The penetration of advanced technology in the healthcare sector has developed various techniques for studying different parameters in this sector. Digital genome is one such emerging technology that avails the complete set of genes in digital format which aid in the detailed understanding of genes and their biological functions. According to the report that has been published by Market research Future (MRFR), the global digital genome market is anticipated to project significant growth in the coming years.
Market Drivers and Restraints:
The high prevalence of various genetic disorders has generated the emergence of advanced techniques to study the issues and find remedies to them. The digital genome technology allows the scientists to convert a large amount of data into more sorted and simpler format which help them in solving the problems. The digital genome technology provides overall genetic make-up of the disease which aids in making critical decisions regarding the treatment procedures. The high demand for simplified genetic information in order to shorten the time required for understanding the diseases and providing relevant treatments is majorly driving the growth of the global digital genome market.
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The rapidly increasing geriatric population, current developments in the biotech sector, increasing prevalence of Alzheimer’s disease and increasing research in the field of genomics are some of the major factors that are fueling the growth of the global digital genome market. However, the high cost of digital genome technology, lack of knowledge regarding digital genome, security issues and inaccuracy of the results are likely to create hindrance in the expansion of the global digital genome market.
The global digital genome market has been segmented on the basis of product, application and end-users. Based on product, the digital gnome market is segmented into sequencing services, sequencing instruments, sequencing consumables, bioinformatics and sample preparation kits and reagents.
Based on application, the global digital genome market is segmented into diagnostics, agriculture & animal research, personalized medicine, drug discovery and treatment analysis. Based on end-users, the digital genome market is segmented into research centers and government institutes, academic institutions, pharmaceutical & biotechnology industries, hospitals, and diagnostic centers.
Geographically, the global digital genome market is segmented into four major regions such as Americas, Asia Pacific, Europe and the Middle East and Africa. The global digital genome market is currently dominated by the Americas, owing to the high prevalence of chronic diseases such as cancer and diabetes and increasing research expenditure for development of proper treatments in this region.
The skyrocketing demand for personalized medication and targeted therapy in the Europe region is fueling the growth of the digital genome market in this region. Whereas, the Asia Pacific region is anticipated to witness significant growth in the global digital genome market owing to the rapid development in the field of biotechnology and rising healthcare spending in this region.
The Middle East and Africa region accounts for the least share in the global digital genome market owing to the poor primary healthcare services and low penetration of advanced technology in the healthcare sector in various underdeveloped areas of this region.
The players in the global digital genome market are aiming towards expanding their businesses in the global market by increasing the research and development expenditure for development of upgrades in the field of digital genomes. The strategic mergers and acquisitions are aiding the players in gaining a competitive edge in the global digital genome market.
In June 2018, Digital DNAtix Ltd., a genetic blockchain company, has announced the pilot of a blockchain-based ecosystem and infrastructure for anonymous genetic testing, services and research with the help of digital genomes.
The major players that are highlighted in the report on the global digital genome market by MRFR are Umbel, BiogeniQ, GenomeMe, NanoString, Illumina, Inc. and others.
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