July 19, 2024
Digital Genome Market

Digital Genome Market is Estimated To Witness High Growth Owing To Technological Advancements

The digital genome market is estimated to be valued at US$ 26.59 Billion 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 is associated with deciphering whole genome sequencing data and their applications. It enables to create whole genome databases and their clinical implementation. Digital genome allows to develop effective personalized medicines, cancer diagnosis and determine genetic predispositions. It helps researcher to find genetic variations linked with common as well as rare diseases.

Market key trends:
One of the key driver of the Global Digital Genome Market is technological advancements in next generation sequencing which has led to lower sequencing cost and huge volume of sequencing data. As sequencing cost decreased from US$ 3 billion in 2001 to around US$ 1000 in 2021 per genome, more sequence data is being generated. This genomic data needs to be efficiently stored, managed and analyzed which fuels the growth of digital genome market. According to National Human Genome Research Institute, over 10,000 genomes were sequenced in 2001 which increased to approximately 25 million genomes sequenced worldwide in 2021. Such huge volumes of sequencing data requires advanced analytics tools and services provided by digital genome companies contributing to the market growth.

Porter’s Analysis

Threat of new entrants: New players find it difficult to enter the market due to high capital requirement setting up infrastructure and R&D for genomic services. Established players enjoy economies of scale.

Bargaining power of buyers: Buyers have moderate bargaining power as they can choose from various service providers and products. However, switching costs are high due to proprietary technology and analysis involved.

Bargaining power of suppliers: A few number of suppliers exist for key equipment, reagents and consumables used. However, established players develop their own products minimizing dependence.

Threat of new substitutes: New substitutes pose low threat as DNA sequencing technology involves huge R&D and established protocols. Alternatives require validation before adoption.

Competitive rivalry: Intense competition exists among key players to launch new services and solutions.

SWOT Analysis
Strength: Non-invasive and comprehensive analysis. Growing applications in oncology, reproductive health, agriculture.

Weakness: High setup and operating costs. Long turnaround times. Skill shortage.

Opportunity: Untapped emerging markets. Integration with AI and cloud computing. Direct-to-consumer services.

Threats: Ethical and legal issues. Stringent regulations. Data storage and privacy challenges.

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 personalized and precision medicine. North America dominates the market currently due to presence of key players, availability of funding for research and developed healthcare infrastructure. The Asia Pacific region is expected to grow at the fastest pace due availability of large patient pools and rising investment by both private and public players in the region.

Regional analysis: North America will continue to dominate the market holding over 35% share owing to presence of Illumina, Thermo Fisher and other established players, heavy funding for genomic research from NIH and private players. Asia Pacific will grow at fastest CAGR of around 20% during forecast period due to initiatives by China and India to map populations, establish large genome databases and encourage R&D in the sector.

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).

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it