The digital genome market is estimated to be valued at US$ 7,594.8 Mn in 2023 and is expected to exhibit a CAGR of 10.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

The digital genome refers to the digitization of genomic information obtained from next-generation sequencing technologies. Digital genome information helps researchers gain insights into complex diseases, cancer subtypes, and variations in individual responses to drugs. It is also used for applications such as non-invasive prenatal testing, cancer screening, and agriculture. Advancements in high-throughput sequencing technologies have enabled wider adoption of digital genome approaches across various industries.

 

Market Dynamics:

The growth of the global digital genome market is driven by declining costs of genomic sequencing and rising investments for genome projects. Falling prices of sequencing has increased accessibility to genomics technologies. For example, the sequencing cost per genome has dropped from $3 billion in 2001 to around $1,000 in 2023. Additionally, increasing funding for genome projects is also expected to fuel market growth over the forecast period. For instance, the National Institutes of Health has invested over $2.7 billion annually towards genome projects. Key drivers also include advancements in sequencing technologies such as third generation sequencing that offers cost-effective and high-throughput solutions. These technologies produce long reads, enabling assembly of complex genomes and identification of structural variations. Moreover, growing applications of digital genome in oncology for precision medicine and drug development will further propel the market growth during the forecast period.
 

Segment Analysis

The digital genome market is segmented into product & services, application and end user. The sequencing product segment dominates the digital genome market with over 40% share owing to availability of technologically advanced sequencing platforms and consumables for conducting whole genome sequencing studies. The sequencing platforms have evolved significantly from Sanger sequencing to next generation sequencing platforms which facilitate DNA sequencing at a lower cost.

 

PEST Analysis

Political: Favorable government initiatives to promote precision medicine and funding for genomics research is positively impacting the digital genome market growth. Economic: Reduction in cost of whole genome sequencing due to advancement in sequencing platforms is increasing adoption of digital genome technologies across various application areas. Social: Increasing awareness about genetic disorders and rising health expenditure is driving consumers towards preventive healthcare options involving genetic testing and screening. Technological: Emergence of cloud computing capabilities and AI tools for storage, analysis and interpretation of large genomics data is fueling innovations.

 

Key Takeaways

The Global Digital Genome Market Growth is expected to witness high, exhibiting CAGR of 10.9% over the forecast period, due to increasing adoption of genome sequencing in clinical diagnostics and drug discovery applications.

The North America region holds the major share of over 40% in the digital genome market owing to robust research infrastructure, presence of leading players and early adoption of genetic diagnostics. The Asia Pacific region is expected to witness fastest growth during the forecast period due to improving healthcare infrastructure, increasing healthcare expenditure and expansion activities by market players in countries like China and India.

Key players operating in the digital genome market are Illumina, Inc., PerkinElmer, Inc., Pacific Biosciences of California, Inc., Thermo Fisher Scientific Inc., Oxford Nanopore Technologies Limited, Nanostring Technologies, Inc., IBM Corporation, Google LLC, Amazon.com, Inc., Deep Genomics, Desktop Genetics Ltd., and Ancestry.com LLC. The players are focusing on new product launches, partnerships and expansion strategies to strengthen their market presence. For instance, in January 2019, Illumina launched its NovaSeq 6000 Sequencing System with throughput of over 1,000 genomes per system.
 

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