July 16, 2024
Digital Genome Market

Digital Genome Market High Growth due to Increased Funding and Expansion of DNA Sequencing Technologies

The digital genome market is estimated to be valued at US$ 13,580.5 million in 2023 and is expected to exhibit a CAGR of 10.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Digital genome refer to the digital representation of genome sequence data that can be stored and manipulated on a computer. It involves DNA sequencing to convert raw genome sequence data into digital formats that can be easily handled and analyzed by bioinformatics tools and algorithms. Digital genomes have applications in precision medicine, drug discovery, reproductive genetics, and agricultural biotechnology.

Market key trends:

One of the key drivers propelling growth of the digital genomes market is increased funding and investments for genomics research and development of sequencing technologies. For instance, according to the report by National Human Genome Research Institute (NHGRI), the US government funded over US$ 637 million in genome projects in fiscal year 2023, representing about 8% increase from previous year’s funding of US$ 589 million. This has supported expansion of genomics capabilities including high-throughput DNA sequencing technologies. Next generation sequencing technologies have improved rapidly in recent years in terms of speed, throughput and cost-effectiveness. This has increased adoption of sequencing in clinical settings and research activities. Moreover, increasing applications of sequencing in non-invasive prenatal testing, cancer diagnostics and monitoring are also expected to support market growth over the forecast period.

The Digital Genome Market Demand is estimated to be valued at US$ 13,541.1 Mn in 2030 and is expected to exhibit a CAGR of 10.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Digital genome  refers to the digital representation of an organism’s complete set of DNA. It involves techniques such as genome sequencing, bioinformatics, and computational biology to digitally represent the complete set of an organism’s genome information. Digital genome finds widespread applications in areas such as precision medicine, drug discovery, personalized medicine, genetic disease diagnostics, agriculture, and forensic analysis.

Market Dynamics:

The growth of the global digital genome market is majorly driven by the increasing adoption of genomic technology and rising focus on precision medicine. Precision medicine is an emerging approach for disease treatment and prevention that takes into account individual variability in genes, environment, and lifestyle for each person. With the advances in genome sequencing and genomic data analysis techniques, precision medicine is gaining prominence. According to the Office of the National Coordinator for Health Information Technology, precision medicine initiatives are expected to save more than $305 billion in healthcare costs in the U.S. by 2025. This is augmenting the demand for digital genome technology.
Another key factor fueling the market growth is the declining costs of genome sequencing. The cost of whole human genome sequencing has dropped from around $3 billion in 2001 to less than $1000 in 2023. This has increased the affordability and accessibility of genome sequencing and promoted the adoption of digital genome approaches in diverse end-use industries.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it