DUBAI, UAE, Jan. 3, 2024 /PRNewswire/ — As per the recent report released by Kings Research, the global Digital Genome Market revenue was recorded at USD 22.22 billion in 2022 and is likely to reach USD 92.93 billion by 2030, growing at a 19.58% CAGR from 2023 to 2030. Numerous pivotal factors fueling the market growth include advancements in DNA sequencing technologies and rising awareness of genomics’ potential to revolutionize industries such as healthcare, agriculture, and pharmaceuticals.
Digital genome involves transforming genetic information, such as DNA and RNA sequences, into a digital format. This conversion is facilitated by advanced technologies like high-throughput DNA sequencing and bioinformatics, which streamline the analysis, storage, and interpretation of biological data. The field of digital genomics holds immense potential across various domains. In clinical genomics, it aids in the diagnosis of genetic disorders, the prediction of disease risks, and the development of personalized treatment strategies.
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The global digital genome market is expected to undergo substantial growth and transformation from 2023 to 2030. Key drivers of this growth include the integration of artificial intelligence (AI) and machine learning in genomic analysis, enhancing data interpretation accuracy and efficiency. This integration is anticipated to result in more precise diagnostics and personalized treatment plans. Another notable trend is the upswing in direct-to-consumer genetic testing, empowering individuals with insights into their genetic makeup and ancestry.
Over the forecast period, the market is poised to witness sizable growth owing to an increased emphasis on disease surveillance and public health, utilizing genomics for monitoring and addressing emerging health threats. Furthermore, the convergence of genomics with other ‘omics’ disciplines, such as proteomics and metabolomics, is expected to provide valuable insights into complex diseases.
Trending Now: London-Based Biotech Company Genomes.io Raises £18 Million to Secure Monetization of Genomic Data
In August 2023, Genomes.io, a London-based biotech company focused on the safe, private, and auditable monetization of genomic data, announced that it had raised £18 million in a funding round led by GEM Digital Limited. The funding was to be used to accelerate Genomes.io’s technological growth and enable more clients to utilize its vault and reporting products.
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Competitive Landscape
Leading companies in the digital genome industry are concentrating on several crucial business tactics, including joint ventures, partnerships, mergers and acquisitions, and product breakthroughs, to broaden their product offerings and raise their market shares in various geographic areas.
For instance, in October 2021, Bionano Genomics purchased BioDiscovery, a company that develops genome software, for $100 million in cash and stock. The acquisition advanced Bionano’s goal of becoming a dominant force in the genomics industry and improved its capacity to offer complete genome analysis solutions.
Key players profiled in the global digital genome market include:
- Illumina, Inc.
- Thermo Fisher Scientific Inc.
- Qiagen N.V.
- Agilent Technologies, Inc.
- Pacific Biosciences of California, Inc.
- Oxford Nanopore Technologies Ltd.
- Roche Holding AG
- PerkinElmer, Inc.
- Eurofins Scientific SE
- BGI Group
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Advancements in DNA Sequencing Technology to Propel Digital Genome Market Development
Based on technology, the market is classified into DNA sequencing, bioinformatics, genomic data storage, data analysis, and interpretation.
The DNA sequencing segment is anticipated to lead the digital genome market over the forecast period. Technologies for sequencing DNA are essential for producing genomic data for research, clinical genomics, and personalized medicine, among other uses. Technological developments such as third-generation sequencing (TGS) and next-generation sequencing (NGS) have lowered prices while boosting speed and accuracy.
Rising Adoption of Digital Genomic Technology by Hospitals and Clinics to Propel Market Progress
Based on end-user, the market is categorized into hospitals and clinics, research and academic institutions, biotechnology and pharmaceutical companies, agricultural organizations, and direct-to-consumer genetic testing companies.
