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 consists of products and services used for mapping genes and genomes in digital form. This includes DNA sequencing instruments, consumables and services mainly used in applications such as precision medicine, diagnostics and research. Precision medicine uses an individual's genomic profile to guide decisions made in regard to prevention and treatment of diseases.
Market Dynamics:
The digital genome market is witnessing high growth owing to rapid adoption of precision medicine and increasing demand for DNA sequencing. According to World Health Organization (WHO), chronic diseases account for over 70% of all deaths globally. Precision medicine is gaining significance in healthcare as it provides personalized treatment and prevention strategies based on an individual's genes, proteins and environment. Moreover, reducing costs of DNA sequencing technologies and growing research in genomics is driving growth of the market. However, lack of skilled professionals and high capital investment requirements pose challenges to the market.
SWOT Analysis
Strength: The Global Digital Genome Market Size provides more precise and faster diagnosis of diseases. Digital genome helps to sequence an individual's genome at reduced costs and time. It enables personalized treatment options based on an individual's genetic makeup.
Weakness: Limited number of skilled professionals for analysis and interpretation of large genomic data. High initialization costs associated with digital genome equipment and infrastructure limit its adoption.
Opportunity: Increasing investments by market players as well as government organizations to advance digital genome technologies. Growing applications of digital genome in oncology for disease risk assessment and cancer diagnosis.
Threats: Data privacy and security concerns related to storage and sharing of genetic information. Limited reimbursements and insurance coverage for digital genome procedures restrict its market growth.
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 precision medicine. Cost reductions in sequencing technologies along with advances in bioinformatics analytics are fueling the market growth.
Regional analysis:
North America dominates the digital genome market currently owing to the presence of major players, growing genomics research funding, and rising prevalence of chronic diseases. The Asia Pacific region is anticipated to grow at the fastest pace during the forecast period on account of increasing healthcare expenditure, rapidly developing infrastructure, and investments by market players in developing countries.
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 companies focus on innovations in sequencing technologies, bioinformatics tools, and extensive R&D activities to strengthen their market positions.
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