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Digital Genome Market Share, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Digital Genome Market Share
According to The Business Research Company's, the digital genome market size has grown rapidly in recent years. It will grow from $32.25 billion in 2023 to $39.25 billion in 2024 at a compound annual growth rate (CAGR) of 19.7%. The growth in the historic period can be attributed to growing funding for genomics, reduced cost and high speed of DNA sequencing, entry of new players and start-ups in developing economies, increasing number of drug discoveries, and growing biotech sector.
The digital genome market size is expected to see rapid growth in the next few years. It will grow to $80.93 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%. The growth in the forecast period can be attributed to increasing prevalence of genetic disorders, increasing research and development pertaining to digital genome, growing adoption of personalized medicine, developments in biotechnology, and rising prevalence of chronic diseases. Major trends in the forecast period include the increasing adoption of next-generation sequencing technologies, increasing technological advancements, extensive use of microorganisms in diagnostics industry, increasing demand for personalized medicines, and rising adoption of digital genomic technology by hospitals and clinics.
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Market Drivers and Trends:
The increasing prevalence of genetic disorders is expected to propel the growth of the digital genome market going forward. Genetic disorders are hereditary conditions caused by abnormalities or mutations in an individual's DNA, the genetic material that carries instructions for the development and functioning of the body. Digital genome technologies enable the identification of genetic mutations and variations associated with genetic disorders. This information helps in accurate and early diagnosis of these disorders, allowing for timely intervention and treatment. For instance, in August 2023, according to the National Library of Medicine, a US-based medical library, sickle cell anemia is a genetic disease that affects approximately 1 in 500 African Americans in the United States. Further, about 1 in 12 African Americans carries the autosomal recessive mutation responsible for the disease, and approximately 300,000 infants are born with sickle cell anemia annually. Therefore, the increasing prevalence of genetic disorders is driving the growth of the digital genome market.
Major companies operating in the digital genome market are developing innovative products such as the NovaSeq X Series to understand disease and ultimately transform patient lives. NovaSeq X Series includes the NovaSeq X and NovaSeq X Plus systems, with the NovaSeq X Plus capable of sequencing more than 128 genomes per run and generating more than 20,000 whole genomes per year. For instance, in September 2022, Illumina, Inc., a US-based biotechnology company, launched the NovaSeq X Series, a significant advancement in whole-genome sequencing technology. The system incorporates cost-efficiency throughout the workflow, streamlined informatics, operational simplicity, sustainability advancements, and world-class support. It also enables broader and deeper sequencing, allowing users to scale up any application to include more samples and analyze data more efficiently. The NovaSeq X Series is designed to be the most potent and cost-effective sequencing system, with improved reagent stability and faster data transfers due to optimized genomics data compression. The system was purpose-built for improved sustainability, with a smaller data footprint that reduces storage and energy consumption costs.
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Major Key Players of the Market:
Roche Holding AG, Thermo Fisher Scientific Inc., GE HealthCare Technologies Inc., Quest Diagnostics, Eurofins Scientific SE, Agilent Technologies Inc., Illumina Inc., bioMerieux SA, PerkinElmer Inc., Bio-Rad Laboratories Inc., Qiagen N.V., BGI Genomics , Myriad Genetics Inc., Foundation Medicine Inc., ArcherDx Inc., Invitae Corporation, Oxford Nanopore Technologies Ltd., Luminex Corporation , GenMark Diagnostics Inc., NanoString Technologies Inc., Pacific Biosciences of California Inc., Genewiz , Inscripta Inc., Genomic Health Inc., Becton Dickinson and Company, GenomeMe, Regeneron Pharmaceuticals Inc.
Digital Genome Market 2024 Key Insights:
• The digital genome market is expected to grow to $80.93 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%.
• Impact Of Increasing Prevalence Of Genetic Disorders On The Digital Genome Market
• Innovative Products In The Digital Genome Market Illumina's NovaSeq X Series Advancement
• North America was the largest region in the digital genome market in 2023
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