The digital genome market was valued at US$ 11,065. 31 million in 2019 and is projected to reach US$ 20,812. 81 million by 2027; it is expected to grow at a CAGR of 8. 4% during 2020-2027. The growth of the digital genome market is mainly attributed to factors such as the increasing prevalence of chronic diseases and growing funding for genomics.
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However, dearth of skilled professionals is likely to restraint the growth of the market during the forecast years.
Digital genome is a complete digital set of genetic material that present in an organism or a cell.Digital genome technology deals with genes and their functions to find the causes behind the chronic diseases and also to fix them.
The technology is associated with the advancements that help to make healthcare more personal and more effective for the treatment.Digital genome facilitates instant access to trait sequences to resolve unending custom queries.
Genomic sequencing is rapidly transitioning into clinical practice, and implementation into healthcare systems has been supported by substantial government investment, accounting for US$ 4 billion in at least 14 countries. These national genomic medicine initiatives are driving transformative change under real-life conditions while simultaneously addressing barriers to implement and gather evidence for broader adoption.
The UK has announced the world’s largest genome project as part of 200 million public-private collaboration between charities and pharmaceutical.The UK has already developed the largest genome database in the world through the 100,000 Genomes Project.
Led by Innovate UK as part of UK Research and Innovation, the project will fund researchers and industry to combine data and real-world evidence from UK health services and create new products and services that diagnose diseases efficiently. Moreover, in August 2018, Boston, a Massachusetts-based company, announced that it landed US$ 4.3 million in seed funding and that it would be partnering with Veritas Genetics, a genome sequencing company. The funds will support the company’s mission to usher in the era of personal genome sequencing by creating a trusted, secure, and decentralized marketplace for genomic data.
Cardiovascular diseases (CVDs) such as atherosclerosis, angina pectoris, and acute myocardial infarction are a significant cause for mortality in the world owing to the present day hectic lifestyle. As per the data provided by WHO, CVDs are the number 1 cause of death globally, taking an estimated 17.9 million lives each year. Diabetes is one of the life-threatening chronic diseases with no functional cure. Diabetes of all types can lead to various complications in different parts of the body and can increase the overall risk of premature death. Heart attack, stroke, kidney failure, leg amputation, vision loss, and nerve damage are the major complications associated with diabetes. As there is a significant increase in diabetes cases across the world, it results in life-changing complications among the population. According to the International Diabetes Federation (IDF), in 2017, 46 million diabetic patients were reported in North America, which is expected to reach 62 million in 2045. As chronic diseases are increasing at a faster pace, the research on genomics for life-threatening illnesses has progressed rapidly over the last five years, thereby driving the market growth during the forecast period.
Based on product, the digital genome market is segmented into DNA/RNA analysis, sequencing chips, sequencing and analyzer instruments, sample prep instruments, and sequencing and analysis software. The sequencing and analyzer instruments segment held the largest share of the market in 2019; whereas, the sequencing chips segment is estimated to register the highest CAGR in the market during the forecast period.
Based on application, the digital genome market is segmented into diagnostics, agricultural, academic research, drug discovery, personalized medicine, and other applications. The diagnostics segment held the largest share of the market in 2019; however, personalized medicine segment is estimated to register the highest CAGR in the market during the forecast period.
Based on end user, the global digital genome market is segmented into diagnostics and forensic labs, academic research institutes, hospitals, and others. The diagnostics and forensic labs segment held the highest share of the market in 2019; whereas, the academic research institutes segment is estimated to register the highest CAGR in the market during the forecast period.
The World Health Organization (WHO), Food and Drug Administration (FDA), NHS (National Health Service), and Centers for Disease Control and Prevention are some of the major primary and secondary sources referred for preparing this report.
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