Digital Genome Market Growth and Forecast by 2031

The digital genome market size is projected to reach US$ 69.12 billion by 2031 from US$ 20.12 billion in 2023. The market is expected to register a CAGR of 16.7% in 2023–2031. The increasing demand for personalized medicines is likely to remain a key digital genome market trend.

Digital Genome Market Analysis

Chronic diseases like diabetes, heart disease, stroke, cancer, and obesity are the leading causes of death in the world, accounting most of the nation’s healthcare costs. According to the report by the IDF Diabetes Atlas published in 2021, 537 million adults are living with diabetes and the number is projected to rise to 643 million by 2030 and 783 million by 2045. Moreover, the growing geriatric population and their related chronic diseases will also drive the digital genome market growth over the forecast period.

Digital Genome Market Overview

The research institutes carry numerous projects and studies to discover and study different aspects, characteristics, and applicability of digital genome in medical fields. The research institutes and academic centres many times enters into collaborations with the private companies to develop innovative therapies for the treatment of diseases. Additionally, increasing number of investments under research programs are projected to drive the segment growth. Recently, Illumina offers grants and sponsorships to support research that aligns mission to undo the genome power and drive the progress of genomics. Benefits and the accuracy offered by minimally invasive surgeries boost the growth of the digital genome market.

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Digital Genome Market: Strategic Insights

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Digital Genome Market Drivers and Opportunities

Growing Funding for Genomics to Favor Market

Genomic sequencing is rapidly transitioning into clinical practice, and substantial government investment has supported implementation into healthcare systems. For instance, in March 2024, The Genome India Project, funded and coordinated by the Department of Biotechnology, announced they had finished sequencing 10,000 Indian genomes. The completed genomes, i.e., the DNA blueprint constituting and maintaining human bodies was analyzed from 10,000 individuals to create a ‘reference’ Indian human genome. The digital genome market is expected to grow during the forecast period due to funding from manufacturers and the government in the field of genomics.

Advancements in Genomic Technologies – An Opportunity in Digital Genome Market

Unprecedented developments in genomics research and technologies have created the potential for transformation in the healthcare and life sciences sectors. The clinical applications of genomic technologies are infinite and offer opportunities to enhance diagnosis and treatment capabilities for chronic disease. For instance, they offer huge potential in gene discovery and diagnosis of rare monogenic disorders. Genomic technologies also used to diagnose people with high-risk genetic errors leading to rare diseases. Additionally, Genomic technologies are increasingly being used to analyze rare and common genetic factors. For instance, in April 2020, Personal Genome Diagnostics received Food and Drug Administration (FDA) approval for PGDx elio tissue complete test. Personal Genome Diagnostics (PGDx) removes barriers to precision oncology testing to make timely, personalized cancer treatments a reality for all.

Digital Genome Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Digital Genome market analysis are product, application, and end user.

• Based on product, the digital genome market is divided into DNA/RNA analysis, sequencing chips, sequencing and analyzer instruments, sample prep instruments, and sequencing & analysis software. The sequencing and analyzer instruments segment held a larger market share in 2023.
•  Based on application, the market is segmented into agricultural, diagnostics, academic research, personalizes medicine, drug discovery, and others. The diagnostics segment held a larger market share in 2023.
• In terms of end user, the market is segmented into academic research institutes, diagnostics and forensic labs, hospitals, and others. The diagnostics and forensic labs segment dominated the market in 2023.

Digital Genome Market Share Analysis by Geography

The geographic scope of the digital genome market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The digital genome market in North America is significant. In North America, the growth of digital genome market is is primarily driven by rapid screening technologies, increasing preference for personalized medicine, high R&D spending for therapeutic products and presence of leading market players in the US are going to accelerate the growth of this market in this country. For instance, in March 2024, US based Nucleus Genomics company, announced the launch of its DNA analysis product to bring the benefits of personalized medicine to everyone. Above factors is expected to positively affect the Digital Genome market growth.

Digital Genome Market Regional Insights

The regional trends and factors influencing the Digital Genome Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Digital Genome Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Digital Genome Market Report Scope

Digital Genome Market Players Density: Understanding Its Impact on Business Dynamics

The Digital Genome Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Digital Genome Market are:

1. THERMO FISHER SCIENTIFIC INC.
2. F.HOFFMANN-LA ROCHE LTD
3. Illumina, Inc.
4. QIAGEN
5. GenomeMe Inc.
6. NanoString Technologies, Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

 

Digital Genome Market News and Recent Developments

The digital genome market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:

• In Janurary 2023, QIAGEN Digital Insights (QDI) launched QIAGEN CLC Genomics Workbench Premium that removes the data-analysis bottleneck of next-generation sequencing (NGS) by to analyze and interpret whole genome sequencing (WGS), large panel sequencing data, and whole exome sequencing (WES). (Source: QIAGEN, Press Release)
• In August 2022, Mount Sinai Health System and the Icahn School of Medicine launched a new human genome sequencing research project called as Mount Sinai Million Health Discoveries Program with the Regeneron Genetics Center (RGC). Goal is to provide unique data set to researchers that will help them assess the true potential of genetics-based, precision medicine approaches to guide everyday patient care. (Source: Mount Sinai Health System, Newsletter)

Digital Genome Market Report Coverage and Deliverables

The “Digital Genome Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:

• Digital genome market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Digital genome market trends
• Detailed PEST and SWOT analysis
• Digital genome market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments
• Digital genome industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles