The Digital Genome Market size is expected to reach USD 32.5 Billion by 2032 at 10.5% CAGR during the forecast period 2023-2032. The 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.
Digital Genome Market Segment Insights
The digital genome market is segmented on the basis of product, application, and end-user.
The digital genome market, by product, is segmented into sequencing services, sequencing instruments, sequencing consumables, bioinformatics and sample preparation kits and reagents.
The application segment is segmented into diagnostics, agriculture & animal research, personalized medicine, drug discovery and treatment analysis.
On the basis of end-user, the market is categorized into research centers and government institutes, academic institutions, pharmaceutical & biotechnology industries, hospitals, and diagnostic centers.
On the basis of region, the digital genome market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
The Americas is sub-segmented into North America and South America. The North American region is further segmented into the US and Canada. The European region is divided into two, namely, Western Europe and Eastern Europe. Western Europe is further classified into Germany, Italy, France, the UK, Spain, and the rest of Western Europe. The Asia-Pacific region is sub-segmented into Japan, China, India, Australia, the Republic of Korea, and the rest of Asia-Pacific. The Middle Eastern and African region is sub-segmented into the United Arab Emirates, Saudi Arabia, Oman, Kuwait, Qatar, and the rest of the Middle East and Africa.
Digital Genome Market Share (%), by Region
Sources: Alzheimer's Association, European Commission, American Diabetes Association, Ministry of Finance - KSA
The digital genome market is dominated by America owing increasing prevalence of chronic diseases like cancer and diabetes. The Breastcancer.org estimated 266,120 new cases of invasive breast cancer and 63,960 new cases of non-invasive breast cancer in America in 2018. Thus, this provides favorable backgrounds for the market to grow.
It is estimated that Europe stood second in the digital genome market. The rising demand for personalized medicine and targeted therapy is driving the growth of the market. The European Alliance for Personalized Medicine (EAPM) founded in March 2012, is involved in enhancing patient care for chronic diseases through personalized medicine. According to the European Commission in April 2018, 13 European countries have signed a declaration to share the genomic data to allow personalized treatments against cancer, rare diseases, and neurological diseases.
The digital genome market in Asia-Pacific is expected to witness growth owing to rising diabetes in this region. According to the American Diabetes Association in 2016, the Western Pacific has more than 138.2 million diabetic patients. Also, the rising healthcare spending and growing biotech sector drive the market growth in this region.
The Middle East and Africa holds the least share in the digital genome market due to low funding in medical and health research. However, the rising prevalence of chronic diseases and increasing healthcare spending favors market growth in this region. According to the Ministry of Finance - KSA (Kingdom of Saudi Arabia) in 2018, 147 billion riyals (USD 39.2 billion) have been allocated for the Health and Social Development Sector. This enhances the market growth of digital genome in this region.
Digital Genome Market, by Key Players
Intended Audience
| Report Attribute/Metric | Details |
| Â Â Market Size | Â Â USD 32.5 Billion |
| Â Â CAGR | Â Â 10.5% (2023-2032) |
| Â Â Base Year | Â Â 2022 |
| Â Â Forecast Period | Â Â 2023-2032 |
| Â Â Historical Data | Â Â 2020 |
| Â Â Forecast Units | Â Â Value (USD Million) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â Product, Application, End-User |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Â Â Key Vendors | Â Â Umbel, BiogeniQ, GenomeMe, NanoString, Illumina, Inc. |
|   Key Market Opportunities |  High costs of digital genome techniquessecurity issuesInaccurate results |
| Â Â Key Market Drivers | Â The rising prevalence of chronic diseases such as breast cancerIncreasing geriatric populationNeed for efficient diagnosis and treatmentIncreasing number of drug discoveriesGrowing biotech sectorIncreasing research |
Frequently Asked Questions (FAQ) :
Digital genome refers to a set of digital genetic materials that occurs in a cell of an organism. Sequencing services and instruments are major products of Digital genome. Digital genome is majorly used in diagnostics, agriculture, and animal research.
Advancement in medical technology.
North America holds the largest share in the global digital genome market followed by Europe and Asia Pacific, respectively.
Umbel, GenomeMe, BiogeniQ, NanoString, and Illumina, Inc., are some of the major players operating in the global digital genome market.
Strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology/ product launch are some of the growth strategies that players operating in the global digital genome market adopt to gain a larger competitive advantage.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
