The global Digital Genome Market is estimated to be valued at US$ 26.59 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Digital genomics is a field of research that analyses the genome of an organism using advanced digitized and online techniques. It allows accessing genome data repositories, comparing and analyzing genome sequences through bioinformatics tools for medical and biological applications.
Market key trends:
One of the major trends in the digital genome market is the growth of digital genomic services. With the advancement of technologies such as next-generation sequencing, whole-genome and whole-exome sequencing has become more affordable and accessible. This is enabling more individuals and families to access their genomic information through direct-to-consumer genetic testing companies or research organizations. Moreover, various genomics companies are offering portfolios of genetic tests that can screen for numerous health conditions from a single sample. This is driving the demand for digital genomic services.
SWOT Analysis
Strength: The Global Digital Genome Market Size is growing at a rapid pace due to advancements in sequencing technologies. Next-generation sequencing has made sequencing faster and cheaper.
Weakness: High infrastructure and installation cost of sequencing equipment limits its adoption. Limited availability of skilled professionals to analyze genomic data.
Opportunity: Increasing application of genomics in oncology, precision medicine and drug development opens new opportunities. Growing investments from governments and private sectors boost the market growth.
Threats: Ethical and legal issues related to genetic data can restrain the market. Lack of universal regulations and standards concerns data sharing and management.
Key Takeaways
The global digital genome market is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing application of genomics in disease treatment and drug development. Declining sequencing costs and growing need for precision medicine are driving the market growth.
Regional analysis: North America holds the largest share in the digital genome market due to presence of key players, increasing R&D investments and growing adoption of genomic technologies. Asia Pacific shows high growth potential owing to growing economies, increasing healthcare expenditure and advancements in genomic technologies.
Key players: Key players operating in the digital genome market are THERMO FISHER SCIENTIFIC INC.,F. HOFFMANN-LA ROCHE LTD, Illumina, Inc., QIAGEN, GenomeMe, NanoString Technologies, Inc., BD bioMerieux SA, GenMark Diagnostics, Inc., Perkin Elmer, Inc. These players are focusing on new product launches, technology advancements and collaborations to gain competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile
