The global digital genome market is expected to witness tremendous growth during the forecast period. Digital genome can be used in the diagnosis of rare diseases, genetic diseases, cancer, neurological disorders and others. The rising prevalence of chronic diseases such as breast cancer is driving the market growth. Other essential factors influencing the growth of the market are increasing geriatric population, need for efficient diagnosis and treatment, increasing number of drug discoveries, growing biotech sector, increasing research in the field of genomics and rise in funding related to digitalization. Variants of Presenilin gene lead to Alzheimer’s disease. According to Alzheimer’s Association in 2018, 5.7 million people are from Alzheimer’s disease in the Americas. With the help of digital genome identifying genomic variants is easy.
However, factors such as high costs of digital genome techniques, lack of knowledge about the digital genome, security issues and inaccurate results are some of the factors expected to hinder the market growth during the forecast period.
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The global market is highly fragmented due to new entrants and various key players, such as Umbel (U.S), BiogeniQ (Canada), GenomeMe (Canada), NanoString (U.S), and others.
The Global Digital Genome Market is segmented into diseases, end-users, and applications.
By disease, the market is segmented into cancer, diabetes, and others. Cancer research segment has the largest market share. Increasing incidences of cancer and rise in demand for personalized medicine in molecular characterization of cancer is driving the market and is expected to generate a healthy revenue.
Market segmentation based on end-users include hospitals, research laboratories, and others. Research laboratories are leading the digital genome market share. Growing number of private and public investments in research and development is expected to boost the global market. In addition, Microbiology applications are experiencing a sharp growth owing to its demand from industrial, biological and clinical sectors.
Application-based segmentation has diagnostics, drug discovery, academic research, agriculture & animal research, personalized medicine, and others. Biopharmaceutical companies contribute the maximum. Extensive application of genome technology has spurred a growth in this segment. Academic research institutes are set to witness high growth as investors are trying to gain more by exploring rarely charted areas of the ecosystem.
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Digital genome has created a buzz across the world. Many of the corporates are now showing interest in this field, and it is not just coming from the healthcare side but also from tech groups. This is a sure sign of the market getting matured. For instance, Roche has acquired Foundation Medicine for $1.8B and involving themselves in several private market investments. Illumina has invested in diverse areas of genomics with interest in creating a huge genetic database.
Geographically, the global digital genome market segmentation includes North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa.
In North America, the well-established healthcare infrastructure, research centers and discovery of genome sequencing technologies along with rising geriatric population are giving the boost to the market.
The European market is also experiencing a steady growth owing to its better policy implementation and funding in various research areas. The Russian market is expected to grow considerably during the forecast period (2016-2027) owing to the regional competition.
In Latin America, Brazil is expected to grow at a considerable rate during the forecast period due to its supportive rules regarding genetic and clinical testing.
China is going to dominate the Asia Pacific region as its supportive government policies and strategic partnership between biobanks and research institutes are expected to trigger the market growth further.
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