Global Digital Genome Market Information by Disease (cancer, diabetes), by End users hospitals, research laboratories) by application (diagnostics, drug discovery, academic research) – Forecast to 2027
KEY PLAYERS FOR DIGITAL GENOME MARKET
Illumina Inc., Umbel, BiogeniQ, GenomeMe, and NanoString Technologies are some of the prominent players at the forefront of competition in the clinical laboratory test market and are profiled in MRFR Analysis.
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MARKET SCENARIO FOR DIGITAL GENOME MARKET
The global digital genome market is growing mainly due to growing awareness, and rising prevalence of chronic diseases. According to a recent study report published by the Market Research Future, the global digital genome market is booming and expected to gain prominence over the forecast period. The market is forecast to demonstrate a spectacular growth by 2027, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2027).
Digital genome is one of the emerging technologies that can help to find the cause chronic disorders, and fix them. The major benefit associated with digital genome is that the healthcare will become more personal, and effective, and it is easier to gather information about diseases. The medical professionals use this technology to get a closer look at various genetic composed diseases, such as cancer.
Other push factors such as, growing population, increasing patient awareness, demand for effective diagnosis, and treatment options, increased research in genomics, and improvement in reimbursement policies are also fuelling the growth of the market. With increasing rate of genome sequencing, government, and various private organizations are actively participating in massive genomics projects. For instance, the US National Institutes of Health launched a Precision Medicine Initiative that specifically aims to combine genetic and health data for one million people. It is also found that China is investing more than USD 9 billion in a similar initiative, and only the pilot stage includes one million human genomes.
Despite these drivers, high cost and development of technology, complex return on investment structure, side effects of the product, issues regarding security and confidentiality of patient data, and less awareness in developing economies, are expected to hinder the growth of the market during the forecast period.
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SEGMENTS FOR DIGITAL GENOME MARKET
The market for Digital Genome is segmented in mainly three parts i.e. by disease, by end user, by applications and its various sub-segments; by disease include cancer, diabetes and others. Whereas by end users include hospitals, research laboratories and others. Furthermore by application includes diagnostics, drug discovery, academic research, agriculture & animal research, personalized medicine and others.
REGIONAL ANALYSIS FOR DIGITAL GENOME MARKET
Considering the global scenario of the digital genome market, Americas region is believed to be the largest market for digital genome as this region is concentrated with major leading players, and has high healthcare expenditure. As per the facts suggested by the Centres for Disease Control and Prevention (CDC), out of the total annual healthcare expenditure, 86% is for people with chronic health conditions in the United States. Moreover the European market is also growing continuously and slowly catching up with the North American market due to better research funding policies.
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