May 22, 2024
Digital Genome Market

Advancements In Genomics Is Driving Growth Of The Global Digital Genome Market

The digital genome provides a digital representation of an organism’s complete genetic code. It involves sequencing the genome and then digitally representing the genes, regulatory elements, and other features of an organism’s genetic code. Digital genomics allows for fast and scalable analysis of genomic data that can lead to new insights. It has wide applications in precision medicine for diagnosing diseases and developing targeted therapies. Digital representation of genomes also enables large-scale genomic research and discovery. Advantages of digital genomes include easier sharing and storage of genomic data compared to physical samples, as well as powerful computational analysis using algorithms, machine learning and artificial intelligence.

 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 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Advancing technologies are driving rapid growth in genomic data generation and digital representation of genomes. Next-generation sequencing costs have plummeted in the last decade, leading to an exponential growth in genomic and other types of biological data. Digital technologies now allow storing, managing and analyzing this flood of genomic data. Machine learning and artificial intelligence are proving powerful for large-scale genomic data analysis and enabling new discoveries. Cloud-based genomic data infrastructure and analysis platforms are also gaining traction. Growing demand for personalized medicine is further fueling the digital genome market. As genomic testing becomes more common in disease diagnosis and treatment selection, digital representation of patient genomes will be crucial. Startups in genomics are commercializing various digital genome applications for conditions like cancer. With falling DNA sequencing costs, whole genome sequencing is projected to become routine medical practice, driving tremendous growth of digital genomes over the coming decade.

Porter’s Analysis

Threat of new entrants: Low barriers to entry due to limited capital required and availability of open source technologies. However, established players dominate through large customer base and proprietary solutions.

Bargaining power of buyers: High bargaining power due to availability of alternatives and transparency in pricing. Buyers can negotiate on price and demand added features.

Bargaining power of suppliers: Low bargaining power since key technology providers have access to unique genomic data sets and capabilities, difficult for buyers to switch.

Threat of new substitutes: Low threat as genome sequencing and analysis continue to have widespread applications across healthcare and life sciences with no viable substitutes existing.

Competitive rivalry: Intense competition among large players like Illumina, Thermo Fisher Scientific and smaller specialized companies. Competition drives innovation and price reductions.

Key Takeaways

The Global Digital Genome Market Demand is expected to witness high growth over the forecast period.

Regional analysis: North America is the largest digital genome market currently owing to increasing investments in genomic research by public as well as private players. The US government’s Precision Medicine Initiative has accelerated development of precision therapies based on genomics.

Key players: Key players operating in the digital genome market are Illumina, Thermo Fisher Scientific, Agilent Technologies, Qiagen, Eurofins Scientific, BGI, F. Hoffmann-La Roche AG, GE Healthcare, Cavidi, PerkinElmer and Pierian DX. Illumina dominates the sequencing market while Thermo Fisher leads in analytical instrumentation.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it