Digital Genome Market: Overview
Digital genome is anticipated to be one of the rapidly emerging technologies in the next few years. Digital genome is the complete set of genes available in digital format which helps to understand the genes and their biological functions. Genes are the genetic material present in a cell. Many of the global intractable health challenges such as heart diseases, cancer, and disorders have a genetic component. With digitization of the genome, researchers will be able to make critical decisions about patient treatment as they know overall genetic make-up of the disease condition. In simple words, digital genome allows scientists to convert large volume of data into simple products which helps them to solve medical problems. For instance, the discovery of polymerase chain reaction (PCR) empowered researchers to characterize genome at genetic levels. Branch digital genome has also helped researchers to review genome analysis in detail.
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The global digital genome market is driven by increase in chronic diseases, global rise in geriatric population, demand for accuracy in diagnosis and treatment of diseases using digital genome techniques and applications, increased research in genomics, and rise in funding related to digitalization. On February 8, 2016, the National Human Genome Research Institute proposed its novel initiative named Genes, Environment, and Health Initiative (GEI). The aim of this project is to assist the research and development related to better understanding of the genetic contribution and their role in the development of diseases. Funding by government agencies is one of the major drivers of the global digital genome market. For example, the Genomics R&D Initiative (GRDI) based in Canada cooperates with other federal science departments and agencies in the development of genomic research. On the other hand, high costs related with the use of digital genome techniques and products, less awareness about digital genome in developing economies, and side effects related to use of new product are factors anticipated to hamper market growth.
The global digital genome market can be segmented based on component type, application, and end-user. Components are segmented into hardware, software, and services. The services and software segments are projected to dominate the digital genome market. In terms of application, the global digital genome market can be segmented into drug discovery, diagnosis, personalized medicine, academic research, and others. The diagnosis and drug discovery segments are anticipated to capture major market shares in the next few years. Based on end-user, the global digital genome market can be segmented into biotechnology and pharmaceutical companies, forensic companies, academic and research institutes, and others.
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Geographically, the digital genome market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to account for the largest share of the global market, followed by Asia Pacific, Europe, Latin America and Middle East and Africa. Factors such as increasing use of advanced techniques in genome, use of point of care devices, developments in gene therapy in the U.S., and rising availability of research allowances and subsidy are likely to boost the market in North America. In Europe, rising investments by pharmaceutical and biotechnology companies are expected to drive the market. The market in Asia Pacific is estimated to grow at a decent rate owing to rise in geriatric population and health care services.
Major players in the global digital genome market are Umbel, NanoString, BiogeniQ, GenomeMe, and Illumina, Inc
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