The digital genome market comprises genome sequencing technologies that enable digitization of biological information for applications in research and diagnostics. Genome sequencing technologies aid in digitizing genomic data for building comprehensive genomic profiles of individuals, which help in gaining insights into human health and disease. The growing usage of genome sequencing in clinical diagnostics and whole genome analysis is accelerating the demand for genomic data analysis and interpretation tools provided by digital genome platforms.
The global Digital Genome Market is estimated to be valued at US$ 26.59 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
As one of the key market trend, the rapid adoption of genome sequencing technologies by biotechnology and pharmaceutical companies is fueling growth of the digital genome market. Genome sequencing helps biotech and pharmaceutical companies in drug discovery programs by identifying genomic variations associated with diseases. Genome sequencing enables identification of novel therapeutic targets and biomarkers. Whole genome analysis provides comprehensive insights into human genetics and helps develop precision medicine approaches for better disease diagnostics and clinical outcomes. Growing R&D investments by big pharma players in genome sequencing coupled with reductions in sequencing costs are major factors driving increased adoption of genome sequencing technologies globally. This rising uptake of genome sequencing is augmenting demand for digital genome analysis platforms.
Segment Analysis
The digital genome market is segmented based on technology and application. Based on technology, the market is segmented into sequencing and data analysis. The sequencing segment dominated the market in 2021 due to the increasing adoption of next-generation sequencing technologies for whole-genome sequencing applications. Based on application, the market is segmented into reproductive health, oncology, personalized medicine, genetic screening, pharmacogenomics, and others. The personalized medicine segment is expected to grow at the highest rate during the forecast period due to the increasing adoption of precision medicine for disease treatment and diagnosis.
Key Takeaways
The Global Digital Genome Market Demand is expected to witness high growth during the forecast period.
Regional analysis: North America currently dominates the market due to presence of developed healthcare infrastructure and increasing R&D activities in the region. The Asia Pacific region is expected to showcase the fastest growth rate during the forecast period owing to growing economies, increasing healthcare expenditure, and expansion of private sector in countries like China and India.
Key players operating in the digital genome market are Illumina, Inc., Genomic Health, Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche Ltd, Bio-Rad Laboratories, Inc., 23andMe, Ancestry, Helix OpCo LLC, and Veritas Genetics. Illumina, Inc. holds the largest market share owing to its diverse product portfolio for sequencing and microarray technologies. 23andMe and Ancestry dominate the consumer genomics segment.
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