Digital Genome Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The digital genome market size has grown rapidly in recent years. It will grow from $32.25 billion in 2023 to $39.25 billion in 2024 at a compound annual growth rate (CAGR) of 19.7%. The growth in the historic period can be attributed to growing funding for genomics, reduced cost and high speed of DNA sequencing, entry of new players and start-ups in developing economies, increasing number of drug discoveries, and growing biotech sector.
The digital genome market size is expected to see rapid growth in the next few years. It will grow to $80.93 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%. The growth in the forecast period can be attributed to increasing prevalence of genetic disorders, increasing research and development pertaining to digital genome, growing adoption of personalized medicine, developments in biotechnology, and rising prevalence of chronic diseases. Major trends in the forecast period include the increasing adoption of next-generation sequencing technologies, increasing technological advancements, extensive use of microorganisms in diagnostics industry, increasing demand for personalized medicines, and rising adoption of digital genomic technology by hospitals and clinics.
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Scope Of Digital Genome Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Digital Genome Market Overview
Market Drivers –
The increasing prevalence of genetic disorders is expected to propel the growth of the digital genome market going forward. Genetic disorders are hereditary conditions caused by abnormalities or mutations in an individual’s DNA, the genetic material that carries instructions for the development and functioning of the body. Digital genome technologies enable the identification of genetic mutations and variations associated with genetic disorders. This information helps in accurate and early diagnosis of these disorders, allowing for timely intervention and treatment. For instance, in August 2023, according to the National Library of Medicine, a US-based medical library, sickle cell anemia is a genetic disease that affects approximately 1 in 500 African Americans in the United States. Further, about 1 in 12 African Americans carries the autosomal recessive mutation responsible for the disease, and approximately 300,000 infants are born with sickle cell anemia annually. Therefore, the increasing prevalence of genetic disorders is driving the growth of the digital genome market.
Market Trends –
Major companies operating in the digital genome market are developing innovative products such as the NovaSeq X Series to understand disease and ultimately transform patient lives. NovaSeq X Series includes the NovaSeq X and NovaSeq X Plus systems, with the NovaSeq X Plus capable of sequencing more than 128 genomes per run and generating more than 20,000 whole genomes per year. For instance, in September 2022, Illumina, Inc., a US-based biotechnology company, launched the NovaSeq X Series, a significant advancement in whole-genome sequencing technology. The system incorporates cost-efficiency throughout the workflow, streamlined informatics, operational simplicity, sustainability advancements, and world-class support. It also enables broader and deeper sequencing, allowing users to scale up any application to include more samples and analyze data more efficiently. The NovaSeq X Series is designed to be the most potent and cost-effective sequencing system, with improved reagent stability and faster data transfers due to optimized genomics data compression. The system was purpose-built for improved sustainability, with a smaller data footprint that reduces storage and energy consumption costs.
The digital genome market covered in this report is segmented –
1) By Type: Sequencing And Analyzer Instruments, Data Analysis And Management Tools
2) By Application: Diagnostics, Agriculture And Animal Research, Personalized Medicine, Drug Discovery, Treatment Analysis
3) By End User: Research Centers And Government Institutes, Academic Institutions, Pharmaceutical And Biotechnology Industries, Hospitals, Diagnostic Centers
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Regional Insights –
North America was the largest region in the digital genome market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital genome market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the digital genome market are Roche Holding AG, Thermo Fisher Scientific Inc., GE HealthCare Technologies Inc., Quest Diagnostics, Eurofins Scientific SE, Agilent Technologies Inc., Illumina Inc., bioMerieux SA, PerkinElmer Inc., Bio-Rad Laboratories Inc., Qiagen N.V., BGI Genomics , Myriad Genetics Inc., Foundation Medicine Inc., ArcherDx Inc., Invitae Corporation, Oxford Nanopore Technologies Ltd., Luminex Corporation , GenMark Diagnostics Inc., NanoString Technologies Inc., Pacific Biosciences of California Inc., Genewiz , Inscripta Inc., Genomic Health Inc., Becton Dickinson and Company, GenomeMe, Regeneron Pharmaceuticals Inc.
Table of Contents
- Executive Summary
- Digital Genome Market Report Structure
- Digital Genome Market Trends And Strategies
- Digital Genome Market – Macro Economic Scenario
- Digital Genome Market Size And Growth
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- Digital Genome Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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