Digital Genome Market

Digital Genome Market Is Estimated To Witness High Growth Owing To Rising Prevalence of Chronic Diseases

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The 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:
The digital genome market encompasses technologies and tools used to capture the genetic code of organisms in digital form for various applications. Digital genome helps to analyze and interpret the complete set of genetic material of an organism. It involves sequencing and mapping genomes to store information digitally which can be used for studying genetic diseases and designing personalized medicine and therapies. Digital genome has applications in precision medicine, genetic disease diagnosis, and agricultural biotechnology.

Market Dynamics:
Rising prevalence of chronic diseases such as cancer is expected to drive the growth of the digital genome market over the forecast period. For instance, according to World Health Organization, cancer is one of the leading causes of death globally, accounting for nearly 10 million deaths in 2020. Digital genome helps in early detection, diagnosis, and treatment monitoring of cancer. Additionally, growing adoption of next generation sequencing technologies is also expected to fuel the market growth between 2023 and 2030. Moreover, growing applications of digital genome in agriculture industry for developing drought resistant and high yielding crop varieties will further create lucrative opportunities for market players during the forecast period. However, high installation and maintenance costs associated with digital genome tools and techniques may hamper the market growth.

SWOT ANALYSIS

Strength: The Global Digital Genome Market has strong technological capabilities with continuous investments in R&D by major players. Growing applications of digital genome in personalized medicine and cancer diagnostics are positively impacting market growth. Emergence of advanced sequencing techniques such as nanopore sequencing and long-read sequencing allows for a comprehensive analysis of DNA sequences.

Weakness: High infrastructure and setup costs associated with digital genome sequencing limits its adoption, especially in budget constrained settings. Data storage, management and analysis pose challenges due to generation of huge genomic datasets. Lack of skilled professionals limits expansions plans of players in the market.

Opportunity: Increasing public-private investments to drive technological innovations presents significant growth opportunities. Personalized medicine enabled by digital genomics is expected to transform healthcare. Rising demand for crop improvement applications in plants and animals boosts opportunities. Untapped markets in developing regions offer ample scope for manufacturers.

Threats: Stringent regulations for approvals of genomic tests delays market access. Ethical issues related to genetic data privacy and security act as a roadblock. Intense competition among existing players may reduce profit margins.

Key Takeaways

The global digital genome market is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing demand for advanced genetic analysis across various sectors. The market size for digital genome is anticipated to reach US$ 26.59 Bn by 2023.

Regional analysis

North America dominates the global digital genome market currently, owing to rising prevalence of chronic diseases and favorable government initiatives for clinical implementation of genomics. The Asia Pacific region is projected to grow at the fastest pace during the forecast period, attributed to growing population, economic developments and increasing healthcare investments in digital health technologies by governments in countries such as China and India.

Key players

Key players operating in the digital genome market are Illumina (US),Thermo Fisher Scientific (US),Pacific Biosciences (US),Oxford Nanopore Technologies (UK),BGI Genomics (China),PerkinElmer (US),Qiagen (Netherlands),Roche Holding AG (Switzerland),Agilent Technologies (US),Bio-Rad Laboratories (US),Eurofins Scientific (Luxembourg),Genomic Health (US),Myriad Genetics (US),Foundation Medicine (US),GE Healthcare (US),Genewiz (US),Luminex Corporation (US),NanoString Technologies (US),ArcherDX (US),F. Hoffmann-La Roche Ltd (Switzerland).

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it