Digital Genome Market to Surpass US$ 17.3 Billion Threshold by 2026

The Global Digital Genome Market, by Product Type (Sequencer & Analyzers, Reagents & Kits, and Sequencing & Analysis Software), by Application (Clinical (Reproductive Health, Oncology, and Others), Forensics, Drug Discovery and Development, and Other Applications), by End User (Hospitals, Diagnostic Centers, Research Institutes, Biotechnology and Pharmaceutical Companies, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 7.5 billion in 2018, and is projected to exhibit a CAGR of 10.9% during the forecast period (2018 – 2026).

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Key players in the market are engaged in development of digital genome, owing to greater future prospects of digital genome in the detection of chronic and infectious disease, birth anomalies, drug discovery & development, and diverse clinical applications. Also, market players are adopting inorganic growth strategies to increase their market presence.

For instance, in October 2016, IBM Corporation collaborated with Quest Diagnostics, an American clinical laboratory, launched IBM Watson Genomics, which can be used for Quest Diagnostics. The service is intended to be used for precise medicine for cancer. In December 2017, PerkinElmer collaborated with Neuromuscular Disease Foundation for launching Whole Genome Sequencing research conducted for the rare muscle disease. Furthermore, in July 2018, Google partnered with National Institutes of Health for developing Google Cloud for the biomedical research.

Furthermore, key players in these market are focused on acquisition strategies to expand their geographical presence. For instance, in January 2016, Thermo Fisher Scientific acquired Affymetrix in order to obtain its chips used for genotyping, cytogenetics and gene expression and array-based platforms for around US$ 1.3 billion. In June 2018, Roche made definitive merger agreement to acquire Foundation Medicine, Inc. This merger agreement enable both companies to accelerate the broad availability of comprehensive genome profiling in oncology. In October 2017, Eurofins Scientific signed an agreement to acquire Forensics and Security division of LGC (LGC Forensics).

Major players operating in the global digital genome market include Illumina, Inc., PerkinElmer, Inc., Pacific Biosciences of California, Inc., Thermo Fisher Scientific Inc., Oxford Nanopore Technologies Limited, Nanostring Technologies, Inc., IBM Corporation, Google LLC, Amazon.com, Inc., Deep Genomics, Deep Genomics, Deep Genomics, Desktop Genetics Ltd., and Ancestry.com LLC.

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This release was published on openPR.