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| Global Digital Genome Market |
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 involves sequencing the entire genome of an
individual and digitally analyzing complex data related to human health and
disease. This allows users to access genetic health risks and ancestry
composition as well as tailor treatment plans based on an individual's unique
genetic makeup. Companies in this space are developing direct-to-consumer
genetic testing kits and precision medicine solutions.
Market Dynamics:
The growth of the digital genome market is driven by rising demand for
personalized medicine and increased funding for genome sequencing projects.
Personalized medicine uses a person's genetic makeup and molecular profile to
prevent and treat diseases through early diagnosis and targeted therapy. This
approach is gaining traction due to its potential for higher success rates and
fewer side effects compared to conventional medicine. Furthermore, governments
and private funders are investing heavily in large-scale genome sequencing
initiatives to advance disease research and accelerate medical discoveries. For
instance, the Human Genome Project received over $3 billion in funding to sequence
the entire human genome. Such initiatives have spurred innovations in
sequencing technology, reducing overall costs and increasing accessibility of
genome sequencing.
Segment Analysis
The Global
Digital Genome Market can be segmented into sequencing technologies, IT
solutions and services, and data storage and management solutions. Sequencing
technologies dominated the market in 2020, accounting for nearly 50% share.
This is because sequencing technologies provide direct information on the
structure, function and utility of genomes and are extensively used for
research, diagnostics and drug discovery applications.
PEST Analysis
Political: Governments across major countries are supporting genomic research
through funding. For instance, the All of Us Research Program in the US has
committed $1.5 billion to study 1 million individuals.
Economic: The digital genome market is expected to grow at a high rate due to
rising healthcare spending on precision medicine and decreasing sequencing
costs.
Social: Increased awareness about genetic diseases and direct-to-consumer
genomic tests are driving demand for digital genomic technologies.
Technological: Rapid advancements in high-throughput sequencing, cloud
technologies and artificial intelligence are fueling innovation.
Key Takeaways
The global digital genome market is expected to witness high growth at a CAGR
of 18% over the forecast period of 2023 to 2030, driven by increasing R&D
investments in genomic research and precision medicine.
The North American region currently dominates the market share due to presence
of leading companies and availability of research funding. However, Asia
Pacific is projected to be the fastest growing region owing to growing genomics
adoption, increasing healthcare expenditure and large patient pool.
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). These companies are focusing on new product launches and
partnerships to strengthen their market position.
Read More: https://www.rapidwebwire.com/digital-genome-market-analysis/