On the contrary, high capital expenditure required to acquire and utilize digital genomics in research and treatment, lack of awareness and dearth of qualified, skilled staff to handle digitized advanced genomics and poorly developed healthcare infrastructure in developing economies are constrains foreseen to cause hindrances in the digital genome market growth. In addition, digital genome data privacy concerns, challenges regarding personal genomic profiling with regard to understanding of the risk of genetic disease have been deterrents restricting the market growth.
Rising demand for personalized medications to fuel the growth
As per statistics and research by WHO, cancer is one of the prime causes of morbidity and mortality worldwide, accounting for almost 14 million cases in 2012. WHO also stats that 30-50% of deaths caused due to cancer can be reduced by appropriate treatment in early stages after diagnosis. Personalized medicine offers prominent techniques to fight diseases. Furthermore, rising incidences in diseases like AHDH, cancer require specialised and personalized treatment therapies owing to the nature of disease. With digitization of the genome, healthcare professionals would be able to make a better decision regarding cancer treatment by understanding tumor’s genetic make-up. These factors are promising the development of digital genomics market in near future.
In December 2017, Google launched an Artificial Intelligence (AI) tool called DeepVariant, which uses AI to create precise model of an individual genome using sequencing data. From sequencing data, it is capable of automatically identifying mutations in small insertion and deletion, and single base-pair.
Recently, the Canadian Genomics Cloud launched a public cloud platform that allows researchers from Canada to collect, store, share, and analyze genomics data for further discoveries ensuring privacy and security.
COVID – 19 scenario analysis:
- The COVID-19 pandemic has emerged as a humanitarian as well as economic crisis, creating strain on the society and affecting millions of people and businesses
- Industry closures and people are asked to stay in their homes which has cause taken a huge toll in terms of money and economic growth
- Over 4 million people affected globally, with 300 thousand losing their lives due to SARS-CoV-2
- Healthcare organizations are already working in battle mode, preparing new plans to respond growing COVID-19 patients, right from sourcing rapid diagnosing kits to sufficient PPE kits for workers
- Due to diversion of medical field towards treating COVID-19, the funding to R&D activities related to digital genome has been reduced and this segment have to face negligence subsequently causing negative impact on digital genome market
- Agilent Technologies Inc.
- bioMerieux, Becton Dickinson and Company
- Genomic Health Inc.
- GenMark Diagnostics Inc.
- Illumina, Pacific Bioscience
- PerkinElmer Inc.
- Quest Diagnostics Inc.
- Qiagen and Thermo Fisher Scientific
Key benefits of the report:
- This study presents the analytical depiction of the global digital genome industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global digital genome market share.
- The current market is quantitatively analysed from 2020 to 2027 to highlight the digital genome treatment market growth scenario.