February 25, 2024
Digital Genome Market

Market Is Estimated To Witness High Growth Owing To Advancements In Sequencing Technologies & Declining Cost Of Genome Sequencing

The digital genome market is estimated to be valued at US$ 12.2 billion in 2023 and is expected to exhibit a CAGR of 10.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Digital genome refers to a digital sequence of an organism’s complete set of DNA or genome. Digital genome sequencing helps in DNA reading and converting it into digital data that can be stored and analyzed. It allows researchers to study living organisms at the molecular level to better understand health and disease. Key applications of digital genomes include diagnostics, agriculture, drug discovery, and forensics. Advancements in sequencing technologies have made digital genome sequencing more affordable and accessible for various end users.

Market Dynamics:

The digital genome market is driven by the continuous advancements in next-generation sequencing technologies that have made genome sequencing faster and affordable. For instance, Illumina introduced NovaSeq X series that can sequence a human genome within 11 hours at a cost of $600. The declining cost of sequencing has increased the adoption of digital genome technologies across various industries.

Another major factor fueling the market growth is the increasing applications of digital genomes in precision medicine. Genome sequencing helps in developing personalized treatment plans based on an individual’s genetic makeup. It allows doctors to choose appropriate drugs and therapies depending on how a person’s body may respond. The growing focus on precision medicine is expected to propel the demand for digital genome technologies over the forecast period.

SWOT Analysis

Strength: The digital genome market has high potential for growth owing to advancements in genomic technologies. Next-generation sequencing and analytics tools offer high throughput and scalable solutions. Growing applications in diagnosis and treatment of cancers and genetic diseases are fueling demand.
Weakness: Significant costs associated with genome sequencing and data storage pose challenges. Lack of skilled workforce and standardization issues also hamper the market growth. Maintaining genomic data privacy and security continues to be an area of concern.
Opportunity: Expanding applications of genomics in precision medicine and drug discovery offer new opportunities. Growing researcher community facilitates collaborations and discoveries. Initiatives to build genomic databases accelerate research and translation.
Threats: Stringent regulatory frameworks and ethical issues create compliance challenges. Dependence on funding availability impacts long-term planning. Competition from alternative diagnostics reduces adoption rates.

Key Takeaways

The Global Digital Genome Market Size is expected to witness high growth, exhibiting CAGR of 10.9% over the forecast period, due to increasing applications of genomics in healthcare.
North America dominates the digital genome market currently. Availability of research funding and presence of leading market players drive the market in the region. Asia Pacific exhibits the fastest growth led by growing research activities in China, India, and Japan. Initiatives to map populations genome accelerate adoption.

Key players

Key players operating in the digital genome market are Illumina, Inc., PerkinElmer, Inc., Pacific Biosciences of California, Inc., Thermo Fisher Scientific Inc., Oxford Nanopore Technologies Limited, Nanostring Technologies, Inc., IBM Corporation, Google LLC, Amazon.com, Inc., Deep Genomics, Desktop Genetics Ltd., and Ancestry.com LLC. Market leader Illumina contributed over 50% of the global sequencing revenues in 2023.

 

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