the regional HCIT adoption stands at almost 80%. In 2020, the European Commission invested in the use of AI to speed up the diagnosis of COVID-19 and improve patient treatments. Europe is rapidly emerging as a considerable global hub for healthcare AI, though trailing behind the US. For instance, an Oxford-based AI- driven drug  discovery  company,  Exscientia,  found  a  novel  first-in-class  small molecule Sanofi is presently developing.