The hospitals and clinics segment dominated the global digital genome market in 2022. The significance of healthcare establishments such as hospitals and clinics in embracing and incorporating digital genomic technology is a key factor driving segmental growth. Hospitals and clinics are using genomics more in healthcare procedures to realize the potential of this technology in clinical diagnosis, disease prevention, and personalized medication.
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Continuous Advancements in DNA Sequencing Technologies to Drive Digital Genome Market Growth
The primary factor contributing to the growth of the global digital genome market is the continuous advancement in DNA sequencing technologies. These technological breakthroughs have resulted in a substantial reduction in the cost of DNA sequencing, making it more accessible to researchers, clinicians, and consumers alike. This cost reduction has paved the way for the widespread adoption of genomic sequencing across various fields, including clinical diagnostics, research, and personalized medicine.
The field of personalized medicine presents a significant market opportunity. With the increasing availability of genomic data and improved analytical tools, healthcare providers can tailor treatments and medications based on an individual’s unique genetic makeup. This personalized approach enhances treatment effectiveness while minimizing adverse effects. The growing recognition of the potential benefits of personalized medicine and its integration into healthcare systems worldwide presents a lucrative opportunity for market expansion.
Well-established Infrastructure for Genomics in North America to Spur Market Expansion
North America led the global digital genome market in 2022, exhibiting the highest market value. This market dominance can be attributed to the presence of a well-established infrastructure for genomics research and development, comprising esteemed research institutions, biotechnology companies, and sequencing technology providers. These resources significantly contribute to the growth and progress of the digital genome market in North America.
Moreover, the region benefits from favorable government initiatives and funding support, which are facilitating market expansion. Notably, the United States plays a pivotal role in propelling market growth due to the presence of a robust ecosystem of companies and research institutions with a strong focus on genomics. Additionally, the country maintains a comprehensive regulatory framework that fosters innovation and facilitates commercialization within the sector.
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Major Points from TOC:
Chapter 1 Introduction of The Global Digital Genome Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Digital Genome Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Digital Genome Market, By Application
Chapter 7 Global Digital Genome Market, By Technology
Chapter 8 Global Digital Genome Market, By End-User
Chapter 9 Global Digital Genome Market, By Geography
Chapter 10 North America
Chapter 11 Europe
Chapter 12 Asia-Pacific
Chapter 13 Middle East & Africa
Chapter 14 Latin America
Chapter 15 Global Digital Genome Market Competitive Landscape
15.1 Overview
15.2 Key Developments
15.3 Key Strategic Developments
15.4 Company Market Ranking
15.5 Regional Footprint
15.6 Industry Footprint
Chapter 16 Company Profiles
16.1 Illumina, Inc.
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Product Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis
16.2 Thermo Fisher Scientific Inc.
16.2.1 Key Facts
16.2.2 Financial Overview
16.2.3 Product Benchmarking
16.2.4 Recent Developments
16.2.5 Winning Imperatives
16.2.6 Current Focus & Strategies
16.2.7 Threat from competition
16.2.8 SWOT Analysis
16.3 Qiagen N.V.
16.3.1 Key Facts
16.3.2 Financial Overview
16.3.3 Product Benchmarking
16.3.4 Recent Developments
16.3.5 Winning Imperatives
16.3.6 Current Focus & Strategies
16.3.7 Threat from competition
16.3.8 SWOT Analysis
16.4 Agilent Technologies, Inc.
16.4.1 Key Facts
16.4.2 Financial Overview
16.4.3 Product Benchmarking
16.4.4 Recent Developments
16.4.5 Winning Imperatives
16.4.6 Current Focus & Strategies
16.4.7 Threat from competition
16.4.8 SWOT Analysis
16.5 Pacific Biosciences of California, Inc.
16.5.1 Key Facts
16.5.2 Financial Overview
16.5.3 Product Benchmarking
16.5.4 Recent Developments
16.5.5 Winning Imperatives
16.5.6 Current Focus & Strategies
16.5.7 Threat from competition
16.5.8 SWOT Analysis
Continued………
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