Digital Genome Market Research Report, by Product (Sequencing Services, Instruments), Application (Diagnostics, Agriculture & Animal Research), End-User (Research Centers and Government Institutes, Academic Institutions) – Global Forecast Till 2027
Global Digital Genome Market Top Company Profile list:
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.
Global Digital Genome Market – Overview
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).
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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.
Notably, increasing prevalence of chronic diseases is the primary driver for digital genome market. The rate of various disease and disorder like diabetes, cancer and many infectious disease have risen in last few years. According to the survey by WHO, by 2030 diabetes will be the seventh leading cause of death, in 2012 approximately 1.5 million people died due to diabetes. On other hand 14 million patients in 2012 to 22 million on a yearly basis new cancer cases are been registered. The Centres for Disease Control and Prevention reported that in 2012 alone, US reported 9,945 cases of tuberculosis, 53,800 cases of salmonella, 30,831 new cases of Lyme disease and 551 cases of meningococcal disease.
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.
Global Digital Genome Market – Competitive Analysis
The global digital genome market is currently dominated by various players. Due to rising prevalence of chronic diseases, and demand for effective diagnosis, and treatment options, various existing and new marketers are continuously coming up with cost-effective technology to diagnose, and control various health conditions. The global digital genome market is currently dominated by numerous players.
Illumina Inc. is one of them by holding a strong share in the market. The company offers sequencing and array-based solutions for genetic analysis. Illumina, Inc. operates in two major segments i.e. Core Illumina and Consolidated VIEs. On January 8, 2018, Illumina Inc. entered a new agreement with Thermo Fisher Scientific that enables Illumina to sell the Ion AmpliSeq technology to the researchers who conduct scientific research on Illumina’s next-generation sequencing platforms.
On January 26, 2016, Illumina Inc. Conexio-Genomics for an undisclosed price. Conexio-Genomics is a developer of human leukocyte antigen typing solutions. The acquisition is expected to enable Illumina to develop NGS-based transplant diagnostic assay.
Global Digital Genome Market – Regional Analysis
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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