The North America digital genome market is expected to reach US$ 9,594.71million by 2027 from US$ 4,999.94 million in 2019; it is estimated to grow at a CAGR of 8.7% from 2020 to 2027.
The key factors driving the growth of digital genomeare increasing prevalence of chronic diseases and growing funding for genomics in the region. However, security and confidentiality issue of the patient datais the major factor hindering the market growth in North America.
The digital genome is advanced progress in understanding animal and plant genetic material is being driven through advancements in DNA sequencing technology. It helps in gathering information related to chronic diseases and utilized to get an understanding of genetic disorders. A digital genome facilitates instant access to trait sequences to resolve unending custom queries.
- THERMO FISHER SCIENTIFIC INC
- Illumina, Inc
- NanoString Technologies, Inc,
- GenMark Diagnostics, Inc
- Perkin Elmer, Inc.
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Five years ago, genomic sequencing was restricted to the research environment. Now, it is increasingly used in clinical practice, and over the next five years, genomic data from over 60 million patients are expected to be generated within healthcare. Genomic sequencing is rapidly transitioning into clinical practice, and implementation into healthcare systems has been supported by substantial government investment. For instance, US$3.8 billion U.S. federal investment in the Human Genome Project produced a return of US$141 in economic output per dollar invested, a figure that President Barack Obama rounded off in his State of the Union address in February, with an additional $8.5 billion in relevant federal support and, based on the total U.S. investment. The National Center for Advancing Translational Sciences (NCATS) is funding the project with US$7 million over one year. All of Us and NCATS are parts of the National Institutes of Health. These national genomic-medicine initiatives are driving transformative change under real-life conditions while simultaneously addressing barriers to implementation and gathering evidence for broader adoption, thereby driving the North America Digital Genome market growth.
In August 2018, Boston, a Massachusetts-based company, announced that it landed US$ 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. Thus, due to the continuous funding by the manufacturers and government in the field of genomics, the digital genome market is expected to witness growth during the forecast period.
In the United States, due to an increasing number of infected patients, healthcare professionals and leading organizations are conducting robust genomic research on COVID19. MedGenome, located in USA, is offering Covid-19 Research Services like NGS services to study the viral and host genomes for infection and disease for faster discovery of COVID-19 solutions. Thus, such robust research activities on COVID 19 is likely to favor the growth of the digital genome market.
NORTH AMERICADIGITAL GENOME MARKET SEGMENTATION
- Sequencing and Analyzer Instruments
- DNA/RNA Analysis
- Sequencing and Analysis Software
- Sequencing Chips
- Sample Prep Instruments
- Drug Discovery
- Academic Research
- Personalized Medicine
- Diagnostics and Forensic Labs
- Academic Research Institutes
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