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:
The Digital Genome Market comprises products and solutions that analyze genome data to reveal clinically relevant information. Digital genomics helps in analyzing genetic data to enhance healthcare outcomes by offering more personalized treatment options based on patient's genetic makeup.
Market key trends:
One of the major trends in the Digital Genome Market is increasing application of artificial intelligence (AI) and machine learning techniques. AI is being widely used for analyzing large genomics datasets and identifying patterns that can help diagnose diseases. AI algorithms are aiding in extraction of meaningful insights from genome sequence data that would otherwise be impossible to deduce manually. They are improving analytical capabilities and enabling precision medicine approaches by facilitating early detection of various genetic diseases.
Segment Analysis
The Global Digital Genome Market Size is segmented by technology, application and end user. By technology, sequencing and chip-based microarrays represent the dominant segment, collectively accounting for over 60% share of the global market in 2023. This can be attributed to widespread usage of sequencing and microarray technologies in various genome analysis applications across research, diagnostics and drug discovery domains.
Key Takeaways
The global digital genome market is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing demand for personalized medicine and whole genome/ exome sequencing techniques. The market size for 2023 is US$ 26.59 Bn.
Regional analysis:
North America represented the largest regional market in 2023 and is anticipated to continue its leading position over the forecast period as well. Higher acceptance of precision medicine and genomic technology, large healthcare expenditure, and presence of key players are some of the major factors responsible for the dominance of North America in the global digital genome market.
Key players: Key players operating in the digital genome market are THERMO FISHER SCIENTIFIC INC.,F. HOFFMANN-LA ROCHE LTD, Illumina, Inc., QIAGEN, GenomeMe, NanoString Technologies, Inc., BD bioMerieux SA, GenMark Diagnostics, Inc., Perkin Elmer, Inc. Thermo Fisher Scientific and Illumina are the most prominent players providing sequencing systems and consumables.
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