The digital genome refers to the digital representation of genomic information sequenced from an organism’s DNA or RNA. Digital genomic data is analyzed using bioinformatics tools and algorithms to gain biological insights. Several applications of digital genomes include genetic disease diagnostics, cancer research, microbiome analysis, drug discovery, and precision medicine. Recent technological advancements in next-generation sequencing techniques such as single-molecule real-time sequencing have enabled the rapid sequencing of complete genomes at a fraction of earlier costs. This has boosted digital genome research activities globally.
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 Dynamics
The primary driver behind the growth of the Global Digital Genome Market Growth is the continuous advancements in next-generation sequencing technologies. Over the past decade, sequencing throughput has increased manifold while costs have declined significantly. For instance, sequencing an entire human genome that cost around US$ 3 million in 2007 now costs less than US$ 1,000. This has accelerated the digitization of genomic data and made whole genome sequencing a routinely used technique. Several private and government-led genome sequencing projects across the world have also contributed to generating large troves of publicly available genomic and health data. For example, the UK Biobank project released genomic and health data of over 500,000 individuals. Such availability of massive genomic datasets is fueling precision medicine initiatives and clinical trial designs globally thereby propelling the digital genome market.
Segment Analysis
The digital genome market is segmented into applications and end users. The applications segment is further segmented into diagnostics, drug discovery, personalized medicine and agriculture & animal research, among which diagnostics dominates the market. Diagnostic applications segment accounts for over 30% of the total market share owing to increasing application of digital genome data for predictive, preventive and personalized healthcare.
PEST Analysis
Political: Governments across the world are supporting research initiatives focused on digital genome technologies to enable precision medicine and support the healthcare sector. Various policies encourage private investments in genome research.
Economic: Reducing cost of DNA sequencing technologies and genome analysis are making digital genome approaches commercially viable. It is finding increasing applications to reduce healthcare expenditure through early diagnostics and targeted treatment.
Social: Increasing awareness about human genome and its role in disease predispositions is driving demand for personal genome mapping. However, privacy and ethical concerns associated with genetic data still limit full potential of this market.
Technological: Advancements in high throughput sequencing, cloud computing, artificial intelligence and big data analytics are transforming digital genome market. Integration of multi-omics data and machine learning based analysis are improving disease diagnostics and precision of treatment outcomes.
Key Takeaways
The digital genome is expected to witness high over the forecast period driven by factors like reducing genome analysis costs, technological advancements and growing investments from pharmaceutical companies and governments.
Regional analysis – North America dominates currently due to presence of major players and increasing genome research funding. However, Asia Pacific is emerging as the fastest growing region owing to rising healthcare spending, presence of large population and government focus on precision medicine in countries like China and India.
Key players – Key players operating in the digital genome market are Wä
Thermo Fisher Scientific Inc., Illumina Inc, F. Hoffmann-La Roche Ltd, Eurofins Scientific, Qiagen N.V., Agilent Technologies, Inc., LGC Limited, BGI, Hamilton Company, PerkinElmer Inc., Pacific Biosciences of California, Inc., Bio-Rad Laboratories Inc., Oxford Nanopore Technologies and others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it