Global Digital Genome Market Size

Digital Genome Market Analysis

The Global Digital Genome Market size is estimated at USD 30.68 billion in 2024, and is expected to reach USD 57.68 billion by 2029, growing at a CAGR of 13.46% during the forecast period (2024-2029).

The COVID-19 pandemic is an unprecedented health concern and has significantly impacted the digital genome market worldwide. The pandemic has positively impacted the demand for digital genome software and products. For instance, as per a February 2022 published article titled, "Covid-19 and Artificial Intelligence: Genome sequencing, drug development, and vaccine discovery", the sequence of SARS- CoV-2 was identified with the help of AI and also aids in the prompt identification of variants of concern (VOC) as delta strains and Omicron. In addition, as per a May 2022 update by the Pan American Health Organization (PAHO), the COVID-19 Genomic Surveillance Regional Network was created in 2020 not only to strengthen the sequencing capacity in the participating laboratories but also for them to establish a routine SARS-CoV-2 genomic sequencing, as a strategy to increase the amount of genetic sequence data available to the global community, which is critical to support the development of diagnostic protocols, the information for vaccine development and to better understand the evolution and molecular epidemiology of the SARS-CoV-2. Moreover, with the introduction of vaccines and the upliftment of lockdown restrictions, the market is expected to increase the demand for digital genome products, thereby contributing to market growth.

The major factors fueling the market growth are the increasing technological advancements pertaining to the digital genome, growing adoption of personalized medicine, constantly evolving disease patterns as well as rising research and development activities about the digital genome.

The increasing technological advancement pertaining to the digital genome is proliferating market growth. For instance, in July 2021, GE Healthcare and SOPHiA GENETICS, a global healthcare data-sharing network, collaborated on advancing cancer care by developing genomic-based AI. The integration of genomics-based artificial intelligence into oncology workflow solutions would be a breakthrough for integrated cancer medicine and for future clinical research, which increasingly depends on the ability to select those patients most likely to respond to new therapies.

In addition, in April 2021, Genome Medical, a digital health company bringing genetics and genomics into everyday care, expanded its technology offering to augment the clinical services provided by its nationwide team of genetics specialists. Genome Medical will automate the collection of a patient's comprehensive family health history and incorporate the findings into an accurate and timely genetic risk assessment rough an exclusive licensing of Health Heritage, a family medical history, and genomic decision support application.

However, high capital expenditure and a lack of a skilled workforce are the factors hindering the market growth.