Digital Genome Market

Digital Genome Market Size (2023 to 2028) 

The global digital genome market size is expected to expand at a CAGR of 20.08% from 2023 to 2028 and the market is estimated to be worth USD 38.18 billion by 2023 and USD 79.39 bn by 2028. 

Every genome consists of distinctive features, promoting the widespread utilization of genome engineering technologies. Digital Genome Engineering uses computational procedures to achieve obstacles through modeling and optimization of genome engineering applications. A Digital genome is a broad digital set of genetic material that transpires in an organism or cell. It is an efficient method to collect data concerning chronic diseases and is applied by experts to obtain a keen look at genetic complications. For example, researchers employ algal genomes to determine genes specific to the green lineage, known as green cut, to uncover the new regulatory systems critical for photosynthesis.

Impact of COVID-19 on the global digital genome market:

The COVID-19 pandemic had unprecedented health concerns. Early March 2020 saw the start of the epidemic, which lasted for over a year. The coronavirus outbreak, which originated in China and spread worldwide, resulted in lockdowns and quarantines. Shipments and travel were restricted, resulting in losses for many enterprises. As additional deaths were reported, the unemployment rate increased, and the economic situation worsened. Due to the sudden surge of patients and the acute lack of hospital supplies, including oxygen cylinders, beds, and staff, the healthcare industry was severely disrupted.

The pandemic significantly influenced the digital genome market worldwide. The pandemic has positively moved the demand for digital genome software and products. For instance, the sequence of Covid virus was pinpointed with AI's aid and helped identify variants of concern (VOC) along the delta strains and Omicron. In addition, as per (PAHO), the COVID-19 Genomic Surveillance Regional Network was established to reinforce the sequencing capacity in the associated laboratories. Along with setting a common virus genomic sequencing as a strategy to obtain the portion of genetic sequence data, which is crucial to sustaining the growth of diagnostic protocols, the information for vaccine development, and comprehending the evolution and molecular epidemiology better. Moreover, with the intro of vaccines and the relaxing of lockdown restrictions, the market is expected to exhibit growth as per the rising demand for digital genome products, thereby contributing to market transition.

MARKET DRIVERS:

The advancing technological progress of the digital genome is a major factor propelling the market growth.

Along with an Increasing adoption of personalized and customized medicine suitable for the patient in healthcare settings. We are continuously evolving disease patterns and ascending research and development activities about the digital genome—the collaboration with progressing cancer care by developing genomic-based Artificial Intelligence.

Integrating genomics-based artificial intelligence in oncological solutions would be the cause of a breakthrough, helping integrate cancer medicine and aiding in future clinical research, providing patients with effective and innovative therapies.

Genome Medical, a digital health company getting genetics and genomics into everyday care, developed its technology offering to raise the clinical services delivered by its nationwide team of genetics professionals. Genome Medical is looking forward to automating the collection of a patient's comprehensive family health history. And the application and Advancement in next-generation sequencing (NGS) benefits, thus resulting in the investigation and innovation in the digital genome industry as AI goes through important data and sequencing, propelling the market's growth.

MARKET RESTRAINTS:

The risks associated with security issues of the digital genome include the security of patients' and customers' data as the patient's data is prone to misuse, along with a Lack of professionals in the genomic technology. The factors above are anticipated to hamper the growth rate of the digital genome market. 

This research report on the global digital genome market has been segmented and sub-segmented based on product, application, end-user, and region.

Digital Genome Market - By Product:

• Sequencing & Analyzer Instruments
• DNA/ RNA Analysis Kits
• Sequencing Chips
• Sequencing & Analysis Software
• Sample Preparation Instruments

The sequencing & analyzer instruments segment tends to account for a significant share of the market and is foreseen to continue the movement. Technological improvements in software packets for evaluation and analysis of genomic sequence data are promoting the segment's growth. Moreover, a large numeral of software implements present in the beta stage is projected to fuel the development of the part soon.

Digital Genome Market - By Application:

• Microbiology
• Reproductive & Genetic
• Transplantation
• Livestock & Agriculture
• Forensics
• Research & Development 

Microbiology works majorly in segments such as biological, clinical, and industrial. The research & development sector is expected to hold a significant market share and is anticipated to surpass USD 25 billion due to increasing research approvals, investments in R&D, and research institutes. Furthermore, the clinical sub-segment is predicted to grow at a high gait during the forecast period as an increasing number of diagnostic tests comes into play due to a disease peak, thus creating opportunities for further market growth.

Digital Genome Market-By End-User:

• Academics & Research Institutes
• Diagnostics & Forensic Labs
• Hospitals
• Bio-Pharmaceutical Companies 

Based on end-users, the academics & research institutes sector is expected to exhibit potential growth owing to the upsurge in research and development activities in genome sequencing.

Digital Genome Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

North America region is foreseen to hold a growth potential due to well-designated healthcare facilities, growing use of advanced therapies, and increasing attention to digital genome sequencing procedures. Additionally, key market players and cutting-edge research and development activities are expected to support market growth in the countries like the U.S. and Canada.

Furthermore, the European market is envisioned to increase during the forecast period due to rising research and analysis activities and the number of biopharmaceutical companies in the region.

Finally, the market in the Asia Pacific region provides an optimistic forecast for the growth potential due to ever-increasing diagnostic tests, geriatric population, and research activities.

KEY MARKET PARTICIPANTS:

Becton Dickinson and Company, Agilent Technologies Inc., GE Healthcare, NanoString Technologies, Inc., Biomerieux, PerkinElmer, Inc.., GenMark Diagnostics, Inc., Illumina, F. Hoffmann-La Roche Ltd, and Genomic Health, Inc. are some of the noteworthy companies operating in the global digital genome market profiled in this report.

Our market analysis includes a part dedicated only to such significant players. Our analysts provide insight into the financial statements of all major players, product benchmarking, and SWOT analysis. In addition, the competitive landscape section contains significant development strategies, market share, and market ranking analyses for worldwide competitors.

KEY DEVELOPMENTS IN THIS MARKET: 

• In September 2022, Genome Medical and Pierian announced the collaboration to optimize genomic testing programs. Genome Medical and Pierian are working to efficiently identify patients who may benefit from genomic testing and an enhanced clinical genomics workflow. The combined solution for clinicians facilitates ordering appropriate testing, which is then processed in onsite laboratories supported by Pierian. For physician-owned or -managed service organizations, Pierian and Genome Medical deliver a streamlined path to in-house, high-quality precision medicine programs that provide recommended and appropriate care to all patients who meet national standards for genomic testing, including virtual post-test genetic counseling from Genome Medical's nationwide team.
• In September 2022, Mapmygenome partners with Thyrocare to offer preventive genetic tests. CardioMap is Mapmygenome's DNA-based solution solely for stemming and handling heart conditions. In addition, it provides a genetic cardiac threat profile for specific cardiovascular diseases. The company offers personalized healthiness solutions based on preventative genomic tests that allow people to understand their genetic selves. In addition, the company has professionalized in next-generation sequencing solutions like Whole Genome Sequencing, Whole Exome, Carrier Screening Tests, and BRCA tests.