by 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 refers to the use of digital sequencing technologies and bioinformatics tools to sequence and analyze genomes. Digital sequencing technologies help to read genomes and convert the genetic sequence information into digital data that can be easily stored, shared and analyzed. This enables faster, more detailed analysis compared to traditional Sanger sequencing. Digital genome analysis finds applications in various areas such as reproduction, forensics, oncology, and ancestry. It helps in early detection of genetic diseases and enables personalized treatment by identifying disease-causing variations in the genome.
Market key trends:
One of the major trends in the digital genome market is the rising adoption of whole genome sequencing. Earlier, genome sequencing was limited to specific genes or parts of the genome. However, reduced costs of sequencing technologies is enabling comprehensive whole genome analysis. This provides a holistic view of genetic variations and identifying associations with certain health conditions. Another trend is the increasing collaboration between academic institutes and sequencing companies to advance genomic research. Large population-level genome projects are being undertaken to gain insights into genetic factors influencing diseases.
Porter’s Analysis
Threat of new entrants: High capital requirements including establishment of manufacturing plants, R&D facilities, and distribution network pose significant entry barriers for new players in the digital genome market.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of several established players offering similar genetic testing solutions in the market.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of alternative ingredient and raw material suppliers in the market.
Threat of new substitutes: Low threat of substitution exists as there are no cost-effective alternatives available for digital genome technology currently.
Competitive rivalry: Intense due to the presence of multiple global and regional players competing based on technology, service, and price.
Key Takeaways
The Global Digital Genome Market Size is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing incidence of genetic disorders and rising awareness about personalized medicine.
The Asia Pacific region is expected to grow at the fastest rate during the forecast period owing to improving healthcare infrastructure, rising healthcare spending, and increasing incidence of chronic diseases in the region. China and India are projected to emerge as lucrative markets.
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 and Illumina capture over 50% of the global market share due to their robust product portfolios and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
