Digital Genome Market – Analysis And Forecast (2016-2024): Market Shares And Strategies Of Key Players
The global digital genome market is highly fragmented due to the participation of many established and emerging players in the market. Major players involved in the market include Illumina Inc., Umbel, BiogeniQ, GenomeMe, NanoString Technologies and NanoString.
Digital Genome Market Overview
Digital genome is the complete digital set of genes or genetic material present in a cell or organism. Genome is the branch of biology that deals with the study of genes and their functions. Digital genome allows the conversion of this large volume of data into products and services. A digital genome act as a pivot table that allows instant access to trait combinations to solve seemingly endless custom queries. The development of polymerase chain reaction (PCR) enabled researchers to characterize the genome at gene level. Digital genome allows researchers to study and review a broad range of genome in-depth, base by base interrogation of particular loci, research and development for drug discovery and precision medicine application
Digital genome market is segmented on the basis of component type, application, and end users. On the basis of component, the market is segmented to hardware, software and services. Services and software segment is expected to contribute the major market share in the overall digital genome industry. On the basis of application, digital genome market is segmented into diagnosis, drug discovery, personalized medicine, academic research, and agricultural. Diagnostic and drug discovery application segment of market is expected to contribute major share to the overall market in the foreseeable future.
Prevalent Scenario in Digital Genome Market
Increasing technological advancements and growing awareness related to the use of genomes for diagnosis of diseases such as cancer, diabetes, and Attention Deficit Hyperactivity Disorder is expected drive market growth. Cancer creates major disease burden on the society. In 2016, an estimated 1,685,210 new cases of cancer were diagnosed in the U.S. As per American Diabetes Association in 2012, approximately 1.25 million children and adult in the U.S. suffered from Type 1 diabetes. The growing chronic diseases and increasing geriatric population is creating a focus towards the need of better effective drugs creating opportunity for digital genome service providers. Increasing research in genomics and rising investments, grants, and funds by government in the field genomics is creating opportunity for the digital genome developers and providers. In February 8, 2016, National Human Genome Research Institute launched its new initiative Genes, Environment and Health Initiative (GEI) to support the research that lead to the understanding of genetic contribution and their effect in common diseases. The Genomics R&D Initiative (GRDI) in Canada coordinates with the federal science departments and agencies in the field of genomics.
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The growing trend towards using genome for pharma to predict reaction of medication for safe and effective treatment and ADHD pharma for personalized and safe treatment to choose most appropriate treatment for ADHD, and nutrition profiling where DNA is used to prevent development of chronic diseases is expected to act as major growth drivers for the digital genome market. High costs associated with the use of digital genome and less awareness about digital genome in emerging economies is expected to hamper growth of this market. North America and Europe are expected to be the growth engines of the global digital genome industry, owing to high awareness and better acceptance of advanced technologies in these regions. The emerging pharmaceutical and biotechnology companies in Europe are also expected to subsequently fuel growth of the market of digital genome in the region. On the other hand, Asia Pacific provides opportunity to digital genome manufacturers due to the increasing incidence of diseases and rising focus on research activities in these regions.
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