The global Digital Genome Market refers to the process of mapping and sequencing genomic information and converting it into a digital format for analysis. Digital genomes help in understanding biological processes at the molecular level and providing insights into disorders, susceptibility to diseases, and drug responses. Digital genomic data has applications in precision medicine for developing tailored therapies, genetic testing, and prenatal testing. Several companies are engaged in genome mapping and sequencing projects to build comprehensive genomic and health databases. For instance, Google’s sister company Verily is working on the Baseline Study to collect health and genetic information of thousands of individuals to improve disease diagnosis and treatment. Similarly, GenomeAsia 100K aims to sequence 100,000 Asian genomes to analyze genetic variations. Such initiatives are fueling investments in the development of high-throughput genome sequencing technologies.

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:

One of the key trends in the digital genome market is the decline in genomic sequencing costs. This has made whole genome sequencing accessible for clinical and research applications. With continuous technological advancements, the cost of sequencing a complete human genome has dropped from around $3 million in 2007 to just around $600 in 2021. This remarkable cost reduction is allowing researchers and clinicians to carry out large-scale genomic studies and genome-guided precision medicine initiatives. Lowering costs through automation, increased scale of operations, and optimizing workflows will further propel the use of genomic data in therapeutics development and diagnostics. Growing investments from the government and private sector in genome sequencing projects are also fueling innovations and stimulating market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the digital genome market is low, due to the requirement of high R&D investments and the presence of major players who already have established brand names.

Bargaining power of buyers: The bargaining power of buyers in the digital genome market is moderate, due to the availability of substitute technologies and increasing need for cost efficiency.

Bargaining power of suppliers: The bargaining power of suppliers in the digital genome market is moderate, as some of the raw materials required for digital genome technologies are specialized and suppliers can influence prices.

Threat of new substitutes: The threat of substitutes in the digital genome market is low to moderate, as there are limited substitute technologies that can match the benefits of digital genome solutions.

Competitive rivalry: The competitive rivalry in the digital genome market is high due to the presence of many global and regional players competing on factors such as innovation, pricing, and quality.

Key Takeaways

The Global Digital Genome Market Demand is expected to witness high growth over the forecast period due to the increasing applications in healthcare and advancement of sequencing technologies. 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.

Regional analysis:

North America is expected to dominate the digital genome market during the forecast period. This is owing to robust research funding, advanced healthcare infrastructure, and presence of key market players in the region. Asia Pacific is anticipated to witness fastest growth in the digital genome market supported by growing medical tourism, improving healthcare infrastructure and economic development in emerging economies such as India and China.

Key players:

Key players operating in the digital genome market are Wärtsilä, AES Corporation, Dalkia, Vegawatt Power Pvt Ltd, Ducon Technologies, General Electric, Thermax, Cethar Limited, Clarke Energy. These players are focusing on new product launches, expansions, and collaborations to gain a competitive edge in the market. For instance, in 2022, General Electric collaborates with NASA to develop AI and digital twin technology for genome research.

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