The Global Digital Genome Market Assessed to Acquire $20.90 Billion in Revenue by 2028

According to Triton's report, the global digital genome market, which reaped $10.06 billion in 2020, is predicted to witness growth at 9.57% of CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Digital Genome Market’ consist of the Global Analysis and Forecasts by Application (Academic Research, Drug Discovery, Agricultural, Personalized Medicine, Diagnostics, Other Applications), Product (Sequencing Chips, Sequencing and Analyzer Instruments, Sample Prep Instruments, Sequencing and Analysis Software, DNA/RNA Analysis), End-user (Academic Research Institutes, Diagnostics and Forensic Labs, Hospitals, Other End-users), and by Geography (Asia-Pacific, North America, Latin America, Middle East and Africa, Europe).

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Triton’s report estimates the global digital genome market to surge based on revenue at a CAGR of 9.57% during the period of 2021-2028. It is further projected to display revenue worth $20.90 billion by 2028.

The digital genomic process assists in identifying causes that lead to the emergence of several chronic diseases. This process is adopted by several end-user in research institutes, hospitals, diagnostics and forensic laboratories, and others.

The rising burden of chronic conditions and continual investments by governments and manufacturers in genomics, are factors augmenting the development of the digital genome market. Over the years, the burden of chronic diseases has grown tremendously. This is expected to affect the developing nations, owing to the growing population. Therefore, the increasing occurrence of chronic conditions is likely to surge the use of digital genome for treating such diseases, thereby fueling the growth of the digital genome market.

However, the dearth of skilled professionals with substantial knowledge of genome technology and security threat relating to the digital genome, are significant factors obstructing the overall market’s progress.

The market for digital genome is trifurcated into application, product, and end-user. In terms of application, it is categorized into academic research, drug discovery, agricultural, personalized medicine, diagnostics, and other applications. The product section is divided into sequencing chips, sequencing and analyzer instruments, sample prep instruments, sequencing and analysis software, and DNA/RNA analysis. Based on end-user, the market is sectioned into academic research institutes, diagnostics and forensic labs, hospitals, and other end-users.

Globally, Asia-Pacific is estimated to observe the fastest growth rate in the digital genome market over the forecast period 2021-2028. The region’s growth is mainly owing to the rising occurrence of chronic conditions, along with the increasing investments in the field of genomics. Additionally, the surge in R&D activities relating to genomics is also expected to motivate the studied market’s growth over the considered phase. For instance, the Indian government has launched several initiatives for start-up companies in the biotechnology industry, which is further expected to augment the progress of the digital genome market.

Oxford Nanopore Technologies Ltd, Regeneron Pharmaceuticals, Thermo Fisher Scientific Inc, Pacific Bioscience, Inscripta, Abbott Laboratories, Becton Dickinson and Company (BD), F Hoffmann-La Roche, Agilent Technologies Inc, Biomerieux SA, Qiagen NV, Perkinelmer Inc, Bio-Rad Laboratories Inc, and Illumina Inc are established companies thriving in the studied market.

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Question & Answer: Digital Genome Market

Question 1: What factors are augmenting the development of the digital genome market?

Answer: The rising burden of chronic conditions and continual investments by governments and manufacturers in genomics, are factors augmenting the development of the digital genome market.

Over the years, the burden of chronic diseases has grown tremendously. This is expected to affect the developing nations, owing to the growing population. Therefore, the increasing occurrence of chronic conditions is likely to surge the use of digital genome for treating such diseases, thereby fueling the growth of the digital genome market.

Question 2: What significant factors are obstructing the digital genome market’s progress?

Answer: The dearth of skilled professionals with substantial knowledge of genome technology and security threat relating to the digital genome, are significant factors obstructing the overall market’s progress.

Question 3: Which region is estimated to observe fastest growth rate in the digital genome market?

Answer: Globally, Asia-Pacific is estimated to observe the fastest growth rate in the digital genome market over the forecast period 2021-2028. The region’s growth is mainly owing to the rising occurrence of chronic conditions, along with the increasing investments in the field of genomics. Additionally, the surge in R&D activities relating to genomics is also expected to motivate the studied market’s growth over the considered phase. For instance, the Indian government has launched several initiatives for start-up companies in the biotechnology industry, which is further expected to augment the progress of the digital genome market.

Question 4: Which are the established companies thriving in the digital genome market?

Answer: Oxford Nanopore Technologies Ltd, Regeneron Pharmaceuticals, Thermo Fisher Scientific Inc, Pacific Bioscience, Inscripta, Abbott Laboratories, Becton Dickinson and Company (BD), F Hoffmann-La Roche, Agilent Technologies Inc, Biomerieux SA, Qiagen NV, Perkinelmer Inc, Bio-Rad Laboratories Inc, and Illumina Inc are established companies thriving in the studied market.

Related Report:

Global Drug Discovery Market
The global drug discovery market is probable to display growth in its revenue during 2019-2028 at a CAGR of 6.50%. Further, it is calculated to attain revenue worth $75.893 billion by 2028.

Drug discovery technologies are deployed for the removal and synthesis process of target compounds. These solutions comprise microarrays, qPCR, and others.

Factors such as technological enhancements, a surge in healthcare expenditure, and an increasing geriatric population, are motivating the development of the drug discovery market. Moreover, a substantial amount of investments to improve big data analytical capabilities, are creating multiple opportunities for the studied market to leverage to attain its anticipated growth.

However, inadequate reimbursement policies in developing nations and strict government regulations are challenging the growth of the digital genome market.

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This release was published on openPR.