Digital Genome Market is expected to reach US$ 20,812.81 Mn by 2027 says, the Insight Partners
The digital genome market was valued at US$ 11,065.31 million in 2019 and is projected to reach US$ 20,812.81 million 2027; it is expected to grow at a CAGR of 8.4% from 2020 to 2027.
Digital genome is a complete digital set of genetic material that present in an organism or a cell. Digital genome technology deals with genes and their functions to find the causes behind the chronic diseases and also to fix them. The technology is associated with the advancements that help to make healthcare more personal and more effective for the treatment. Moreover, the digital genome is an easier way of gathering information about the chronic disease. The technology is used by the professionals to get a closer look of genetic composed diseases, such as cancer. Digital genome acts as a supporter that enables instant access to trait combinations to solve apparently endless custom queries.
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Key Findings from The digital genome Market
Based on product, the digital genome market is segmented into DNA/RNA analysis, sequencing chips, sequencing and analyzer instruments, sample prep instruments, sequencing and analysis software.
The sequencing and analyzer instruments segment held the largest share of the market in 2019, owing to the advantages such as growing adoption of sequencing of analyzing instruments by pharmaceutical and biopharmaceutical companies in advanced economies. Additionally, companies are focusing on supplying superior quality instruments to research centers and pharmaceutical companies that are involved in developing therapies for genetic diseases.
For instance, Thermo Fisher Scientific announced the launch of its Ion Torrent Genexus System, the first fully integrated, next-generation sequencing (NGS) platform featuring an automated specimen-to-report workflow that delivers results economically in a single day.
Based on application, the digital genome market is segmented into diagnostics, agricultural, academic research, drug discovery, personalized medicine, and other applications. In 2019, the diagnostics segment held the largest share of the global digital genome market owing to the factors such as launch of innovative diagnostic products, increasing investment in genome technologies, and expanding capabilities of the digital genome in diagnostic applications.
For instance, in April 2020, Personal Genome Diagnostics, the company engaged in the development of a novel diagnostic kit for genomic profiling of different cancers, received FDA approval for its PGDx elio tissue complete test.
THERMO FISHER SCIENTIFIC INC., F. HOFFMANN-LA ROCHE LTD, Illumina, Inc., QIAGEN, GenomeMe, NanoString Technologies, Inc., BD, bioMerieux SA, GenMark Diagnostics, Inc., and Perkin Elmer, Inc. are among the leading companies operating in the digital genome market.
Growing Funding for Genomics
Genomic sequencing technology is rapidly transitioning into clinical practice, and implementation of the same into healthcare systems has been supported by substantial government investment, accounting for ~US$ 4 billion in at least 14 countries. These national genomic-medicine initiatives are driving transformative change under real-life conditions while simultaneously addressing barriers to implement and gather evidence for broader adoption, thereby driving the market growth. Moreover, the UK has announced the world’s largest genome project as part of 200 million public–private collaboration between charities and pharmaceuticals. The UK has already developed the largest genome database in the world through the 100,000 Genomes Project. Led by Innovate UK as a part of UK Research and Innovation, the project will fund researchers and industry to combine data and real-world evidence from UK health services and create new products and services that diagnose diseases efficiently. Additionally, in November 2018, Stilla Technologies announced that it has completed a US$ 18.3 million (€16 million) Series A financing round led by Illumina Ventures. The company will use the funds to commercialize its Naica digital PCR system and develop clinical applications.
Due to the continuous funding by the manufacturers and government in the field of genomics, the digital genome market is expected to witness growth during the forecast period.
Based on end user, the digital genome market is segmented into diagnostics and forensic labs, academic research institutes, hospitals, and other end user. The diagnostics and forensic labs segment held the largest share of the market in 2019, owing to increasing emphasis on adoption of digital genomes in diagnostics and forensic labs. Moreover, the recent technological advancement will help solve more cases in a shorter amount of time and will produce investigative leads for cases that would have reached dead ends and will offer lucrative opportunities during the forecast period. For instance, Illumina SBS technology, the MiSeq FGx System is the first NGS system designed specifically for forensic genomic applications.
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