The global Digital Genome Market is estimated to be valued at US$ 26.59 Bn 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 is the digitization of biological information present in an organism's genome. This digitized genomic data forms the basis of the digital genome market. The sequencing and analysis of genomes has generated huge amounts of genomic data. Digital genome enables the storage, processing and analysis of this genomic data to gain insights into disease mechanisms, drug development and personalized medicine approaches. It provides cost effective and time-efficient methods for whole genome sequencing and analysis. The digitization and processing of genomic data enables unlocking of genomic information at an unprecedented scale to accelerate medical research and applications.
Market key trends:
One of the key trends in the digital genome market is the growing adoption of artificial intelligence and machine learning approaches. AI is helping analyze the huge amounts of genomic data generated from sequencing techniques. Pattern recognition capabilities of AI are able to sift through petabytes of genomic data and uncover meaningful associations and insights. AI powered analysis is proving far more powerful than manual methods for clinical interpretation of genomic variants in disease diagnosis and prognosis. It is also accelerating drug discovery through target identification, predictive modeling of drug-target interaction and validation of leads. The integration of AI with digital genome technologies will continue to advance genome research, unlock new applications and drive growth of the digital genome market during the forecast period.
Porter's Analysis
Threat of new entrants: The Global Digital Genome Market requires large investments in capital as well as technological expertise which makes it difficult for new players to enter this market.
Bargaining power of buyers: Due to the presence of several established players, buyers have moderate to high bargaining power in this market. They can choose between various sequencing platforms and services as per their research needs and budget.
Bargaining power of suppliers: A few large companies dominate the supply of key sequencing instruments, reagents, and consumables which gives them significant bargaining power over buyers.
Threat of new substitutes: Being an emerging market, threat from substitutes is relatively low currently. However, ongoing advancements in omics technologies may offer new alternatives in the long run.
Competitive rivalry: The market features intense competition among global players due to their breadth of product offerings and geographical presence. Key players focus on new product launches, acquisitions, and partnerships to gain market share.
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 growing applications of genome sequencing in clinical diagnostics and personalized medicine.
North America dominated the global market in 2023, accounting for around 35% of the total share, owing to the presence of major pharmaceutical companies and research laboratories in the US. However, Asia Pacific is projected to be the fastest growing regional market during the forecast period, driven by rising genomics funding and expanding healthcare infrastructure in China and India.
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). These companies focus on new technological advancements through investments in R&D as well as strategic partnerships and mergers & acquisitions to strengthen their product portfolios.
Read More: https://www.ukwebwire.com/digital-genome-market-is-estimated-to-witness-high-growth/
