Number of pages: 100 | Report Format: PDF | Published date: October 13, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global digital genome market was pegged at US$ 12.1 billion in 2021 and is expected to witness a CAGR of 10% during the forecast period.
The penetration of advanced technology in the healthcare sector has resulted in the development of various techniques for studying various parameters in this sector. The digital genome is one such emerging technology that provides the entire set of genes in digital format, allowing for a more detailed understanding of genes and their biological functions. The digital genome is an emerging technology that can sequence and digitise the entire genome in minutes and for a few hundred dollars, with the added ability to quickly and low cost determine an individual's unique genetic make-up, promising a revolution in more personalised and effective healthcare. The results are delivered to your laptop on a USB stick and easily shared over the internet.
The adoption of digital genomics to create an intelligent enterprise and the capability of digital genomics to take big leaps in digital intelligence-driven business innovation are major driving factors. Traditional approaches to feature detection and data prediction that depend on modelling and optimization are gradually being supplanted by machine intelligence, which allows for multiple layers of knowledge and evolved learning, ultimately leading to more accurate insight for business decisions. Digital genomics is a critical tool in the development of such intelligence.
The global digital genome has been analysed into four perspectives by product type, application, end user and region.
Digital Genome Market by Product Type
Based on product type, the digital genome has been segmented into sequence & analysers instruments, DNA/RNA analysis kits, sequencing & analysis software and sample preparation instrument. The sequencing and analysers instrument is expected to command a sizable market share due to increasing research in sequence analysis, as well as growing technological advancements, are the major factors driving market growth.
Digital Genome Market by Application
Based on application, the digital genome has been segmented into microbiology, reproductive & genetic, transplant & agriculture, forensics and research & development. During the forecast period, the research and development segment has the largest market share. The increasing number of public and private investments, as well as the increase in research grants, are fueling demand for this segment.
Digital Genome Market by End User
Based on end user, the digital genome has been segmented into academic research institutes, diagnostics & forensic labs, hospitals and bio-pharmaceuticals companies. During the forecast period, the Academic research institutes segment has the largest market share. The factors that can be attributed to high growth include the widespread use of genome sequencing techniques for the advancement of targeted drug treatments, as well as the growing demand for this segment.
Digital Genome Market by Region
Based on product region, the digital genome has been segmented into North America, Europe, Asia Pacific and Rest of the World. The North America dominated the region during forecast period and in North America US dominated the region. The digital genomics market in the United States is expected to expand significantly during the forecast period. Revenue growth will be aided by the well-established healthcare infrastructure, the discovery of new genome sequencing technologies, and the growing geriatric population. Constant innovation, cutting-edge technology, acquisitions, and novel product launches in the United States have all contributed to overall market growth. Furthermore, rising endeavours by pharmaceutical and biotechnology organisations are needed to drive the market in Europe. The Asia Pacific market is expected to grow rapidly due to an increase in the geriatric population and social insurance administrations.
Some of the prominent players in the global digital genome include
The rise in adoption of personalised medicine, increasing research and development activities and technological advancement pertaining to the digital genome are the prime factors that is driving the growth of the market.
Some of the prominent players in the global digital genome market include bioMérieux, GenMark Diagnostics, Inc., Illumina, Inc., Thermo Fisher Scientific, NanoString Technologies, Inc.
In May 2022, Gencove, one of the leading low-pass whole genome sequencing and analysis software companies, and NEOGEN Corporation have launched the InfiniSEEK, a revolutionary, cost-effective solution for whole genome sequencing and targeted SNP analysis from two trusted genomics leaders.
During the forecast period, the research and development segment has the largest market share.
The global digital genome market was pegged is expected to witness a CAGR of 10% during the forecast period.
*Insights on financial performance is subject to availability of information in public domain