Digital genome market to observe lucrative gains via R&D sector, U.S. to stimulate industry growth over 2016-2024
On-going research activities along with supportive regulations across the globe will revolutionize digital genome market. The growing implementation of this technology in the field of personalized medical care for efficient disease management will noticeably favor digital genome industry share. According to the Global Market Insights, “Worldwide digital genome market was worth USD 20 billion in 2015 and will exhibit a CAGR of about 9.5% over the coming years of 2016 to 2024.”
The prominent applications of digital genome industry are microbiology, reproductive & genetic, research & development, transportation, and livestock & agriculture sectors. Microbiology application segment accounted for more than 22% of the revenue share in 2015 and will surpass a revenue collection of USD 10 billion by 2024. The growing demand for microbes across clinical, biological, and industrial sectors should drive the revenue. Research & development dominated the application landscape in 2015 and will contribute a revenue of more than USD 23 billion by 2024. The growth can be attributed to heavy investments by private and public sector firms in research activities.
Germany Digital Genome Market size, by product, 2012-2024 (USD Million)
Sequencing and analysis software, one of the product bifurcations of digital genome market, will register an annual growth rate of 9.8% over the period of 2016 to 2024, owing to the increasing efforts to upgrade software packages. High investments in life science research will favor sequencing and analyzer instrument industry, which covered more than 40% of the global digital genome market contribution in 2015. Sample prep instruments, sequencing chip, and RNA or DNA analysis kits are the other notable products in digital genome industry.
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China digital genome market size will grow at an annual growth rate of more than 10% over the period of 2016 to 2024. The growth can be attributed to the supportive governmental activities in the favor of human genetic development. Moreover, the strategic partnerships between the biobanks and research institutes will influence the industry share noticeably.
U.S. digital genome market covered over 80% of the North America regional share in 2015 and will generate significant revenue over the coming seven years, owing to the genome sequencing technological enhancements along with availability of advanced healthcare infrastructure.
Brazil digital genome market is anticipated to record a considerable growth rate over the coming timeframe. The supportive rules and regulations regarding genetic and clinical testing will augment the business growth.
Russia digital genome market collected a revenue of around USD 290 million in 2015 and will exhibit lucrative growth over the coming years of 2016 to 2024, primarily driven by the fierce competition prevalent in the region. The Genome Russia project launched by St. Petersburg State University in Russia, aims to collect and scrutinize genome sequences from different regions across the country, which is also expected to generate a noticeable revenue over the coming seven years.
Collaborations, acquisitions, and novel product innovations are the business growth strategies of industry giants. The corporations operating in digital genome market are Becton Dickinson, Agilent Technologies, Qiagen, Thermo Fisher Scientific, Illumina, Pacific Biosciences, Perkin Elmer, Sigma-Aldrich, BioMarin Pharmaceutical, Fluidigm Corporation, Bio-Reference Laboratories, AVEO Oncology, and Agios.
Author Name :Sunil Hebbalkar
Global biotechnology market is expected to experience high growth prospects with the escalating occurrence of chronic ailments, encouraging more research in the field of DNA sequencing, fermentation, recombinant technology, chromatography, PCR technology, nanobiotechnology, and tissue engineering & regeneration. Today, scientists are using yet another new technology referred as CRISPR genome editing to eliminate HIV. Furthermore, they are carrying out extensive research on stem cells and exploring best possible ways of cancer cure. As per Global Market Insights Inc. report, “Biotechnology market size is expected to surpass USD 775 billion by 2024. “. Growing food concerns owing to the rising population, scarcity of land, irregular rainfall, and insect attacks have forced the governments to produce genetically modified crops, thereby complementing the industry growth.
U.S. Biotechnology Market Size, by Application, 2012- 2024 (USD Million)
Tissue engineering market revenue, which was estimated at USD 5 billion in 2015, is expected is expected to observe a high surge over the coming years, and this in turn will stimulate the growth of biotechnology industry in the near future. Moreover, Nanobiotechnology is also expected to witness a lucrative growth over the coming years, assisted by new innovations taking place in forensic science and forensic diagnostics. Cell based assays will also contribute considerably towards biotechnology market share over the period of 2016-2024, owing to its wide use in microfluid and cell testing technologies.
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Biotechnology industry is experiencing a high growth across Bioservices, Bioindustrial, Biopharmacy, and Bioagriculture sectors. Biopharmacy sector, which led the biotechnology business space in 2015, is expected to contribute substantially towards the industry growth over the next seven years. High demand for personalized drugs, supportive government policies, and rise in the number of patients suffering from acute ailments across the globe are expected to be the key growth drivers. Biotechnology market revenue across the bioservices sector is expected to witness a noticeable growth over the coming timeframe, driven by rise in the number of clinical research activities/trials carried out by biotechnology & pharmaceutical firms.
North America biotechnology industry size estimated over USD 137.4 billion in 2015, is projected to experience a high surge over the next few years, driven by high R&D investments coupled with growing awareness about its applications in various sectors. U.S. is anticipated to drive the regional growth.
Favorable government legislations related to healthcare along with growing public awareness about the significant benefits of biotechnological applications are expected to drive Europe biotechnology market value over the coming years.
APAC biotechnology market will exhibit a lucrative growth over the coming timeframe, driven by largest old population base, enhanced healthcare amenities, high disposable incomes, and high government support promoting intensive research in biotechnology. India and China are expected to be the key regional revenue contributors.
LATAM biotechnology industry is expected to witness a significant growth over the coming years. Mexico and Brazil are expected to contribute significantly towards the regional share.
Market players will try to increase their profit margins through strategic alliances, R&D investments, and technological innovations. Key industry players include Celgene, Johnson & Johnson, Novartis International AG, GlaxoSmithKline plc, AstaZeneca plc, Sanofi S.A., Abbott Laboratories, Biogen Inc., Amgen Inc., F. Hoffmann-La Roche AG, Lonza Group, Genentech Inc., and Pfizer Inc.
Author Name : Dhananjay Punekar