The global Digital Genome Market is estimated to be valued at US$ 26.59 Bn or Billion in 2023 and is expected to exhibit a CAGR of 18. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Digital genome refers to the digital representation of the genome sequence of an organism. It involves technologies like DNA sequencing, genome mapping and cloud computing to analyze the genome data. It helps decode genes associated with diseases and develop personalized medicines.
Market key trends:
One of the key trends in the digital genome market is the declining cost of DNA sequencing. The launch of next-generation sequencing technologies has led to a significant decline in DNA sequencing costs from USD 10,000 per genome in 2007 to around USD 600-700 per genome currently. This declining cost is increasing the adoption of DNA sequencing technologies for various applications such as personalized medicine, precision medicine, genetic testing, functional genomics, agricultural animal breeding, and others. Lower DNA sequencing costs are making whole genome sequencing a reality and driving the growth of the digital genome market.
Market key trends:
One of the key trends in the Global Digital Genome Market is the significant reduction in the cost of whole genome sequencing. The average cost of sequencing a whole human genome has declined from $100 million in 2001 to about $1,000 in 2022. This massive cost reduction is enabling genomics to play a greater role in healthcare by allowing for more comprehensive and affordable testing. The decreasing costs have also boosted research activities in precision medicine and disease diagnostics.
SWOT Analysis
Strength: The digital genome market benefits from growing R&D investments and increasing prevalence of genomic medicine.
Weakness: Regulatory and ethical issues relating to the use of genomic data can hamper market growth.
Opportunity: Expanding applications of DNA sequencing in oncology, pharmacogenomics, and agriculture offer significant market opportunities.
Threats: Concerns around data privacy and security pose threats to the broader adoption of genomic technologies.
Key Takeaways
The global digital genome market is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing investments in genomic research and clinical applications.
The North America region currently dominates the digital genome market, owing to the presence of major market players and availability of research funding. However, Asia Pacific is emerging as the fastest growing regional market with countries like China and India significantly boosting investments to develop genomic capabilities.
Key players operating in the digital genome market are Illumina (US),Thermo Fisher Scientific (US),Pacific Biosciences (US),Oxford Nanopore Technologies (UK),BGI Genomics (China),PerkinElmer (US),Qiagen (Netherlands),Roche Holding AG (Switzerland),Agilent Technologies (US),Bio-Rad Laboratories (US),Eurofins Scientific (Luxembourg),Genomic Health (US),Myriad Genetics (US),Foundation Medicine (US),GE Healthcare (US),Genewiz (US),Luminex Corporation (US),NanoString Technologies (US),ArcherDX (US),F. Hoffmann-La Roche Ltd (Switzerland)
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