The Europe digital genome market is expected to reach US$ 5,994.09 million by 2027 from US$ 3,250.04 million in 2019. The market is estimated to grow at a CAGR of 8.1% during 2020-2027. The digital genome market is growing primarily due to the increasing prevalence of chronic diseases and growing funding for genomics in the Europe region. Factors such as security and confidentiality issue damage the growth of the market. Additionally, increasing technological advancement in digital genome field and increasing demand for personalized medicines are likely to fuel the growth of the digital genome market during the forecast period.
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.
Increasing technological advancements is expected to drive the growth of the digital genome market. For instance, in December 2012, 100,000 Genomes Project was announced, it is a UK Government project that is sequencing around 100,000 genomes from around 85,000 National Health Service patients affected by rare diseases, some common types of cancer, and infectious diseases. This project is mainly funded by National Institute for Health Research and NHS England. Also, Wellcome Trust, Cancer Research UK and the Medical Research Council funded the research and infrastructure in the programme.
Furthermore, artificial intelligence and machine learning methods are currently being used to overcome various problems faced by genomics such as annotating genomic sequence elements and identifying splice sites, promoters, enhancers, and positioned nucleosomes. For instance, Sapientia-a clinical genomics analysis platform from Congenica-uses algorithms to annotate and prioritize variants from whole exome sequencing to assist in the diagnosis of rare diseases.
Such strategic initiatives are likely to offer growth opportunities for the market players to attain a significant position and grow in the digital genome market.
The outbreak of COVID-19 has led to thorough research on COVID-19 in the Europe. The European Commission and the European Bioinformatics Institute (EBI) have launched the European COVID-19 Data Portal. This brings together relevant datasets for sharing and analysis in an effort to accelerate COVID-19 research. Furthermore, ELIXIR provides a range of services that to the genomic researchers for studying the SARS-CoV-2 coronavirus and the COVID-19 disease. Thus, growing efforts for COVID19 research is expected to enhance the market growth of digital genome during the forecast period.
In 2019, the sequencing and analyzer instruments segment accounted for the largest share of the market. Growth in this segment can be attributed to the increasing adoption of analyzing instruments for sequencing by pharmaceutical and biopharmaceutical companies in advanced economies. Moreover, companies are focusing on supplying superior quality instruments to research centers and pharmaceutical companies that are involved in developing therapies for genetic diseases, which will offer lucrative opportunities during the forecast period.
A few of the significant secondary sources associated with the Europe Digital Genome market report World Health Organization (WHO), European Chronic Disease Alliance (ECDA), and others.