June 17, 2020
As per the report titled ‘Digital Genome Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product; Application; End User, and Geography’, available with Market Study Report LLC, global digital genome market was worth over USD 11.06 billion in 2019 and is projected to surpass USD 20.81 billion by the year 2027, expanding with a CAGR of 8.4% throughout.
Mounting cases of chronic diseases across the globe and increasing funding for genomics are the major growth drivers of global digital genome market, cites the research. Digital genome is a digitized representation of genetic material present in a cell or an organism. The technology analyzes genes and their functions to uncover the causes of chronic diseases and find cures for them. Technological advancements in this field are expected to improve the efficacy of personalized treatment and healthcare, thereby augmenting the industry growth.
Growing adoption of genomic sequencing into clinical practice and deployment of this technology in healthcare system facilitated by inflow of government investments, amounting to USD 4 billion in about 14 countries, is positively impacting the business outlook.
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Further, national genomic medicine initiatives are expected to boost the adoption of digital genome technology in the coming years. For instance, the UK initiated the world’s largest genome project as part of 200 million public-private collaborations among pharmaceutical and charities.
In addition, in August 2018, a Massachusetts-based company Boston, closed a seed funding round with USD 4.3 million landing and announced its plans for partnering with a genome sequencing company - Veritas Genetics. The allocated funds aim to aid the company’s goal of entering into an age of personal genome sequencing by developing a secure, trusted, and decentralized marketplace for genomic data.
Apart from these, cardiovascular diseases (CVDs) such as angina pectoris, atherosclerosis, and acute myocardial infarction claim significant number of lives throughout the globe. According to WHO, CVDs are a leading cause of death globally, with a death toll of 17.9 million lives every year. Diabetes is another life-threatening chronic disease which currently has no cure. As per the International Diabetes Federation (IDF), North America reported 46 million diabetic patients in 2017, which is estimated to reach 62 million by the year 2045. Rapid increase in chronic diseases will continue to drive the digital genome industry growth in the ensuing years. However, lack of skilled professionals is a major restraint for the market sphere.
Based on the product type, sequencing & analyzer instruments segment accounted for the largest market share in 2019 but sequencing chips segment is likely to observe the highest CAGR over the forecast timeframe.
Elaborating on the application scope, diagnostics segment attained majority market share in 2019, however, personalized medicine segment is projected to record momentous growth in the coming years.
Speaking of the end user spectrum, diagnostics & forensic labs segment grasped the largest market share in 2019. While, academic research institutes segment is projected to expand at the fastest pace over the study period.
As per the regional analysis, Europe digital genome market is expected to record substantial growth in the upcoming years, with UK leading the way. The UK boasts of the largest genome database in the world through the 100,000 Genomes Project. The project was led by Innovate UK as part of UK Research and Innovation, which aims to fund researchers and associated industries for combining data and real-world cases from the health services in UK, and consequently develop new products & services for effective diagnosis of diseases.
Prominent industry players include F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Illumina, Inc., GenomeMe, Qiagen, NanoString Technologies, Inc., bioMerieux SA, BD, Perkin Elmer, Inc., and GenMark Diagnostics, Inc.