Medical research has witnessed genomics as the most rapidly evolving area transforming the healthcare system. Digital genome market has witnessed a boom with the growing emphasis on personalized medicine. The use of the genomics concept to study a broad range of genomes in depth and to solve seemingly endless custom queries, is expected to leverage the global digital genome industry. As per a report by Global Market Insights Inc., “Digital Genome Market is estimated to register a CAGR of 9.5% over the period of 2016-2024.”
Digital genomics is taking smart analytics to next level. In an attempt to better assess concerns over lifestyle induced diseases and predict optimal therapy, healthcare experts have adopted precision medicine technologies such as gene sequencing and big data analytics, which has led to rapid growth in the precision medicine market. The urge for genomics and proteomics technologies has influenced researchers to explore the field of central nervous system disease and rare genetics. The escalating demand for genomics for cancer, diabetes, and HIV diagnostics is anticipated to fuel digital genome industry share.
Germany Digital Genome Market size, by product, 2012-2024 (USD Million)
Surge in research funds & capitals with rising public and private investments is likely to augment digital genome market. Research & development was the leading application of the digital genome industry, and is anticipated to exceed USD 23 billion by 2024. Academic research is also estimated to observe significant growth with heavy funding for life science research projects.
Rising application of microbes for biological, industrial, and clinical applications will fast-track the growth of microbiology applications over the coming seven years. Digital genome market share in microbiology applications is predicted to exceed USD 10 billion by 2024. Other industry segments such as biopharmaceutical companies, drug discovery, forensics, and transplantation are likely to seize huge business opportunities and reap significant profits.
What are the major product segments in the digital genome market?
Why is the digital genome industry likely to witness better growth avenues in developed economies compared with emerging economies?
Availability of abundant funds and presence of established healthcare infrastructure with advanced & effective treatment facilities is the key driver for the prosperous growth of digital genome market in the U.S. and Germany. U.S. industry accounted for over 80% of the overall revenue share in 2015, owing to regular break-through innovations in genomics. The completion of Human Genome Project (HGP) has reached a major milestone, having attracted positive achievements and significant public & private initiatives in the region. Likewise, Germany digital genome market worth USD 1.4 billion in 2015, is also foreseen to exhibit lucrative growth avenues.
However, in the next few years, Asia Pacific region is poised to witness significant developments due to strengthening economies of developing countries such as India and China. China digital genome industry is poised to witness a CAGR 10% over 2016-2024, owing to the favorable government initiatives and increasing collaborations between research institutes for creating genomic biobanks and databases.
The key participants are investing heavily in R&D to develop an innovative products’ portfolio, which would provide a competitive edge in the market. Major digital genome industry players include Perkin Elmer, Sigma Aldrich, Fluidigm, Veracyte, Trovagene, Affymetrix, Qiagen, Illumina, Becton Dickinson, Pacific Biosciences, Agilent, and Neogen.