Digital Genome Market Revenue to Worth Over US$ 17.3 Billion by 2026 | CAGR: 10.9%: Coherent Market Insights
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The Global Digital Genome Market, by Product Type (Sequencer & Analyzers, Reagents & Kits, and Sequencing & Analysis Software), By Application (Clinical (Reproductive Health, Oncology, and Others), Forensics, Drug Discovery and Development, and Other Applications), by End User (Hospitals, Diagnostic Centers, Research Institutes, Biotechnology, and Pharmaceutical Companies, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 7.5 billion in 2018 and is projected to exhibit a CAGR of 10.9% during the forecast period (2018 – 2026).
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Key players in the market are engaged in development of digital genome, owing to greater future prospects of digital genome in the detection of chronic and infectious disease, birth anomalies, drug discovery & development, and diverse clinical applications. Also, market players are adopting inorganic growth strategies to increase their market presence.
For instance, in October 2016, IBM Corporation collaborated with Quest Diagnostics, an American clinical laboratory, launched IBM Watson Genomics, which can be used for Quest Diagnostics. The service is intended to be used for precise medicine for cancer. In December 2017, PerkinElmer collaborated with Neuromuscular Disease Foundation for launching Whole Genome Sequencing research conducted for the rare muscle disease. Furthermore, in July 2018, Google partnered with National Institutes of Health for developing Google Cloud for the biomedical research.
Browse 22 Market Data Tables and 26 Figures spread through 161 Pages and in-depth TOC on ‘Digital Genome Market, by Product Type (Sequencer & Analyzers, Reagents & Kits and Sequencing & Analysis Software), By Application (Clinical (Reproductive Health, Oncology, and Others), Forensics, Drug Discovery, and Development and Other Applications), By End User (Hospitals, Diagnostic Centers, Research Institutes, Biotechnology, and Pharmaceutical Companies and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2026’
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Furthermore, key players in these market are focused on acquisition strategies to expand their geographical presence. For instance, in January 2016, Thermo Fisher Scientific acquired Affymetrix in order to obtain its chips used for genotyping, cytogenetics and gene expression and array-based platforms for around US$ 1.3 billion. In June 2018, Roche made definitive merger agreement to acquire Foundation Medicine, Inc. This merger agreement enable both companies to accelerate the broad availability of comprehensive genome profiling in oncology. In October 2017, Eurofins Scientific signed an agreement to acquire Forensics and Security division of LGC (LGC Forensics).
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Key Takeaways of the Digital Genome Market:
- The global digital genome market is expected to exhibit a CAGR of 9% during the forecast period, owing to rising trends to adopt digital genome technology in the personalized medicine and growing technological advancement in digital genome market.
- Among product type, sequencer & analyzers segment accounted for major market share in 2017. Sequencer and analyzers enable to perform massive quantity of DNA sequencing in less time than conventional sequence analysis tools. Thus, it form an important tool in DNA sequencing, drug discovery & development and gene engineering.
- Among application, clinical application segment accounted for the highest share in 2017, owing to increasing application of digital genome in clinical diagnosis and treatment. Genome technologies offer vast opportunities to improve medical and healthcare outcomes of infectious disease treatment, cancer treatment, reproductive disorders, identification and diagnosis of genetic factors leading to common disease, diagnosis of rare disorders, pharmacogenetics, targeted therapy, and transplantation.
- Among end user, research institutes segment accounted for the highest share in 2017. As various research institutes are majorly focused on research in the field of genome engineering. Furthermore, some research centers are providing funding in order to increase R&D for genetic engineering.
- Major players operating in the global digital genome market include Illumina, Inc., PerkinElmer, Inc., Pacific Biosciences of California, Inc., Thermo Fisher Scientific Inc., Oxford Nanopore Technologies Limited, Nanostring Technologies, Inc., IBM Corporation, Google LLC, Amazon.com, Inc., Deep Genomics, Deep Genomics, Deep Genomics, Desktop Genetics Ltd., and Ancestry.com LLC.
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