The global digital genome market is estimated to be valued at US$ 8,393.2 Mn or Mn in 2023 and is expected to exhibit a CAGR of 10.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The digital genome market refers to the genomics tools and technologies that digitize the human genome sequencing data to aid genomic, pharmacogenomic and diagnostic research. Digital genomic technologies help sequence and analyze DNA and RNA molecules, enabling personalized prevention, diagnosis and treatment of genetic diseases. Advances in digital genome are revolutionizing healthcare by enabling data-driven personalized therapeutics based on an individual's genetic makeup and molecular profile.
Market key trends:
One of the key trends driving growth in the digital genome market is the rising adoption of genome sequencing in cancer treatment. Next generation sequencing technologies are increasingly being used to sequence the whole genome or exome of cancer patients to understand the molecular profile of tumors. This is enabling development of targeted therapies customized for a patient's cancer subtype. Furthermore, genome sequencing is allowing identification of genetic risk factors, facilitating early detection and precision screening & prevention strategies for cancers. Growing focus on combining genomic data with clinical records is also propelling the digital genome market growth.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the digital genome market is moderate. Significant capital investment is required to enter this market.
Bargaining power of buyers: The bargaining power of buyers is high as there are many established players offering similar products in this market. Buyers can negotiate on price.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of raw materials have technical knowledge which creates switching costs for buyers.
Threat of new substitutes: The threat of new substitutes is low. There are limited substitute products that can offer the same use and functionalities as digital genome technologies.
Competitive rivalry: Competition in the market is high due to the presence of many international and regional players. Companies compete based on technological innovation, pricing and product portfolio.
Key Takeaways
The Global Digital Genome Market Demand is expected to witness high growth, exhibiting CAGR of 10.9% over the forecast period, due to increasing innovation and funding in genomics.
Regional analysis: North America dominates the digital genome market currently, owing to growing genomics research activities and presence of leading market players in the US. Asia Pacific is expected to grow at the fastest pace during the forecast period due to increasing healthcare expenditure and government support for genomics research in countries like China and India.
Key players: Key players operating in the digital genome market are Illumina, Inc., PerkinElmer, Inc., Pacific Biosciences of California, Inc., Thermo Fisher Scientific Inc., Oxford Nanopore Technologies Limited, Nanostring Technologies, Inc., IBM Corporation, Google LLC, Amazon.com, Inc., Deep Genomics, Desktop Genetics Ltd., and Ancestry.com LLC. Companies are focused on introducing innovative technologies to sequence genomes faster and at reduced costs.
